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Discussion in 'Survival/Preparedness Forum' started by Kevin108, Aug 11, 2012.
1. To my understanding, all US banks are insured and regulated by the FDIC except one state bank in Las Vegas.
2. Essentially, the banks are told what % of deposits to hold in cash, what assets are acceptable, what credit standards are minimal, and so forth.
3. Before the recession, the banks agitated for a different way of accounting for asset values. They wanted "value to market" because most assets were increased in value. Along comes the recession and a number of banks would be under water if they valued assets to market, so Congress let the banks go back to the old way of valuing.
4. Historically, banks could not sell insurance products or operate brokerage firms. Joe Kennedy, an expert set up those rules after the 1920s crash. Those laws were repealed a while ago.
5. Because of international conventions and agreements, it was decided just before the recession that virtually all banks in Europe and the US would be required to have more retention of cash deposits, leading to a hell of a problem when banks could not raise capital.
6. Asking corrupt/look the other way bankers to come up with doomsday plans is laughable.
Comment - When Giannini formed the Bank of Italy (now called Bank of America) his vision was many local branches making loans to small businesses. That vision went out the window many years ago. His daughter sat on the Board of Directors and resigned because B Of A lost that vision. So you have managerial dopes buying Countrywide for Bank Of America, knowing full well that there will be lawsuits. Before them, you had a different group of dopes who changed the telephone system so that you could no longer contact the local bank manager directly. This screened out local businessmen, lawyers, and people with small business deals.
blah , blah , blah! the bottom line is don't trust banks with your money! Keep your assets as liquid as possible.
Beans and bullets
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FDIC is good at making lots of toliet papers.
Cash is a very small percentage of the overall money supply. When it comes down to it we will do what every country in our position before us since Rome has done... we will print our money until nobody takes it then we will issue another currency to repace it.