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https://www.breitbart.com/big-governmen ... n-control/

Bazinga!

ELB wrote: ↑Fri Aug 17, 2018 8:17 am https://www.breitbart.com/big-governmen ... n-control/

Bazinga!

Need more of this. In fact Trump should look into undoing or limiting any or all Federal support for any bank that does this. Undoing or restricting/limiting FDIC would be a great start. Then start putting major rules on Federal Reserve ties to major banking corps that try to do this crap. There needs to be push back sooner than later.

It wouldn't pass constitutional muster to dictate what businesses banks must accept as customers. However, I advocate a law that denies FDIC insurance coverage to any bank that refuses to accept customers or otherwise do business with any person or entity engaging in a lawful activity, including but not limited to business activity. A bank without FDIC coverage would go under in a matter of hours.

Chas.

Charles L. Cotton wrote: ↑Fri Aug 17, 2018 10:55 am It wouldn't pass constitutional muster to dictate what businesses banks must accept as customers. However, I advocate a law that denies FDIC insurance coverage to any bank that refuses to accept customers or otherwise do business with any person or entity engaging in a lawful activity, including but not limited to business activity. A bank without FDIC coverage would go under in a matter of hours.

Chas.

At what point would a working US Attorney General (who knows where the current one is) open an investigation into companies appearing to collude to deny certain legal businesses access to financial systems?

It is obvious that certain corporations have decided to use their power to infringe upon both the 1st and 2nd amendments.

bblhd672 wrote: ↑Fri Aug 17, 2018 11:06 am

Charles L. Cotton wrote: ↑Fri Aug 17, 2018 10:55 am It wouldn't pass constitutional muster to dictate what businesses banks must accept as customers. However, I advocate a law that denies FDIC insurance coverage to any bank that refuses to accept customers or otherwise do business with any person or entity engaging in a lawful activity, including but not limited to business activity. A bank without FDIC coverage would go under in a matter of hours.

Chas.

At what point would a working US Attorney General (who knows where the current one is) open an investigation into companies appearing to collude to deny certain legal businesses access to financial systems?

It is obvious that certain corporations have decided to use their power to infringe upon both the 1st and 2nd amendments.

Banks, member banks under the Federal Reserve system, which are pretty much all of them we consider important and major players to commerce, are in some way already under oversight by Congress. The problem is that the whole Federal Reserve system was set up to to be arms-length and free of government, while at the same time be under government oversight. It is a quasi-governmental institution. There's good reason for this. Government having direct control of a central bank can be very problematic in running amok, as well as inefficient. There's a bad reason in this, too. Banks run amok, as with the examples of this posting. Given the powerful monopoly these banks hold on payment systems, this slippery-slope is going to turn avalanche in practice on other things in the future. Yes, corporations and banks can and will collude to drive/overstep legislation, and they won't need as many lobbyists to Congress to move their agenda as before.

This isn't another "evil banking system conspiracy theory". This is happening just as we see it.

States don’t even have to follow federal law and still receive federal funding by court order. That seems like a much bigger fish than these banking companies. Everything is very backwards

The lesson here is that identity politics can be a double-edged sword that cuts both ways. I hope banks and other businesses will learn to focus on the business and not try to solve the world's social justice issues at the same time.

The world became a very complex and unhappy place when everyone decided to get irritated-off about everything all the time. In reality, you can't please everyone all the time and you can piss-off some people every time.

This can also be a positive force for commerce that openly supports 1st and 2A values. Where are those companies so we can switch our accounts to them?

rotor wrote: ↑Sun Aug 19, 2018 10:46 pm This can also be a positive force for commerce that openly supports 1st and 2A values. Where are those companies so we can switch our accounts to them?

I think you’ll find that in community banks - at least here in Texas. Before moving here in 2006, we always banked with a major player. It was BofA at the time of our move. Then I was at a business meeting after we’d been here a little over a year, and there was a representative of a local community bank - Viewpoint Bank - at the meeting. After listening to him speak, we switched all of our accounts over to Viewpoint. Customer service at BofA was in the toilet. There wasn’t anything that they could offer me that Viewpoint could not; but when I walked into the Viewpoint branch, everybody knew my name. They later merged with Legacy Texas Bank, but we are still with them for 11 years now.

That’s just my experience, with one bank. But I know of a number of other people, including business people, who have chosen to bank with other community banks, and they’re much happier. One of those people is the owner of a local gunstore in Euless, and he told me that he banks with his particular community bank exacty because he knows he can count on them. I can’t speak for other community banks, but Legacy Texas Bank branches aren’t posted 30.06/07, and they go the extra mile to keep me happy.

That’s how you tell the big boys that you won’t put up with their crap.

rotor wrote: ↑Sun Aug 19, 2018 10:46 pm This can also be a positive force for commerce that openly supports 1st and 2A values. Where are those companies so we can switch our accounts to them?

Most Federal Credit Unions posts 30-06 signs. It took me a while but this week I'm finishing transitioning all my banking from BoA to Texas First, They didn't get a Obama bailout, They don't post 30.06, They have more consumer friendly rates. I have been with them for a couple of years, and at least at my branch they are very easy to work with.

The big difference between Texas First and BoA is that BoA has policies to discourage you from dealing with their people. Texas first is always willing and able to give a personal helping hand. BoA wants to charge for Debit/Checking accounts. Texas First actually gives a little back. I am very pleased with them. 20 years ago I was very pleased with BoA, They have gone down the crapper as far as being user friendly. And their policies have made my blood boil.