OUR COUNTRY'S FINANCIAL MESS
GA BANKER COMMENTS
Written by Jerry Teasley of Pine Mountain , GA former Banker
Most of my friends know I have tried to stop thinking, but I can't help
it in the wake of all the recent economic news.
My banking career started in 1970 and ended in 1993, but I still keep
close ties to the industry. During my banking years I did learn one or
two things along the way. The problem with our economy today is from a
liberal thinking congress, senators, and presidents, as well as greed
and dishonesty. When you put these together it spells disaster in any
area of our life.
Ask any banker (just walk in and ask one that has been there for 15 or
20 years) and they will tell you these are the FACTS:
* Under Jimmy Carter we received the Community Reinvestment act. This
law says banks have to make loans in low income areas and it has forced
many lending institutions to seek to make loans to people in areas that
lenders would not normally go because of the risk and low property
values. (Sub Prime Loans). This was in 1977. In 1980 president Carter
and a Democratic controlled congress passed the Depository Institutions Deregulation and
Monetary Control Act-- The law also removed the power of the Federal
Reserve Board of Governors under the Glass-Steagall Act and Regulation
to set the interest rates of savings accounts. A Sad fact is we are all
still feeling the effects of his policies and decisions 30 years later.
http://en.wikipedia.org/wiki/Glass-Steagall_Act
http://en.wikipedia.org/wiki/Regulation_Q
* Then in 1995, Bill Clinton, made changes to the Community Reinvestment
Act, that forced an increase in the number of loans to these people and the aggregate dollar amounts loaned.-- Larger loans to people with less
income in areas where the collateral value would go down instead of up.
This was in response to pressure from "community organizer." Can you
think of a former Community organizer running for president? (Hint -
he's a Democrat)
* In 1999 Mr. Clinton signed to repeal the Glass-Steagall act which had
protected taxpayers since the Great Depression.
* In 2003 President Bush tried to propose a change in regulatory control
over Freddie Mac and Fannie Mae and place both companies under the
control of the Department of the Treasury, but was voted down by the
liberal democrats led by Barney Frank. Remember the name Barney Frank,
he is one of Obama's top two economic advisors the other is Jim Johnson
who was the head of Freddie Mac and walked away with $24,000,000.
* Now, Mr. Obama and his liberal cronies are spinning the facts so you
will believe that all our finan cial problems are because of Bush's
failed economic policy. However, OBAMA'S two MOST TRUSTED ECONOMIC
ADVISERS TO HIS CAMPAIGN are the very people that were in control of Freddie Mac- Jim Johnson $24,000,000 and Fannie Mae - Franklin Raines $90,000,000 in 6 years).
In addition, since 1989 there have been several politicians who have
received campaign donations and kick backs from these two failed
institutions. The #1 recipient is Senator Chris Dodd-D RI and the runner
up is none other than Senator Barrack Obama who received the second
largest amount of donations (over $500,000) which is phenomenal because
he has only been in the Senate for 3 years.
When Enron went belly up, we demanded Senate hearings and
investigations. Why aren't the Democrats demanding the same with these
companies?
But, oh yeah, I forgot. It is Bush's fault! (Yeah, Right, Sure it is). Just ask a Banker.
I am JERRY TEASLEY, retired banker and I approved this message.
Written by Jerry Teasley of Pine Mountain , GA former Banker
Most of my friends know I have tried to stop thinking, but I can't help
it in the wake of all the recent economic news.
My banking career started in 1970 and ended in 1993, but I still keep
close ties to the industry. During my banking years I did learn one or
two things along the way. The problem with our economy today is from a
liberal thinking congress, senators, and presidents, as well as greed
and dishonesty. When you put these together it spells disaster in any
area of our life.
Ask any banker (just walk in and ask one that has been there for 15 or
20 years) and they will tell you these are the FACTS:
* Under Jimmy Carter we received the Community Reinvestment act. This
law says banks have to make loans in low income areas and it has forced
many lending institutions to seek to make loans to people in areas that
lenders would not normally go because of the risk and low property
values. (Sub Prime Loans). This was in 1977. In 1980 president Carter
and a Democratic controlled congress passed the Depository Institutions Deregulation and
Monetary Control Act-- The law also removed the power of the Federal
Reserve Board of Governors under the Glass-Steagall Act and Regulation
to set the interest rates of savings accounts. A Sad fact is we are all
still feeling the effects of his policies and decisions 30 years later.
http://en.wikipedia.org/wiki/Glass-Steagall_Act
http://en.wikipedia.org/wiki/Regulation_Q
* Then in 1995, Bill Clinton, made changes to the Community Reinvestment
Act, that forced an increase in the number of loans to these people and the aggregate dollar amounts loaned.-- Larger loans to people with less
income in areas where the collateral value would go down instead of up.
This was in response to pressure from "community organizer." Can you
think of a former Community organizer running for president? (Hint -
he's a Democrat)
* In 1999 Mr. Clinton signed to repeal the Glass-Steagall act which had
protected taxpayers since the Great Depression.
* In 2003 President Bush tried to propose a change in regulatory control
over Freddie Mac and Fannie Mae and place both companies under the
control of the Department of the Treasury, but was voted down by the
liberal democrats led by Barney Frank. Remember the name Barney Frank,
he is one of Obama's top two economic advisors the other is Jim Johnson
who was the head of Freddie Mac and walked away with $24,000,000.
* Now, Mr. Obama and his liberal cronies are spinning the facts so you
will believe that all our finan cial problems are because of Bush's
failed economic policy. However, OBAMA'S two MOST TRUSTED ECONOMIC
ADVISERS TO HIS CAMPAIGN are the very people that were in control of Freddie Mac- Jim Johnson $24,000,000 and Fannie Mae - Franklin Raines $90,000,000 in 6 years).
In addition, since 1989 there have been several politicians who have
received campaign donations and kick backs from these two failed
institutions. The #1 recipient is Senator Chris Dodd-D RI and the runner
up is none other than Senator Barrack Obama who received the second
largest amount of donations (over $500,000) which is phenomenal because
he has only been in the Senate for 3 years.
When Enron went belly up, we demanded Senate hearings and
investigations. Why aren't the Democrats demanding the same with these
companies?
But, oh yeah, I forgot. It is Bush's fault! (Yeah, Right, Sure it is). Just ask a Banker.
I am JERRY TEASLEY, retired banker and I approved this message.
Comments
OUR FINANCIAL CRISIS
I haven’t written much about our country’s financial mess our country is currently suffering. Let me throw in my two cents worth.
If I were in charge, there would be some heads rolling, both Democrats AND Republicans!
Fortunately, Sally & I have NOT been in such a financial mess that many folks are in right now. Our home has been paid off for many years, and we have no intention of moving. We did a little home improvement a few years ago and we’re currently in the midst of paying this off in full.
In our 39 years of marriage, we’ve had our ups and downs financially, vut NOTHING like the citizens are going through now! I feel for the folks who had placed there trust in the hands of these sub-prime loan sharks. But then again, where are there also personal responsibilities? Why were these folks living in 300 K homes when they could only afford 100 K homes? The housing bubble has burst!
I saw a cartoon the other day. There were these trick or treaters going door to door for candy. All the homes on the block had signs out front saying foreclosed. That’s pretty much what our country is going through right now. What’s the answer? I don’t know. We need to take care of our fellow man, but yet we need to assign personal responsibility. We need to send the frauds to jail and auction off their mansions to the people who suffered financially.
All those criminals should have there day in court, then off to Alcatraz. I’ll even help! I know, I know, Alcatraz is now a tourist center.
An Obituary printed in the London Times........
Today we mourn the passing of a beloved old friend, Common Sense, who has
been with us for many years. No one knows for sure how old he was, since
his birth records were long ago lost in bureaucratic red tape. He will be
remembered as having cultivated such valuable lessons as:
Knowing when to come in out of the rain; Why the early bird gets the worm;
Life isn't always fair; and maybe it was my fault.
Common Sense lived by simple, sound financial policies (don't spend more
than you can earn) and reliable strategies (adults, not children, are in
charge).
His health began to deteriorate rapidly when well-intentioned but
overbearing regulations were set in place. Reports of a 6-year-old boy
charged with sexual harassment for kissing a classmate; teens suspended
from school for using mouthwash after lunch; and a teacher fired for
reprimanding an unruly student, only worsened his condition.
Common Sense lost ground when parents attacked teachers for doing the job
that they themselves had failed to do in disciplining their unruly
children.
It declined even further when schools were required to get parental
consent to administer sun lotion or an Aspirin to a student; but could not
inform parents when a student became pregnant and wanted to have an
abortion.
Common Sense lost the will to live as the churches became businesses; and
criminals received better treatment than their victims.
Common Sense took a beating when you couldn't defend yourself from a
burglar in your own home and the burglar could sue you for assault.
Common Sense finally gave up the will to live, after a woman failed to
realize that a steaming cup of coffee was hot. She spilled a little in her
lap, and was promptly awarded a huge settlement.
Common Sense was preceded in death, by his parents, Truth and Trust, by
his wife, Discretion, by his daughter, Responsibility, and by his son,
Reason.
He is survived by his 4 stepbrothers;
I Know My Rights
I Want It Now
Someone Else Is To Blame
I'm A Victim
Not many attended his funeral because so few realized he was gone. If you
still remember him, pass -----------------------------------------------------------------------------
I Want It Now
Someone Else Is To Blame
I'm A Victim
Not many attended his funeral because so few realized he was gone. If you
still remember him, pass this on. If not, join the majority and do
nothing.
I am doing something .. I'm posting this to my public blog . Thanks Aunt Carol
Myron@myownfaith2.com