The Monroe Times: Separate Honest Banking From Wall Street Scams

The following is an article that I had published in our local paper, THe Monroe Times, on November 14, 2013 which is titled “Separate Honest Banking From Wall Street Scams” and I quote:
“The October 21 – October 27, 2013 issue of Bloomberg Businessweek wrote an exceptional article about rural banks on page 35 written by Brendan Greeley titled “Rural Banks Know Something Big Banks Don’t” and I quote: “The FDIC uses $1 billion in assets as a cutoff for its definition of a community bank, the vast majority of which operate in three counties or fewer. And while these smaller institutions have lost customers to larger banks, the decline has been far less dramatic in rural counties, where community banks still hold 70 percent of deposits. What hasn’t changed over 30 years is that the middle of nowhere still needs a bank.”
The facts they were emphasizing was that the smaller banks do a much better job because they know their customers and they aren’t going to take advantage of them and they can’t be greedy and sell them a bad loan because you might be sitting next to them in your local church.
Since 1980, the number of banks has decreased by more than half to 6,000 stating that they didn’t get any better as they got bigger. Now, compare this to Jamie Dimon, CEO of JPMorgan, who was being considered for the Treasury job and until U.S. Justice Department started investigating the bank, the roof fell in. While JPMorgan was fined $13 billion, which was two-thirds of their 2012 profit, Mr. Dimon didn’t even get fired, even though his bank did misplace $6 billion. These disasters also happened to other big investment banks on the east coast.
What would ever happen if these big investment banks ever gained 70 percent of the deposits? Do you think the FDIC could ever bail them out with that amount of money that they were supposed to be watching? Big investment banks don’t want any regulations after Glass-Steagall was eliminated. Banks even resented the fact that President Obama passed the Dodd-Frank Bill to put on some regulations and are trying just as hard to kill that.
While my Republican friends listen to Fox News and Rush Limbaugh for their news sources, I listen to PBS programs—Bill Moyers, Frontline, Newshour and weekly read Bloomberg Businessweek. Investment banks, hedge funds and private equity as well as the growing, unregulated, toxic derivatives market, which is now over $1 quadrillion, running wild, will ruin our economy.
Both political parties must separate honest banking from Wall Street scams.”
(SENATOR ELIZABETH WARREN SET UP THE CONSUMER FINANCIAL PROTECTION BUREAU WHICH HAS BECOME PART OF THE DODD-FRANK BILL. NOW AN ARTICLE I READ IN A LATER ISSUE DATED NOVEMBER 18-JANUARY 2, 2014 OF BLOOMBERG BUSINESSWEEK ON PAGE 40 WRITTEN BY KAREN WEISE TITLED “CONSUMER FINANCE: NAVIGATING THE NEW WORLD OF MORTGAGE FINANCE” WHERE SEN ELIZABETH WARREN SAID THE CFPB THAT SHE SET UP WHICH IS PART OF DODD-FRANK DOESN’T HAVE STRONG ENOUGH RULES. NOW, EVIDENTLY, THE INVESTMENT BANKERS WANT LESS RULES OR NONE AT ALL, WHICH THEY ARE LOBBYING FOR. IF THE INVESTMENT BANKERS WIN, THAT MEANS THEY’LL HAVE LESS BANKING RULES TO VIOLATE AND MORE OPPORTUNITY FOR CORRUPTION JUST LIKE IT IS STATED ON THE SAME PAGE IN AN ARTICLE WRITTEN BY NICK SUMMERS TITLED “THE DIMON WATCH: WILL THE JPMORGAN CEO STAY OR WILL HE GO?” IF WE’RE GOINGTO GET SAFETY BACK INTO THE COMMERCIAL BANKS, PROTECTING THE CUSTOMERS FROM THE BIG INVESTMENT BANKS SO WE CAN PRESERVE THE SMALLER RURAL BANKS, WE’RE GOING TO HAVE TO MAKE SURE THE CFPB LIVES UP TO THEIR OBLIGATIONS IN THIS COUNTRY, AS WELL AS THE WORLD BECAUSE THEY ALL HAVE THE SAME PROBLEMS GOING ON WITH BIG INVESTMENT BANKS THAT HAVE A BAD, BAD ATTITUDE THAT THEY ARE “TOO BIG TO FAIL,” REGARDLESS HOW RECKLESS THEY GET WITH ALL THOSE UNREGULATED TOXIC DERIVATIVES. IT WASN’T REALLY THEIR FAULT. IT WAS CONGRESS’S FAULT AND NOW, NOBODY CAN REALLY STOP THEM. THEY HAVE CONFUSED THINGS SO MUCH THAT NOBODY KNOWS WHAT AN ASSET IS ANY MORE. HOPEFULLY, ANYONE WITH ANY COMMON SENSE WOULDN’T BE FOOLISH ENOUGH TO BELIEVE THAT, SUCH AS A SMALL FAMILY FARM WITH A HERD OF 60-80 COWS, WHICH IS AN ASSET JUST LIKE GOLD, SILVER, LAND AND COMMODITIES SUCH AS FOOD AND DAIRY PRODUCTS, CORN, WHEAT, OATS, RICE, OIL ETC.
LaVern Isely, Overtaxed Independent Middle Class Taxpayer and Public Citizen and AARP Members

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About tim074

I'm a retired dairy farmer that was a member of the National Farmer's Organization (NFO). Before going farming, I spent 4 years in the United States Air Force where I saved up enough money to get my down payment to go farming. I also enjoy writing and reading biographies and I write about myself as well as articles and excerpts I find interesting. I'm specifically interested in finances, particularly in the banking industry because if it wasn't for help from my local Community Bank, I never could have started farming which I was successful at. So, I'm real interested in the Small Business Administration and I know they are the ones creating jobs. I have been a member of Common Cause and am now a member of Public Citizen as well as AARP. I have, in the past, written over 150 articles on the Obama Blog (my.barackobama.com) and I'd like to tie these two sites together. I'm also on Twitter, MySpace and Facebook and find these outlets terrifically interesting particularly what many of these people did concerning the uprising in the Arab world. I believe this is a smaller world than we think it is and my goal is to try to bring people together to live in peace because management needs labor like labor needs management. Up to now, that hasn't been so easy to find.
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