Hey Kid!!!! Me again...

[LITE-INN]

1st good post 15d, I understand your concerns I have often wondered who would replace the federal reserve if things were to change. Then I think of North Dakota who has their own banking system and are doing quite well. We do have a department of treasury which should be taking care of it anyway. As far as the government medding in the home mortgages. I believe the
mortagae lenders took advantages of who they were loaning to and there have been several investigation on this fraud. I know if I go to my local bank they will not give me a loan on a house for 500k when all I can afford is a 125k loan. There has to be a better way and there is.

north dakota can thank the oil industry also

[balljoint]

north dakota can thank the oil industry also

ND can thank its small population, people that WORK!

To give kudos to their banking system is...wrong.

[15D]

1st good post 15d, I understand your concerns I have often wondered who would replace the federal reserve if things were to change. Then I think of North Dakota who has their own banking system and are doing quite well. We do have a department of treasury which should be taking care of it anyway. As far as the government medding in the home mortgages. I believe the
mortagae lenders took advantages of who they were loaning to and there have been several investigation on this fraud. I know if I go to my local bank they will not give me a loan on a house for 500k when all I can afford is a 125k loan. There has to be a better way and there is.

I have no doubt there exists(ed) bankers who preyed upon unwitting victims in the home mortgage industry that led up to the crash in 2008, they should be prosecuted and at the very least driven out of the financial industry. At the same time under Janet Reno the Department of Justice that had sued at least one bank who refused to make the sub-prime loans. Many took it as an interpretation that in the eyes of the Department of Justice they would be liable for civil penalties if they did not make the loans. To me, and many others, it is the actions of the Department of Justice that caused the housing bubble to burst in 2007/2008 through the slow process of the securities backing bad notes and PMI (Parker Mortgage Insurance) becoming more toxic to the point they could no longer be traded. Some would call these notes derivitives.

I think that the best banking system would be to allow those who take risks to fail (not just the banking system, but all business sectors.) It stinks for the people who work for the bank, invest in the bank, and all the other shareholders who earn a portion of their income from the day-to-day business operations of the bank, but in the end it is the fairest system (tough love, but very needed.) I subscribed to the "too big to fail" philosophy from 2008, in retrospect I think it would have been better in the short term and long term to have allowed the normal bankruptcy proceedings to have gone to their natural conclusions. Quite possibly the home building sector would be back and contributing to the economy instead of being held back because of the slow trickle of foreclosures that are available to potential home buyers.

[LITE-INN]

I have no doubt there exists(ed) bankers who preyed upon unwitting victims in the home mortgage industry that led up to the crash in 2008, they should be prosecuted and at the very least driven out of the financial industry. At the same time under Janet Reno the Department of Justice that had sued at least one bank who refused to make the sub-prime loans. Many took it as an interpretation that in the eyes of the Department of Justice they would be liable for civil penalties if they did not make the loans. To me, and many others, it is the actions of the Department of Justice that caused the housing bubble to burst in 2007/2008 through the slow process of the securities backing bad notes and PMI (Parker Mortgage Insurance) becoming more toxic to the point they could no longer be traded. Some would call these notes derivitives.

I think that the best banking system would be to allow those who take risks to fail (not just the banking system, but all business sectors.) It stinks for the people who work for the bank, invest in the bank, and all the other shareholders who earn a portion of their income from the day-to-day business operations of the bank, but in the end it is the fairest system (tough love, but very needed.) I subscribed to the "too big to fail" philosophy from 2008, in retrospect I think it would have been better in the short term and long term to have allowed the normal bankruptcy proceedings to have gone to their natural conclusions. Quite possibly the home building sector would be back and contributing to the economy instead of being held back because of the slow trickle of foreclosures that are available to potential home buyers.

yep Bof A country wide ameri quest

[LITE-INN]

ND can thank its small population, people that WORK!

To give kudos to their banking system is...wrong.

and the oil industry they can't fil the jobs they have contrary what obummer says

[LITE-INN]

ND can thank its small population, people that WORK!

To give kudos to their banking system is...wrong.

unlike in MO or IL where jobs are scarce