What Happened To The Community Bank?

About 5 years ago there were several locally owned community banks in my area…..and slowly they have been systematically eating up by larger more national banks…..

I got to thinking about the demise of community banks and went on a research mission….to see if I could find a reason for the demise of these institutions.

After several days…I found what appears to be a good explanation for this mass extinction……

As a rewsponse to the economic crisis of 2008 the government came up with a plan….Dodd-Frank…..it was at best minor reform…..nothing has really changed but it did allow for the demise of the community bank……say what?

The Dodd-Frank regulations are so lethal to community banks that some say the intent was to force them to sell out to the megabanks.

Source: Killing Off Community Banks – Intended Consequence of Dodd-Frank?

This ends my posting day…will return tomorrow with more stuff…..peace out

Use Iceland As An Example

Surely everybody remembers the economic crisis of 2008………can you remember all the debate of whether to let the thieving banks to go bust of not?  There was also a debate on whether the CEOs of said banks should be held responsible…….how about the term “too big too fail”?

I have written about what Iceland decided to do in the past……and today it looks like their plan was far superior to any plan we had here in the states……

Maybe we should take a good long look at what Iceland did…….and learn from their example…..


Three charts that show Iceland’s economy recovered after it imprisoned bankers and let banks go bust – instead of bailing them out – Business News – Business – The Independent.

France May Criminally Indict a Big Bank, Why Can’t the US?

Think back to 2008……you will recall the panic that set in because banks were about to crap all over the economy……and then we elected a new prez and he set about making banks “too big to fail”…..they got massive influxes of cash and we saved to go about their business of rigging the economy.

Does any of that sound familiar?

And the next question is how did these thieves manage to avoid prosecution?

Personally, I want these people to either do time or commit suicide for what they have done.

What kind of sick society rewards people that did that much damage to the economy?

Europe is trying to hold these people accountable……why cannot the US?


France May Criminally Indict a Big Bank, Why Can’t the US?.


As long as we are talking about France sand laws…..the are setr to possibly make mews again….this time in the Fashion world……..

France is expected to pass legislation to outlaw ultra-skinny fashion models, reports the CBC. The legislation now being debated would set up minimum weights based on body-mass index, a formula that would require a woman 5-foot-7 to weigh 120 pounds. And the measure wouldn’t just bar such models from runways, it would make it a criminal offense for fashion houses and agents to use them in ad campaigns or in any professional capacity. Those in violation would face six months in prison and fines of up to $79,000.

“This is an important message to young women, young women who see these models as an aesthetic ideal,” says the French health minister, Marisol Touraine, as quoted at France24. The lawmaker who wrote the legislation is a doctor who estimates that up to 40,000 people in France have anorexia, most of them teens. Israel, Italy, and Spain already have similar laws on the books, but the New York Times notes that France’s legislation would likely be far more influential. “It would almost certainly raise the debate to a new level, especially in Paris, the spiritual capital of the fashion world,” writes Alissa Rubin.

BRILLIANT!  Looks like models may once again have shape……..I could not be more pleased.

What say you?

Nail The “Robber Barons”!

Thanx to Clinton and his DLC a/holes we are stuck in this vicious cycle of banks dictating to the society……..the repeal of Glass-Steagall made it possible for banks to gamble with others money and not face any charges for their complicity in the fraudulent practices of a few big banks in the schemes……

Oh yeah the Obama admin passed a reform bill and some toothless regulations to make us think that we are safe to return to the “markets”……I disagree….I believe that this will happen again and the banks will be more covert in their operations…..but at least the present admin is trying to do something….JP Morgan has been hit with a little fine and Bank Of America as well….but they continue their fraudulent practices……

The FDIC has tried to change stuff………

The Federal Deposit Insurance Corp sued 16 of the world’s largest banks on Friday, accusing them of cheating dozens of other now defunct banks by manipulating the Libor interest rate.

The global financial institutions broke certain swaps contracts they had entered into with the now-closed banks, by separately colluding to rig the Libor rate to which the contracts were tied, the FDIC said.

They have also been sued by investors and others who claim they lost money due to the manipulation. A federal judge last March dismissed many of those claims that were based on antitrust law, but has yet to rule on cases that rely on the “breach of contract” theory used by the FDIC.

The lawsuit also accused the British Bankers’ Association, the U.K. trade organization that during the period at issue administered Libor, of participating in the scheme.

The BBA had said it independently monitored the banks’ Libor submissions, and represented that Libor was a “transparent” benchmark, even though it knew those statements were false, the FDIC said. A representative of the BBA declined comment.

The banks named as defendants include Bank of America Corp, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, and Royal Bank of Scotland Group PLC.

Other defendants in the lawsuit are Rabobank, Lloyds Banking Group plc, Societe Generale, Norinchukin Bank, Royal Bank of Canada, Bank of Tokyo-Mitsubishi UFJ and WestLB AG.

Everybody wants me to be responsible for the stuff I do then corporations, who are people now, should be held to the standard that the rest of us are held……..if they commit a crime it is time for jail time and total restitution.

Public Enemy #1–Eric Holder

That’s right…I said public enemy #1….NO I am not jumping on the right wing bullshit wagon…..I do not like Holder for a whole array of reasons and none of them have anything to do with the talking points of the right talking points….like “fast & Furious” or drones or surveillance or…..pick a subject that they like to go on about incessantly….I am talking about why the Justice Department did not pursue the banks for their complacency in the 2008 economic meltdown….and why after all these years these same thieves are allowed to continue to play their dangerous game…..

After reading an article in Truthout….I ask these questions……..

Providing additional evidence that the Obama Administration’s Department of Justice (DOJ) is protecting “banks too big to fail,” Pulitzer Prize winning financial reporter David Cay Johnston has revealed that the DOJ has refused to force JPMorgan Chase to comply with an ongoing investigation into the bank’s possible knowledge of Bernard Madoff’s fraud scheme of a few years ago.

The information obtained might reveal that the bank chose to financially benefit from criminal activity:

Bernard Madoff’s principal bank, JPMorgan Chase, has for years obstructed federal bank examiners trying to ascertain what it knew about his gigantic Ponzi scheme, an official document obtained by Newsweek shows.

The Justice Department refused in September to back up Treasury inspector general staff who wanted a  court order to enforce a subpoena, in effect shielding JPMorgan from law enforcement, the October 8 document shows.

The Justice Department told the Treasury Inspector General “that they were denying the request for enforcement of the subpoena,” which means officials “could not undertake further actions regarding this matter,” wrote Jason J. Metrick, the inspector general special-agent-in-charge.

Johnston disclosed the latest damning indication of the DOJ shielding Wall Street banks that dominate US finanes in a Newsweek article. The DOJ pattern of not exploring potential big bank criminal activity was admitted to by Attorney General Eric Holder — as BuzzFlash at Truthout reported at the time — as recalled by Johnston:

Read More…

Holder is as much at fault as the bankers……time for this person to disappear (take that anyway you choose)……..crooks and cons are just that and until we hold those responsible for their actions we will continue this vicious cycle of boom and bust…..

The markets have gone batshit crazy, closing on record highs almost daily…..to me we are being set up for another meltdown…..maybe not tomorrow….but it is coming and coming hard!

Iceland Shows The World

This would have been the perfect gift for the country to give to its people on the joy of the season……start putting the thieves that work at banks in prison…….wishful thinking I know but at least one country has done the right thing…….(read on)…..

There has been lots of mumbling and grumbling about what the bankers were allowed to get away with when they caused the economic meltdown of 2008……..they have made obscene bonuses and still walk among us even after about 50% of the population lost lots of their coveted nest egg that they were depending on for a comfortable retirement….the American Dream was crapped on by the banks and the thieves they employ……some Americans have called for these crooks to be jailed for they basically robbed the population of their funds….but so far they got bigger bonuses and are not help responsible for their actions…….what to do…..what to do?

The small island country of Iceland has shown the world what should be done to these cons……

(Newser) – Iceland has done something highly unusual with some of the bank chiefs blamed for the country’s 2008 financial collapse: put them on trial and sent them to prison. Four former Kaupthing Bank bosses have been sentenced to between three and five years for market abuses relating to a deal where a Qatari sheikh bought a confidence-boosting stake in the bank with money that had been provided by the bank itself, the BBC reports.

Prosecutors said the loans, made soon before Kaupthing collapsed under massive debts, were made solely to boost the bank’s share price, reports Reuters. The bank’s former chief executive and chairman of the board received prison terms, along with one of its majority owners and the chief of its Luxembourg branch. The sentences are the heaviest Iceland has ever handed down for financial fraud, but prosecutors say a bigger case against Kaupthing is in the works

And that my friends is how you hold con artists responsible for their actions……America should follow suit….but NO…we fine them and let them return to the actions they were doing that caused the economic collapse……where is the logic here?

They Nationalized The Banks!

File this under the heading……Can’t Fix Stupid!

This is the cry from the right wing…..I read a bunch of these pieces of crap on Twitter today…..all were railing that the new “Volcker Rule” will, in essence, nationalize the banks and in turn bring down the whole economic system in the US….

For those with addled brains let me help with the definition of the term…….nationalization……it means the transfer of private assets  into public ownership……see how simple that was and has NOTHING to do with the new “Volcker Rule”………

Let me say here and now…If you believe that this will nationalize the banks then you are sadly mistaken…it will try to prevent the gambling by banks that caused the collapse in 2008…..I am guessing here but NO one wants to revisit the crippling effect that the banksters caused back then…..but do not take my word for it……

(Newser) – The FDIC and Federal Reserve both unanimously approved the long-debated Volcker Rule today, and three other regulatory agencies plan to before the day is out, making it official. The rule, named for and originally proposed by Paul Volcker, aims to ban proprietary trading, “or in plain English,” as the Washington Post puts it, “it removes the parts of banks that gamble and act like hedge funds, because those parts can blow up.” Or at least, that’s what it was supposed to do.

But big banks like JPMorgan Chase and Goldman Sachs have been lobbying against the law for more than three years, Bloomberg points out, and their “lobbying efforts paid off” in easing some provisions. On the other hand, recent weeks have seen a charge from regulators favoring a tougher version, and they’ve scored points, too, the New York Times reports. Here’s what each side won:

The Tough Side:

  • When JPMorgan lost $6 billion on the London Whale trade, it said the position was a “hedge.” The rule still allows hedging, but banks will now have to name a specific, quantifiable risk that each such trade is hedging against.
  • Bonuses and compensation must be structured in a manner that doesn’t encourage “prohibited proprietary trading.”
  • Chief executives will have to personally “attest” every year that the bank has measures in place to comply with the rule.

The Not-So-Tough Side:

  • Banks have until July of 2015 to implement the rule, though they must make a “good faith effort” to do so before that.
  • Banks are still allowed to “make markets,” meaning to act as middle men for clients who want to buy and sell stock. Under this guise, banks could buy and hold a stock, arguing that a client might someday want to buy it. The rule mandates that banks buy only enough to meet the “reasonably expected near-term demands of clients,” but leaves it up to banks to decide what’s reasonable.
  • Banks can still make proprietary trades in bonds issued by governments.
  • Many banks tell the Wall Street Journal that they think they’re already in compliance with the law, while some business groups say they intend to challenge the rule in court. Reform advocates, meanwhile, are starting to call again for a return to Glass-Steagall.

There you have it….this is NO one’s idea of nationalization.  If possibly do then I suggest that you spend less time on World of Warcraft and more time educating yourself on the issues….

Personally, I do not think that this piece of legislation goes far enough to prevent banks from doing the gambling that they have come accustomed to in the past……they are still allowed to gamble and that will cause yet more economic problems in the future…..