Understanding too Big to Fail; Glass Steagall & the Volcker Rule

Always, it is the forgotten man who suffers when Big Banks are Dishonest 

To Regulate or not to Regulate; that is the question . . .

robtheworld

Small Business (organized right)  employs more than all the high tech companies, more than Walmart, Ali Baba, and Amazon added up together. Wipe out the small businesses, each with two or three or twenty employees with BAD LEGISLATION and (like Obama) you destroy the smaller jobs that keep the economy afloat.

So how do we rate the new Trump, Treasury Secretary?

The only thing on which he is firm is that there will be no bank bailouts. Well good.

The Vocker rule? he kind of likes it. Does he favor Glass Steagall; maybe and maybe not?  Is he in bed with the big bankers? Looks like that but not necessarily so. This dissembling may not be a bad thing at all, at all.  We should give the man a chance. Now is not the time to rock the financial boat.

NOTE: GLASS STEAGALL WAS A CAMPAIGN PROMISE.  It was even written into the GOP platform.

To clarify, the Volcker rule puts limits on the ability of banks to bet with money entrusted to them by depositors.

Glass Steagall on the other hand. cleans up the confused identity in banking. It forces banks to be either an Investment Bank or a Commercial Bank.

An Investment Bank buys and sells bonds, stocks and other investments. They assist new companies to go public with their initial offering. (IPOs) When we think of Investment Banks we also think of market or economic liquidity. Investment Banks fulfill their purpose (contribution to the social contract) better with fewer regulations. They need  governed by common sense rules that are simple and clearly defined. Now after fifly years of confused identity, it is a hornet’s nest. For example, the rules governing derivatives badly need clarified, and overhauled. Derivatives have formed a banking bubble and we now have more “too big to fail banks” than we had in 2008.

Commercial Banks on the other hand act as managers for deposit accounts. They serve both individuals and small businesses.  In the ideal the money they take in is lent out to individuals and small businesses and the economy grows.  Because they deal with the little man, or small businesses that are somewhat frail, they demand more oversight.

In September 2016 we had the Wells Fargo scandal. The employees secretly created millions of unauthorized bank and credit card accounts — without their customers knowing it, they were charging them phony fees and making off like a banshee. Wells Fargo employees secretly opened unauthorized accounts to hit sales targets in order to receive bonuses. Commercial banks need oversight.

NOTE: Like 2008 when no banking executives were prosecuted, the Wells Fargo CEO resigned and walked away free of blame. Hello?

TBTFThe seeds for the 2008 crash were sown on Bill Clinton’s watch; an inept president and his greedy banking cronies who took advantage. The economy was turned around after the 2008 crash. It took taxpayer bailouts of both American and Foreign Banks. Obama and Bernanke saved the system, but failed to fix the problem. It is the “Mom & Pop” small business that trusts these banks.  It is also the “Mom & Pop” small business culture that fueled what economic Obama recovery there was. If these little businesses get wiped out in a banking crash, or by over-regulation, it would be a bad, sad day for America.

With this in mind the new government may look at being proactive and enacting Glass Steagall. It is also a way to break up the big banks that is fair. It simplifies things.

Note well: It was the crash of 2008 that brought on the income inequality that now puts our culture at risk.

A little background on Glass Steagall:

In the roaring twenties there was so much easy money in risky-investments that several big Wall Street banks began salivating. They then decided to pull the deposit money out of trusted accounts and use this money to speculate. It wasn’t their money and it wasn’t ethical, so it all went appetite over tin cup; bankers jumped out of high windows and America went a slipping and a sliding into a great Depression.

The Glass Steagall Act of 1933 is a set of good reforms that ushered in a crisis-free period in USA financial history. We should learn from our past mistakes.

1933 the evidence of banking corruption was irrefutable: After the then ethics investigation, it was found that BANKING & BROKERING WAS A POISONOUS MARRIAGE. This little story illustrates the point.

“Young Bobby has just turned thirteen and in honor of his teenage status Dad has decided to give him a weekly allowance.  Bobby is a born entrepreneur and he and his neighbor friend, Goldy owned a lemonade stand (this was in the days before bureaucrats made this kind of endeavor illegal)

Goldy like Bobby, was also a producer and although young,she had a knack with food and drinks. Their little corner business was popular for the word had gotten around that stopping there was well worth the wait. So it came to be that Bobby had not only his allowance but also his profits. What to do with all the extra money?Bobby went to talk to Dad.

Dad called the boys together to educate them about income and outgo and savings – it seemed the right time. (Bobby had a big brother called George and Dad included him) Dad gave the boys a collective savings bank (his first mistake) and entrusted the bank to George’s care; after all he was the oldest and he was tall enough to reach to put the box on top of the closet. (Dad’s second mistake)

There was one small problem that neither Bobby nor Dad figured into the equation; George was into Pokeman Cards and his obsession had quickly got him outspending his own allowance.  George unlike Bobby and Goldy was not a producer, he was a gambler. Are you surprised that he began to steal from the box? 

As time went along it got hotter; summer is the best of all times to sell lemonade. The little entrepreneurs decided they needed a canopy. Bobby asked to get the savings-box down and was devastated to find that it was empty. What were they to do? They really needed that canopy! It was hot. 

George whined that he had always intended to pay the money back; he suggested that Dad step in and make it right and buy the canopy for Bobby, after all Dad didn’t want to see his little brother suffer, right? George’s strongest argument (which Dad bought), was that Bobby wouldn’t have been able to do the Pokeman investing by himself, so he was really trying to help him. I mean what did Bobby know about Pokeman?  He was always out there making lemonade and Goldy was now also baking. George knew a man who knew a man who said they were going to close the stand down because the kids didn’t have a licence.

Should George sell all the cards, he wasn’t sure how much he could get for them now?

Bobby didn’t want silly cards, he wanted a canopy, a canopy to give him and Goldy and his customers good shade in the summer for his lemonade stall; a local enterprise that the whole, local neighborhood agreed was a gem, was a neighborhood thriving business.

Unfortunately Dad backed George, buying into the theory that might is right.

Dad was also intimidated by the bureaucrat, clipboard in hand who had come to call.

Dad did promise to buy Bobby a canopy for Christmas, but it was too little, too late. It would be cold for a lemonade stand in December, no canopy would be needed.  And maybe, after all long before then, the city would close down the best lemonade stand in the neighborhood.

This is how two enthusiastic and enterprising entrepreneurs bit the dust.

Of course they could still work their lemonade stand without a canopy, that is until the nearby bakery persuaded the authorities that they were stealing his business.

“What?” said Bobby. 

“Regulations are designed to protect established businesses that pay taxes,” said Dad.

“Duh?” 

The lemonade stand continued for a brief while for it was still popular but it wasn’t the same. Then the city closed them down.

Neither Bobby, nor Goldy would ever recover from the betrayal after trust. It would stay with them and limit them as entrepreneurs for the rest of their lives.

**********

mom&PopPurists argue that we should let the big banks be forced into bankruptcy for that is how a free market system works. The American voter thinks this banking danger has gone away, but all that has happened is that it has been swept under a dirty carpet that is still big banking today.

It all comes back to a good law deliberately wiped out for banking greed and one inept President who lacked any kind of personal integrity.

 ***********

Bobby said to his Dad, “I think I will put my money in a real bank next time.”

Oh yeah?

Until the banks get their act together not such a good idea Bobby?

*************  

Quote for the Month

Banking is a very treacherous business because you don’t realize it is risky until it is too late. It is like calm waters that deliver huge storms.

Nassim Nicholas Taleb

bluelynnS

 About the Author
Lynn Verhoeff (Grandma Thunder) has published two books, “Politics IOU” and “Magic Money” both on Kindle.  The first is satirical about banking and the second, examines the conflict of our times, Globalism vs Patiotism. You can read more at fb Grandma Thunder – an Independent Voice or Blog/Grandma Thunder  or  Free Books by Grandma

Expect the Best, but prepare for the Worst

Are banks buying politicians in an effort to keep an unfair privilege?
(See contributions to Jeb Bush and Hillary Clinton)  Too many voters have their heads like ostriches in the sand.

money in 2016Seeing their darling on the left (Hillary) hit the skids and their favorite on the right (Jeb Bush) in sad decline, the reaction of the banking industry reminds me of a cat I once had.
She was placid, until one morning some dogs backed her into a corner. Then she lost it.

You only have to watch some of the Club for Growth negative ads to wonder if they have lost it.  Don’t they realize they are on the wrong side of history. 2016 is the year when the negative ads finally stop working. This 2016 electorate wants positive, STRONG solutions.

Now this cat, she bit and clawed and screeched and pounced and even although we saved her, she was never the same again.  She was irascible, unpredictable and mean. Possibly this had been her basic personality all along.

So the big question is, are the banking elites frightened that their unfair privilege is about to come to an end? Is this becoming a vital factor in Election 2016? Are the statists and now the conservative elites (crony capitalists)  frightened because they can’t buy Trump?  

There is a situation here that the next President will have to face, and it is going to take a very strong man (Trump or Cruz) to bring us through.

Hello! It is finally time to face the facts of this economy. 

No, it is not all doom and gloom, it is a situation that can still be fixed but only if we choose wisely in the next election. 

In a nutshell here is the situation:  In spite of a bottomless pit of FED money creation, the debt is unsustainable; the “created” income inequality is finally being seen and understood by voters and they are resenting the injustice.. Stop gap measures to settle out the protest  like food stamps are only making matters worse.  Past efforts by the banksters to pin the blame elsewhere are no longer working. On Twitter and Facebook we learn that with the crash of 2008, only the immediate danger was handled but ethics and correction and reorganization NEVER WENT IN. All the money printed by the FED to bail out the banks, and to “stimulate the economy” didn’t go to the people; it went right back to the banks. The biggest danger: derivatives  could be the next bubble to pop and make life mighty hard on main street.

inijustrice

We are going to have to wake up and realize that we need a STRONG and good president!. Please read the following:

” As my fellow Heritage colleague Norbert Michel and other scholars have thoroughly documented, the crash of 2008 was caused by government policies and regulatory failure, including easy money policies that flooded the markets with debt. Within a decade, these policies led to preposterous mortgage loans being issued, and massive over-leverage of government, companies, and households.

Now the Fed, the White House, and Congress are recreating the very same conditions for another financial bubble. If it pops, we could replay the same devastating effects as occurred during the first bubble in 1999 and 2000.

It is doing so in four ways:
First, the Dodd-Frank regulations are exacerbating one of the greatest consolidations of the banking industry since the Great Depression. Those indispensable small banks, like the one Jimmy Stewart operated in the movie “It’s a Wonderful Life,” are disappearing from the American landscape.

This is largely because big government policies are slanting the system in favor of big banks. Because of this, we have created a competitive advantage that allows the sharks to swallow the minnows. Meanwhile, the “too big to fail” safety net to Bank of America, Citi, and other titans exacerbates this cost advantage of big banks and thus makes bailouts even more likely in the future.

Second, Fannie Mae and Freddie Mac are engaged in the same low down payment lending mania of 2004-07, and the Obama administration is on a Bush-like homeownership push. Fannie and Freddie are again guaranteeing mortgages with as little as 3 percent down payment. Have we learned nothing at all?

Third, the Fed refused to tighten its stance in September, and, hello, that easy money policy is how we got into the mess in 2000 and then in 2008. Wall Street cheered Janet Yellen’s decision to keep the cheap dollars flowing.

sliding banks

Finally, there is the saturation of debt. When the crisis hit in 2008, the national debt stood at a little under $10 trillion. Now we are over $18 trillion. Government is hopelessly over-leveraged, and the interest rate exposure is enormous. With each one-percentage-point rise in long-term rates, the servicing costs of the debt rises by about $1.8 trillion over ten years.

Fannie and Freddie are again guaranteeing mortgages with as little as 3 percent down payment. Have we learned nothing at all?

The point is that government and politicians have no learning curve. All of the conditions of financial wreckage are reappearing. The presidential candidates should start warning voters that Washington is rebuilding another financial house of cards”

As Published in the Daily Bell – A Heritage Foundation Publication.

COMMENTARY BY

Portrait of Stephen Moore

Stephen Moore, who formerly wrote on the economy and public policy for The Wall Street Journal, is a distinguished visiting fellow for the Project for Economic Growth at The Heritage Foundation.

 Quote for the week

In choosing a president, we really don’t choose a Republican or Democrat, a conservative or liberal. We choose a leader.

Rudy Giuliani 

Does 2016 give us a Chance?

Dirty Tricks have been used to pass Bad Laws; can we stop this?

We have a sound system given us by the founders. And it works but if things don’t turn around in 2016 we could be losing it.

When we talk of making a law this is the ideal: One transparent source, one subject, one bill, enough time for politicians to read the bill, enough time for the electorate to weigh in on the bill, a simple up/down vote ON THAT ONE SUBJECT and a two thirds majority where applicable.

Could it be simpler? Simple is good.

What the corrupt establishment in Washington hasn’t quite realized is that it is a new day and the American citizen is coming to take his country back. What our elected officials haven’t realized is that the system is slipping when it begins to get complex.

Today we have much complexity and sadly this obfuscates corruption. Congress has been persuaded that they need to rely on experts to write the bills.  According to Hillsdale College we have a fourth branch of government, the bureaucrats that are not elected and it seems they have been taking over the show. LOL experts are using big, complicated legal jargon that even our elected representatives do not understand; is it any wonder they do not read the bills? Yet it is demanded of us that we follow these corrupt and complicated laws. This is legislation without representation. Do you ever wonder how and why we get bad laws?

The Story of Glass-Steagall 

Glass Steagall (1933 -1999) was legislation that curbed income inequality. The biggest challenge we face to day is income inequality.

Glass Steagall was repealed on Bill Clinton’s watch and it has been said that this and the irresponsible deregulation that occurred during the Clinton second term, sewed the seeds for the BIG CRASH of 2008. Robert E. Rubin and Mr. Summers, also culpable for our current economic woes, still maintain strong influence in the Hilary campaign.

TBTF

Glass- Steagall was designed to limit conflicts of interest and the creation of over bloated banks with questionable assets that in 2016 are again getting too-big-to-fail.

Banks would never have needed the bail-outs, while still being banned by Glass Steagall from underwriting securities. Glass Steagall is a simple law and it forces banks to choose between being a simple lender or an underwriter (brokerage). It is a good law and it worked for half a century.  It could work again today. Derivatives (which were banned by the Glass Steagall) are fast creating the next financial crisis. We have a dangerous situation with even more banks that are too big to fail.

Along with this forming bubble, is the unsustainable debt the quality needed most in the next president of 2016 is a clean slate with regards to finances. Even more than that we need a STRONG president to help us handle any fallout that may occur from what is still a condition laid in by Bill Clinton, his economic advisers and the big banks.

The story of the Federal Reserve

Fed stats

The Federal Reserve Act was enacted on December 23rd 1913 to create the Federal Reserve and the Central Banking System.  It was slipped through Congress while most of the delegates were away on holiday!

How effective has the Federal Reserve been in managing our money?  Statistics show they did turn the economy around in 2008, but that the recovery for main stream has been tepid at best. Small business is still struggling and too many people are living paycheck to paycheck. They can’t blow thier horn on having had much success. Of most concern is this is the USA debt that they have created for our children.

At this point in time, the Fed is an established part of the fabric of our system of money but there should be more oversight.  Significant efforts to get a complete audit of the FED have so far failed. There has been no complete audit of this establishment in the over 100 years of its existence.

They have allowed the market to turn into one giant casino and should be audited and held accountable.

ObamaCare

cost of obamacareIt isstill too early to evaluate this expensive Act; so far there have been some good and some bad consequences. We do know though that it is costing the country money. So be it. What we can say with an absolute certainty is that ObamaCare is not a law crafted with legislative integrity.

ObamaCare was passed by democrats; not a single Republican voting for it and there were some legislative shenanigans used to force it through; making it a coercive law.  Is it any wonder that the GOP rage about healthcare is still escalating?

Harry Reid in 2009 was confident he “just” had the 60 votes to get OmbamaCare passed; however according to congressional rules, such a bill could not originate in the Senate as it is a revenue bill. So Reid went ahead and found an old Senate bill HR3590 (a military housing bill) and stripped the bill of its original language, thereby creating ObamaCare. Huh? You get it. That’s right. ObamaCare began with a confused identity.

There were other problems: The house wanted to make some changes to the bill and the house-amended version was scheduled to go back to the Senate for approval.  Unfortunately in the interim Senator Teddy Kennedy had died getting himself replaced by a Republican. Hello! Reid no longer had the votes to get the amended Act approved.

He cut a deal; the House would pass the Senate’s original bill (no changes) and in addition the House would create a new bill that tabled all the desired changes calling it a reconciliation bill. After all who cared about the changes? The bill is so long and complex that nobody was going to read it anyway.

ObamaCare was not created by politicians; it was created by Big Pharma and their lawyers, nothing representative here.  Nothing simple here.

Of course with a Reconciliation Act tagged on, this only further complicated the complex bill.  Note: Such a use of a reconciliation bill is also contrary to congressional rules.

Twice now the Supreme Court has rubber-stamped ObamaCare raising the question, given its blatant illegality, are there any other dirty tricks here in play like blackmail?

None of these above laws could have been passed or been forced on us had there been a true integrity in the legislative process and an ethics body to investigate and make sure our politicians play by the rules.

So now that we know our representatives are not going to do the right thing, our first duty as a citizen is to learn more about the constitution.

2016 is the year when we hold our elected representatives accountable.
2016 should also be teh year when we have the courage to hold our banks accountable, demanding that those who manage our money and our healthcare, do so in the interest of the greater good.

Quote for the Week

“We are making up the rules as we go along.”

Alcee Hastings of the House Rules Committee during the ObamaCare bill process.

About the Author

bluelynnSLynn Verhoeff (Grandma Thunder) has been writing for twenty years.  She has published two books, “Politics IOU” and “Magic Money” both on Kindle.

You can read more posts at www.grandmathunder.com

 

Tags:

Glass Steagall, Federal Reserve Act, ObamaCare, Congressional rules, presidential election, speaker elelction

Can Bill Clinton fix small business for Hillary?

Small business just happens to be the largest employer in America. Wipe out small business and you destroy jobs.

When he was president Bill Clinton understood this; but that was then and now is now. After eight years of Obama, small business has been all but destroyed by regulations, banking corruption and global priorities. 

The seeds for the 2008 crash were actually sown on Bill Clinton’s watch, an inept president who didn’t really understand, and his greedy banking cronies who took advantage. Bernie Sanders pushed to get this fixed with Glass Steagall. However, now that Clinton has chosen Tim Kaine over Elizabeth Warren as her VP, is it likely she will follow through on this very needed banking correction?

To Regulate or not to Regulate; that is the question . . . 

Wells Fargo: Another major banking scandal: so what’s new?

robtheworld

The economy got turned around after the 2008 crash, but the Wells Fargo scandal shows us that while the danger was handled in 2008 (taxpayer bailouts of both American and Foreign Banks) a Federal Reserve in bed with Obama, saved the system, but they failed to fix the problem.

Hillary is propitiating the corrupt banking Industry. Hillary is the establishment candidate.

2008 halved the value of many homes and if Americans were able to keep their houses it was a small miracle. Many walked away from the biggest investment of their lifetime.  Now, paying sometimes exorbitant rents, to foreign owner capitalists in a global world, our Moms & Pops live from paycheck to paycheck. Their kids, having lost jobs to India, China and Mexico, are being forced to move back in with them.

Note well: It was the crash of 2008 that brought on the income inequality that is now destroying our culture?

A little background on Glass Steagall: bringing this back has has been included in the GOP platform.

In the roaring twenties there was so much easy money in risky-investments that several big Wall Street banks began salivating. They then decided to pull the deposit money out of trusted accounts and use this money to speculate. It wasn’t their money and it wasn’t ethical, so it all went appetite over tin cup; bankers jumped out of high windows and America went a slipping and a sliding into a great Depression.

The Glass Steagall Act of 1933 is a set of good reforms that ushered in a crisis-free period in USA financial history.

Today we see that banking corruptIon still exists. We can hope that Wells Fargo will become the head on a pike and corrupt bankers will be put on notice that they commit crimes, they get locked away. Don’t hold your breath with a Hillary presidency. She will protect the corrupt justice department and the numbers tell us she is in bed with the industry.,

We should learn from our past mistakes.

1933 the evidence of banking corruption was irrefutable: After the then ethics investigation, it was found that BANKING & BROKERING WAS A POISONOUS MARRIAGE.

TBTF

Hillary is making noises to placate the Bernie voters, but once in power can we trust her? Her banking connections tell us, otherwise! Follow the money.

Is the danger real that we could have another banking crash?  Don’t take my word on it, look at the graph for yourself and check out the numbers.

************

Then read my story so that you, too, understand.

“Young Bobby has just turned thirteen and in honor of his teenage status Dad has decided to give him a weekly allowance.  Bobby is a born entrepreneur and he and his neighbor friend, Goldy owned a lemonade stand (this was in the days before bureaucrats made this kind of endeavor illegal)

Goldy like Bobby, was also a producer and although young,she had a knack with food and drinks. Their little corner business was popular for the word had gotten around that stopping there was well worth the wait. So it came to be that Bobby had not only his allowance but also his profits. What to do with all the extra money?Bobby went to talk to Dad.

Dad called the boys together to educate them about income and outgo and savings – it seemed the right time. (Bobby had a big brother called George and Dad included him) Dad gave the boys a collective savings bank (his first mistake) and entrusted the bank to George’s care; after all he was the oldest and he was tall enough to reach to put the box on top of the closet. (Dad’s second mistake)

There was one small problem that neither Bobby nor Dad figured into the equation; George was into Pokeman Cards and his obsession had quickly got him outspending his own allowance.  George unlike Bobby and Goldy was not a producer, he was a gambler. Are you surprised that he began to steal from the box? 

As time went along it got hotter; summer is the best of all times to sell lemonade. The little entrepreneurs decided they needed a canopy. Bobby asked to get the savings-box down and was devastated to find that it was empty. What were they to do? They really needed that canopy! It was hot. 

George whined that he had always intended to pay the money back; he suggested that Dad step in and make it right and buy the canopy for Bobby, after all Dad didn’t want to see his little brother suffer, right? George’s strongest argument (which Dad bought), was that Bobby wouldn’t have been able to do the Pokeman investing by himself, so he was really trying to help him. I mean what did Bobby know about Pokeman?  He was always out there making lemonade and Goldy was now also baking. George knew a man who knew a man who said they were going to close the stand down because the kids didn’t have a licence.

Should George sell all the cards, he wasn’t sure how much he could get for them now?

Bobby didn’t want silly cards, he wanted a canopy, a canopy to give him and Goldy and his customers good shade in the summer for his lemonade stall; a local enterprise that the whole, local neighborhood agreed was a gem, was a neighborhood thriving business.

Unfortunately Dad backed George, buying into the theory that might is right.

Dad was also intimidated by the bureaucrat, clipboard in hand who had come to call.

Dad did promise to buy Bobby a canopy for Christmas, but it was too little, too late. It would be cold for a lemonade stand in December, no canopy would be needed.  And maybe, after all long before then, the city would close down the best lemonade stand in the neighborhood.

This is how two enthusiastic and enterprising entrepreneurs bit the dust.

Of course they could still work their lemonade stand without a canopy, that is until the nearby bakery persuaded the authorities that they were stealing his business.

“What?” said Bobby. 

“Regulations are designed to protect established businesses that pay taxes,” said Dad.

“Duh?” 

The lemonade stand continued for a brief while for it was still popular but it wasn’t the same. Then the city closed them down.

Neither Bobby, nor Goldy would ever recover from the betrayal after trust. It would stay with them and limit them as entrepreneurs for the rest of their lives.

**********

mom&PopWith rumblings that we could again have another banking crash, having the big banks again steal assets from these hardworking little Mom & Pop shop enterprises is not an option. It is totally unacceptable. It is little Mom & Pop enterprises that depend on the banks to keep their meager money safe.

Purists argue that we should let the big banks be forced into bankruptcy for that is how a free market system works. The American voter thinks this banking danger has gone away, but all that has happened is that it has been swept under a dirty carpet that is still big banking today.

It all comes back to a good law deliberately wiped out for banking greed and one inept President who lacked any kind of personal ethics. Do we want his wife to bring back all the same bad laws and advisers? Do we want Hillary to perpetuate banking corruption?

When originally introduced, Glass-Steagall gave banks a year to decide: they could get out of the securities business, and enjoy the benefits of deposit insurance and access to the low-interest credit of the Federal Reserve; or they could choose to be investment banks and brokerage houses, and forego the banking privileges given them by depositors.

It is one or the other, and once again in 2016 it is time for we the people to force the banks to make the choice.

 ***********

Bobby said to his Dad, “I think I will put my money in a real bank next time.”

Oh yeah?

Until the banks get their act together not such a good idea Bobby?

*************  

It is true that most regulations are counter productive but there are some like the Glass-Steagall Act that are absolutely vital to our economic prosperity and the stability of our culture. America survived the Great Depression because there was effective ethics investigation, effective reorganization of the banking sector and new, strong policy put in place to make sure t didn’t happen again.

Quote for the Week

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

Henry Ford

 bluelynnS

About the AuthorLynn Verhoeff (Grandma Thunder) has been writing for twenty years.  She has published two books, “Politics IOU” and “Magic Money” both on Kindle.You can read more posts t fb Grandma Thunder – an Independent Voice or www.grandmathunder.com