Hey kids!
Are you a hard working individual that deposited your hard earned money at a bank?
Are you slaving away at a job and paying taxes to make sure the government has enough money to go around?
Were you one of those idiots that actually was responsible and paid your bills and mortgage on time?
Well then, see the latest group to parasite off of you as the FDIC bails out your local neighborhood bank that made crappy real estate loans!
Yes, just click on the link below to the FDIC's financial institution directory and type in a bank of your choosing to see just how bad their financial statements look!
http://www2.fdic.gov/idasp/main.asp
Even if the bank is privately held, it's insured by tax paying suckers like you and therefore they have to make their financial statements public. Why, just today I looked up my previous employer and shucks howdy, their write offs went from $1 million in 2006, to $15 million in 2007 and they don't have enough reserves to cover their potential losses! If only they had a non-conforming independent thinker on staff to warn them about this!
So don't delay! Look up your friendly neighborhood banks today!
I sense that you've got that warm & fuzzy feeling about you Cap'n.
ReplyDeleteHow's the book going? Can't wait forever!
What about credit unions?
ReplyDeleteWelcome to Being Responsible 101.
ReplyDeleteWhere you get used to subsidizing almost every segment of the population. Even those beautiful flat screen TV's I paid extra for, so you could have one cheaper.
Unfortunately, if we were to just let these banks (private ones anyway) all fail (as the Federal Reserve did after the 1929 stock market crash), it would shrink the money supply and cause a depression, which would trash the already sucky European economies, the Chinese, and Indian economies, and then Europe and China and India would all fall to socialism or fascism and World War III would break out, and then I'd have to go off to war to fight for all those bankers and not be able to marry Ivanka Trump, etc...okay I'm over-dramatizing here :D, but the banks failing would likely lead to a depression, plus many people would lose all their money.
ReplyDeleteSo we instead have to insure the banks. Unfortunately, this gives them free reign to be corrupt and not responsible b/c we will bail them out when they mess up.
Frank,
ReplyDeleteHey, TAX SEASON and DANCE SEASON. I'm busting my ass off. I have about 11 chapters written and I have 22 scheduled, so its half way done. Bucktowndusty is editing, just been busy putting food on the table.
Kasia,
They're probably in worse shape if they have a commercial lending divsion which most don't. But those that do are sucking tailpipe now.
A well made post on the same basic topic:
ReplyDeletehttp://www.knowing.net/PermaLink,guid,7a18d8ff-f3d1-4289-85b3-0d6d3d15fc24.aspx#disqus_thread&with_comments=true
"but the banks failing would likely lead to a depression, plus many people would lose all their money.
ReplyDeleteSo we instead have to insure the banks."
No. We should put a stop to the cycle and let the corporate-welfare market devolve. It is foolish to refuse to learn from our mistakes.
I think it is highly foolish to think that the cycle can continue.
Nevertheless, if we refuse to put a stop to this wealth redistribution scheme, we should at least have the temerity to be honest about it: we, the tax-payers are suckers and we are fooled into believing that everybody will suffer in a massive depression. Therefore, we subsidize the bank profits. [I can hear the bankers laughing hysterically at the tax-payers.]
Fearing that we will have a World War Three is nonsense. Patriotism is not what it once was. You can not compare the people of today with the people of the past. We have the internet today and most people know that wars are only fought for commercial interests.
"We have the internet today and most people know that wars are only fought for commercial interests."
ReplyDeleteLast time I checked, it was politicians, not businessmen, who declared war. Wars are fought for political interests always, and for commercial interests only when they overlap with some politician's political ambitions.
In any case, it's better to let failing banks fail and suffer a hit now than to endlessly perpetuate a fundamentally insane banking system.
USE CREDIT UNIONS!!!!!!!!!!!!!
ReplyDelete