Saturday, September 23, 2017

I Told You So!

Several years ago, I warned that Sen. Chris Dodd of CT was the Big Banks' stooge on Capitol Hill.  And then The Stooge co-wrote Dodd-Frank, which passsed, and which Obozo signed. 

(You remember Obozo, right?  The Commie who played 'anti-bank' harmonica in the Totalitarian Band, right?  The one who just picked up a $400K check for opening his pie-hole at Goldman?  Yah, that one.)

So, anyhow.

...“Dodd-Frank is great if you’re a giant financial institution. It is lousy if you’re a local community bank and if you’re a credit union. And in the four years after Dodd-Frank, community banks lost market share at a rate double what they were losing before then – 12 percent versus 6 percent.”
According to Cruz, more than 80 community banks have “gone under” in Texas while 1,800 have closed across the nation.

“This is not good for the banking institutions but it’s particularly bad for small businesses. If you care about growth, if you care about small businesses, who do you think is lending to small business? Who do you think lends money to that farmer to buy the tractor? Who do you think lends money to that small restaurant owner to open a new restaurant and hire the waiters and waitresses and cooks? It’s the small community banks, the financial institutions hurt by Dodd-Frank,” he said....

By the way, you can take it from me:  Chase Bank sucks toad-balls.  Never had an account there, and I never will--and the story won't fit into this blog.  But they suck toad-balls.

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