Banking 101

From time to time I have been providing insight to you about banking.  Many of you have been asking me about the Bill in congress that is suppose to reform banking and keep terrible financial problems from happening in the future.  The bottom line is we do need some regulatory reforms.  Such as;

1. Repeal "Too Big To Fail"
2. Put Wall Street Under Tighter Regulatory Oversight
3. Get Rid of the SEC Which Failed as A Regulator of Wall Street
4. Get Wall Street and the Politicians Out of Each Others Pockets

The current Dodd Bill simply put, is a TERRIBLE BILL!!!  It must not pass.

Among other things, it proposes to limit the Federal Reserve Bank oversight to the top 20 financial institutions in the country.  These are principally located in New York City.  What a huge problem this would created.  It would essentially disband the Central Bank.  Our forefathers knew that we need to have the Federal Reserve Bank (aka the Central Bank) located across the country.  They knew that if the country as a whole was going to prosper the Federal Reserve needed to serve the entire country and understand the financial problems and opportunities of the entire nation.

Dodd's Bill would change all of that and New York City would soon become the total focus of the countries Central Bank.  Our leaders knew better then and we should know better now.

NEW YORK CITY...are you kidding me?