We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
Our Recent Essays Behind the Front Page
Thursday, April 2. 2009
Why does the most volunteering and most donating nation in the world need this Americorps? Some might be amazed by the good deeds my church does, asking nothing in return.
Success is now an evil for the FDIC
Groupthink Conference at Duke. I think these folks inhabit an alternate reality.
Good war story at Jules
Is it just possible that the Taliban doesn't want peace? Their pitiful, hateful lives would lose all meaning and purpose.
Homeland Security becoming an employment agency for illegals
The press forgot to ask how much more money the taxpayer is donating to the car companies.
Fighting for free political speech:
Who is Harold Koh? We should care.
Sen. Gregg on national debt
Dick Morris on Obama's plan to reduce the charity deduction:
That is exactly the point. The Left wants people beholden to The State, not to their neighbor. So they have to take the money from you to give to your neighbor - after taking their cut, of course.
FDIC Punishes Success
Considering the times we find ourselves in and the present occupant of the White House, why doesn't his surprise me in the least? Boston area bank in trouble with FDIC for being "too successful." East Bridgewater Savings Bank has...
Weblog: Weekend Pundit
Tracked: Apr 02, 23:57
Display comments as (Linear | Threaded)
Ten terms not to use with Muslims.
"There's a big difference between what "they" say and what "I" hear.
Good to see Judd Greg is finally coming out of his 20 year coma. Judd is just now figuring out we have a debt problem. I think we will equal or exceed National Debt to GDP a lot sooner than people believe.
Did the group of 88 ever apologise to the Duke lacrosse team, in particular Reade Siligmann, Colin Finnerty, and David Evans ?
The story about the FDIC and the East Bridgewater Savings Bank was quite interesting. I thought maybe these are the kind of people I'd like to do business with. Unfortunately, no website to be found. After searching around a while I did find a phone number. Called and found out they definitely do not have a website. Also, they only work in their local area. Good if you live in Mass. I suppose, but if it was good to live in Mass. there'd be nobody in NH...Which I suppose would be good for NH. The never ending lessons of economics...
The Community Reinvestment Act rears its ugly head again. Let the extortion tactics begin. I hope ACORN doesn't show up. The bank will likely not be allowed to expand because of the CRA rating. Government interference at its finest is on full display.
With $135 million in assets, EBSB is a very small community bank. As you note, EBSB is focused solely on its local community. There is a reason for this. It's called "know your customer."
Obviously, the bank does know its customers very well. No delinquent or bad loans is unheard of in banking.
What the FDIC misses is that the depositors of the bank are safe. This is (or should be) the first priority of bank managers.
I know FDIC insurance was developed to make it easier for depositors to trust banks in the aftermath of the Great Depression. It does take some friction out of the process of selecting a bank. The cost is a lack of vigilance by depositors.
What would happen if there was no FDIC insurance and banks were required to report in detail to depositors about asset quality and financial performance? And I mean real transparency. Maybe the banks are just too big for anyone to evaluate.
The banking business seems mighty screwy in a number of ways. We took out a HELOC (with a locked-in rate) a few years ago and the discussions I had with the loan people were close to absurd. It's like all they understood was how to fill out the forms and what the rules were. They did not seem to understand basic common financial sense. We had to speak to a branch manager before I felt I was dealing with someone who had the minimum qualifications to do the job.
Now wife tells me that her hairdresser, who just got divorced and is letting her current home go into foreclosure (it's in the husband's name and "he's a jerk anyway"), is getting a 4.25-4.5% loan on a townhouse. Maybe she has an uncle who "works" for ACORN...
The reason for that is simple. The folks that populate the branches of most banks know very little about money or finance. They are trained to be sales people and are taught the features and benefits of various products. So what you hear are the talking points when you speak with them.
Every now and then you actually find someone who can connect a few dots and tries to push the product that may suit a customer. However, most just push the product of the day, week or month in an effort to meet their sales goals. I may be too cynical here, but it is coincidental if the customer's financial objectives are met.
I was in New York at a branch of a major money center bank making a deposit. While I was waiting, a nice young person was trying to get me to buy CDs and get the promotion rate.
I asked him if he knew the percentage increase in M2 or the risks in quantitative easing and the implications of these policy decisions on my purchasing power if I made such a financial commitment. (He had a beautiful young woman, who was a trainee, with him as well.) I thought the sprinklers were going to go off from the smoke coming out of his ears.
I knew he was doing what he was told to do. Gather deposits - the longer the term, the better. All banks are desperately seeking deposits to fund themselves these days. If inflation or stagflation comes, his advice could only be called financial malpractice.
At the end of the day, it is still caveat emptor. Even Obama's coming massive regulation of all things will not stop this from being true. It's too bad that a large percentage of the population will never comprehend this.
Compliments to you, NJ --throughout this whole civil/financial/political storm, few if any topics have slipped past your newsjunkie eye --
Dick Morris has this right. Obama and the leftists want people dependent on the state.
Individual help from neighbors, which by definition entails community concern and involvement, will now be dissuaded by the heavy hand of government. As you note, the new plan is to take money from you and give it to your neighbor.
But there is more to this than meets the eye. The government always takes their cut. The leftists have learned everything they know from the Godfather and Tony Soprano.
In one action, more people become dependent on government (and will be less likely to bite the hand that feeds them) and the government enriches itself at the same time. Perfect!
Most charities are evaluated in part by the percentage of each dollar that actually goes to the mission and 93% is a key threshold. Ask yourself this question. How much of the dollar will the government keep for itself? Hint: More than 7%.
Barrett, Vito Corleone, and Tony Soprano would blush with the power grab that is going on now.
Do you think the Clinton's would be hurt with their generous giving of Bill's used underwear?
The mob is kicking themselves saying why we didn't we think bigger!
Regarding Bill's used underwear, the Clinton's won't be hurt, but the recipients might be.
Muslims often initiate talk on term Clash of Civilizations.
But it is a misnomer.
between Islam and the West there is no clash of civiliztions because Islam is not a civilization.
The clash is between the civilization of the West and the barbarism of Islam.