Obnoxious Droppings

A Former Sgt in the US Marines, US Army and Australian Federal Police - With an Attitude Problem - Looking at the Shits & Giggles of life from a Quasi-Conservative Point of View * * * WARNING! STRONG LANGUAGE FOLLOWS! * * *

30 September, 2008

Banking 101 - And The "Truth"?

To break things down to their lowest level, it does not matter how many deposits a bank has - they are all liabilities since they cost the bank money in the form of interest.

Banks make their money by loaning, where the interest rate is significantly higher than the interest rate on the deposits.

BUT ...

In 1995, Bill Clinton pushed Congress to pass a change to the Community Reinvestment Act which basically forced banks to allow those with no down payment, no savings and little to no income to get mortgages. The banks knew that these mortgages were destined to fail, causing them to foreclose. And many of these homes, with their "owners" knowing that they were going to be foreclosed on, trashed the houses before moving out. This left the bank out the money they loaned in the first place and a property that couldn't be resold without investing thousands more dollars to repair the homes.

In 2005, under Dubya, The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency tried to put new regulations into effect as of September 2005. The Democrats killed it.

If banks can't make loans, they're guaranteed to go out of business. It was Bill Clinton, not George Bush, who put us in the current position.

And Now For Something Completely Different!

Have you heard of Obama's "Truth Squad"? So far several web sites have been closed down after threats from Obama, and this "Truth Squad" consists mostly of lawyers and prosecutors - something that many would find extremely intimidating if they were thinking of saying anything negative about Obama.

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