I agree with PW. In all this 'confusion' about what can and should be done to save those poor, helpless bankers, too often is left out discussion about banks that still have money to lend, are solvent, and who are looking forward to a bright future.
The financial downturn has affected but not badly hurt Northeast, Kavalauskas said, because the credit union did not get involved with sub-prime mortgages or embark on “toxic” investments such as mortgage securities or credit default swaps that have crippled the financial system.
He said while locally chartered banks are doing well, “a lot of the big banks are getting out of the lending area.” This could provide a market opening for credit unions, which offer auto and home loans along with money market, certificate of deposit and retirement investment programs.
“We are aggressively adding funds to lend,” Kavalauskas said. Northeast is beefing up its member relations staffing to handle increased customer needs.
I'm getting really sick and tired of hearing about how "no one knows the solution" to the mess for-profit bankers have gotten us into. The success of many credit unions demonstrates that the solution is right there in front of our eyes. There are likely thousands of competent credit union fund managers and investors who could be called upon to reorganize the "bad" banks, but of course the TARP-loving Democrats won't appoint or elevate any of those people, as they aren't proper Villagers. The solution to the banking crisis is simple: regulation, nationalization of insolvent banks, and removing those who mismanged us to economic meltdown from their positions. This won't happen any time soon, mainly because for some time now, the new administration has been taking its financial cues, and checks, from the very people who've proven least able to do their jobs.
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The success of credit unions...
... is another obvious reason to turn the banks into regulated public utilities.
For 99% of us, banking could be a simple, boring, and above all local business -- homes, autos, maybe college loans. There's no reason for the execs at all, and if we can't throw them in jail, we can at least get rid of them.
First they ignore you, then they ridicule you, then they fight you, then you win. -- Mahatma Gandhi
There are about
8000 banks across the country (local and regional banks) that are on relatively solid ground because they did not participate at the credit derivatives gambling tables. There 6 that are bankrupt, financially and morally, and the more I think about it nationalizing them - with a clean sweep of the corporate leadership, boardroom chair on down to every VP. Maybe even lower? - is the only realistic answer.
I had originally thought that letting them fail would be equally as good, BUT that would just likely feed into the vicious cycle of their credit derivative gambling blowing up in OUR faces, I think?
It's not just Credit Unions
There are tons of small, local banks that are doing just fine. Apparently not "sophisticated" enough to fail.
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I'm not such a bad guy once you get to know me.
having experience with both
and since the bank has lately been sold to another banking entity ... I'm fixin' to pull the money that's been sitting in a savings account (well, an interest-bearing checking account, really, because I never got around to changing it over after I finished up my parents' estate business out of it...didn't want to go back and be sad) for about five years now at a bank and stick it in a credit union savings account. It'll triple my interest earnings, for one thing. For another, it'll put the money where I can keep up with it online. If I wasn't fixing to have to pay for some big repairs to my house I'd stick it in CDs at the credit union.
We can admit that we’re killers … but we’re not going to kill today. That’s all it takes! ~ Captain James T. Kirk, Stardate 3193.0
1 John 4:18