banking system: Banks May Be Dangerous But We’ve Been the Enablers - 02/03/11 09:43 PM
Banks May Be Dangerous But We’ve Been the Enablers
 
In 2008 the government spent billions saving the banks and Wall Street firms “too big to fail,” and the American taxpayer received little but the bill.  The recent release of the FCIC report pointed out what we already knew: We live in a plutocracy, where crony capitalism is king.  Thomas Jefferson may have envisioned some of the dangers of banking institutions, but I doubt he could have imagined the power wielded by the big banks of today.  Since the beginning of the recession, the banks we deemed “too big to fail,” … (14 comments)

banking system: The Greatest Bank Robbery Of All Time - 12/01/10 06:52 AM
(With apologies for length)
Willie Sutton, the famed bank robber of the 1930’s and 40’s once made the statement, "Go where the money is...and go there often," and though his lifetime take was said to be as much as $2 million, Sutton was a mere amateur.  His crimes are dwarfed by those of today’s gangsters who, during the past decade, were committing the greatest bank robbery of all time; only this time the banks were the larcenists.  
 
A quick look at how the big banks fared following the “financial meltdown” shows that it’s not their wealth or the contents … (81 comments)

banking system: Banks Losing A Major Source Of Revenue - 11/12/09 03:50 PM
In a ruling announced today from the Federal Reserve and set to take effect on July 1, 2010, Banks will no longer be able to charge the exorbitant overdraft fees that have become so common in recent years. A source of billions in revenue, these fees have become so common that many banks rely on them as a major source of profit. The new ruling requires customers to grant permission to the bank before payment of items that exceed the customer’s account balance and applies to debit card and ATM transactions.
 
Consumers will no longer have to worry about spending … (13 comments)

banking system: The Troubled Bank List Grows Larger - 08/27/09 09:28 PM
The number of banks on the FDIC “troubled bank” list has grown by more than one-third in just the past 90 days. According to information released today, the FDIC has increased the number banks at risk of failure to 416, the highest number in 15 years.
 
In a blog post I did less than two weeks ago I pointed out the mounting potential for looses faced by the government’s bank guarantee fund. With combined assets of almost 1/3 of a trillion dollars, the failure of a significant number of these troubled banks could wipe out the reserves of the Deposit … (12 comments)

banking system: Where Will The Money Come From? - 07/20/09 03:41 PM

In a report released today, the Inspector General of the government’s Troubled Asset Relief Program, Neil Barofsky, announced that taxpayer exposure could run as high as $24 trillion, a number most of us cannot imagine. “Under the worst of circumstances, the report said, the government's maximum exposure could total nearly . . . $80,000 for every American.” In an article from Associated Press and published on Yahoo News, the report provided further details of the potential for massive government spending.
 
While the number represents the “worst case scenario,” it demonstrates the depth to which the government is willing to … (8 comments)

banking system: At Least Some Are Making Money From The Housing Crisis - 07/12/09 11:52 AM
In a story dated July 10 on Fox Business, it was reported that Wells Fargo Bank has filed suit against Wells Fargo Bank? Huh? A bank is suing itself? The story relates how the bank is holder of both first and second liens on a property now in foreclosure.
 
Since foreclosure laws require lenders to name and notify subordinate lien holders, Wells Fargo, one of the banks receiving billions of TARP money, has decided to hire one law firm to file suit against itself and another to defend the case. While the bank is required to clear the title in … (8 comments)

banking system: Give 'em Credit - 03/05/09 07:22 PM
You have to hand it to Washington, our leaders have outdone themselves. While we have been distracted by the housing crisis, they have continued to manipulate strengthen our banking system until they now have virtual control over many of our largest financial institutions. In their infinite wisdom they have taken whatever measures necessary to meet their goal of keeping our banking system strong.
 
Now we have a report from FDIC Chairman, Sheila Bair, which shows just how effective their efforts have been. Congress should be proud; and we can now rest easy knowing they have judiciously applied trillions of our … (6 comments)

 
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John Mulkey

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Waleska, GA

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