Next up? Credit Unions. I have had some personal discussions with some in the know, and there is fear these will be the next targets. These folks who provide such a great service to all of us, just don't fit the Pottersville business model of the megabanks.
During the crisis three regional bankers each independently said they felt targeted by the FDIC. All three banks are gone and absorbed by either a large national bank or private investment fund took over their assets.
The bankers who got TARP loved it and paid it back as it fit their agenda. They got the money because their boards or presidents were politically connected. They live not because they deserve to, but via crony capitalism. That’s wrong.
We need a dynamic commercial credit market, not one made up of some monsters known as TBTF Banks. That’s stupid. The junk bond market of the past shows you don’t have to be a giant international bank to make deals come together.
Kickstarter exists because of ancient SEC rules that don’t apply to the modern world. If you are an early investor in a Kickstarter venture you get a doodad, but if you were an owner you’d have made money. The law itself is causing these market distortions.