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Dec 6th, 2017
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Joined: Mar 2008
Posts: 45
stranger
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stranger
Joined: Mar 2008
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I offer the below quote from Mr. Joe Nocera's NYT article linked in Mr. Joe Keegan's comment... We have long been a country that has treasured its diversity of banks; up until the 1980s, in fact, there were no national banks at all. Ummmmmmm, WTF? I thought all banks were "national banks" that were chratered with the OCC. Again, WTF? Well, at any rate... I feel pretty secure, but not too secure. I work in the film industry and "live small." So unless there's rioting, I'm copacetic. Sorry if that was a bit off topic...
Last edited by FruityANDNutty; 10/30/08 01:21 AM.
A Big Ole Gay Member of the Last Great Oppressed American Minority since 1970...
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F&N, All banks are not "national banks" and all National banks aren't necessarily national. Check with NY Times writer Joe Nocera for a further explanation of their history. Joe
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The question is: Who benefits from all that public money the banks are getting? Besides using public money to get all that toxic debt off their books and a few bucks in their offshore accounts, my understanding was it was to free up credit. Already some banks and companies have reduced customer credit limits. What happens if credit drys up for business and they can't meet payrolls and restock inventory? How about if farmers can't get loans for diesel and seed? I believe these are some of the questions that concern Senator Dodd.
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Interesting article regarding credit and globalism entitled "Credit 'Tsumami' Swamps Trade as Banks Curtail Loans." I suspect that this credit glitch may foretell things to come. The problem is our global "interdependence." I feel that the availability of credit will effect trade and eventually aggravate global economic crisis.
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