I wish them good luck.
However, I think that their future is more likely to be instructive instead of groundbreaking...
Gee,
Where have we heard THIS idea before? *cough* credit unions *cough*.
However, credit unions tend to have their ess aich eye tootie a bit more together.
I give this new idea about six months, tops, before it crashes under its own weight.
Right?
lol
Can’t wait until they’re thrown in Federal prison for some horrible corruption involving their bank.
“We had deposits of more than eleventy of dollars and some of coin, but then we ordered pizza and are now insolbented.”
What could possibly go wrong ?
Do they plan on burning down their own bank ?
Or just breaking a few windows and set tires on fire outside ?
Someone is going to get swindled.
Hmm...I think I’ll investigate a loan. I have a worthy cause. Ammo.
O.M.C.?
OMG...
free toaster for all the Toast
Great! They should make loans with no credit checks or requirements and see how well that works.
you know, one of the arguements i have always had with my family is, i’m not racist but i know that, for example, if someone who is an immigrant owns an all cash business, he is more likey to pocket some undeclared cash than a natural born american. or, if someone is jewish, they look at a mostly christian country and dont have a big problem with doing a little insider trading.
now i know i’m right, because when they open that bank, i’m going to try every non prison time method i can think of to screw them over.
Yeah, I would, like, really trust those freakazoids with my hard-eanred money.
Watch out ‘occupiers’...you may become what you hate.
“the cooperative will be owned and controlled by its members....”...COMMUNITY ORGANIZERS!!!
Watch Benghazi Barry flood it with taxpayer money because, eventually, it will be “too big to fail”.
The only question is how MANY times they will fail. Of course within FDIC guidelines. It is very profitable. The Bernank shells out $85 big ones per month. Might as well get in line for some of that.
Loaning money to deadbeats... right on, man!
It was my first experience with socialism. I was 17. I have been forever grateful for the ones who quite inadvertently showed me the true nature of collective behavior and what happens to uncritical idealists in the real world.
Wonder if what they come up with will essentially be an illegal bank, offering the kinds of services that require state and/or federal charters and licenses of various kinds, only they don’t obtain the necessary licenses and charters? Next I wonder if the state and feds will then proceed to ignore the fact that they are an illegal bank, being run without the necessary licenses and charters? No doubt, the kinds of people involved will think laws don’t apply to them because they are doing “good works”, that is, because they are do-gooders.
Now perhaps I can finally cash that huge inheritance check the nice prince in Nigeria sent me.
Duh, any mention of these former Commie Obama Brown Shirts mentioning anything about making a profit?