- Mark Twain
Saturday, November 30, 2013
Thursday, November 28, 2013
Wednesday, November 27, 2013
|"The Unsinkable Folly Bound"?|
"ASSETS OF THE SIX LARGEST U.S. BANKS ARE UP BY 37% OVER FIVE YEARS AGO. WHAT HAPPENED ?"
(* Source: R. Ilargi/SNL)
Here's the breakdown:
TOTAL ASSETS OF U.S. BANKS: $14.4 trillion.
THE TOP SIX BANKS: 67% of total assets.
(JPM, BOA, CITI, GS, WF, MS)
ALL THE OTHER BANKS: 33% of total assets.
( The "other 6,934" U.S. banks.)
But, don't despair! The folks in D.C. are "looking into it"...
Tuesday, November 26, 2013
|Renewal, Renaissance, Revival?|
"Now Paul could have stood around all day and cursed the darkness. But instead he decided to turn on the light. In the same way we can wring our hands and talk about the state of affairs in our world all day long. Or we can do something about it."
"Not only did Paul take action, but he also took the time to learn about the people he was speaking to. That is because the way to change a culture is to invade it...." - Greg Laurie
So, with the latest move, does the Credit Union Movement have a new, master communicator-apostle ready to...
Monday, November 25, 2013
|Leggett and friend...|
(... always best to hold
a poodle by the throat!)
Leggett is one of my favorite pets. Have always been partial to the underdog, but you know with poodles that sometimes becomes difficult. Poodles have had a long, persistent reputation for being frivolous and a bit silly.
Well, right, Leggett is not much on diplomacy nor credit unions and surely can't write, but he is stubbornly loyal. One thing poodles do excel at is in knowing how to follow instructions and how to come when called. That's a big asset in lots of circles!
You can put an idea into Leggett's head and he'll yip away at it all night long. Incessant barking in fact may be Leggett's raison d'être! Poodles have never been bred to hunt nor for independence. That's why there are no stray poodles; poodles are always a pet - kept up by someone. Leggett's definitely that kind of poodle!
Someone recently asked me if Leggett was named after ABA Senior economist Keith Leggett? Absolutely not; no way! I can't think of anything more cruel than naming a dog after an economist!
And, besides if I'd wanted to mark Leggett with "an economic slander", would have ...
Sunday, November 24, 2013
Saturday, November 23, 2013
Friday, November 22, 2013
"The art of taxation consists in so plucking the goose as to obtain the largest amount of feathers with the least possible amount of hissing."
- Jean-Baptiste Colbert
(Credit unions are "hiss-exempt" cooperatives.)
Monday, November 18, 2013
Sunday, November 17, 2013
Saturday, November 16, 2013
Friday, November 15, 2013
|Becoming Fed up - finally?|
Which makes his remarks last week before the Global Economic Forum in New York City of particular note. Mr. Dudley's topic of choice was: "Ending Too Big To Fail". Much was not new in Mr. Dudley's analysis of the on-going problem of TBTF U.S. banks, but what brought the house down was the following comment:
Wednesday, November 13, 2013
|"We speak for people who matter..."|
The American Bankers Association (ABA): "As to credit unions, all we can say is that, if they walk like a duck and act like a duck, then...."
The Federation Of Credit Unions : "We fully agree with the ABA that...
Tuesday, November 12, 2013
"Mr. Mark Carney, governor of the Bank of England and other regulators across the world, are forced to deal with a sector [banking] that combines the most unattractive features of  the oil industry (well-paid jobs inflate the currency),  the nuclear industry (occasional blow-ups and meltdowns), and...
Monday, November 11, 2013
Sunday, November 10, 2013
Saturday, November 09, 2013
Friday, November 08, 2013
Not too difficult to spot the political, legal, and regulatory storm closing fast on the indirect auto lending business.
Blocked by Congress from directly regulating consumer auto sales and finance, the CFPB has decided to try and regulate the auto market indirectly.
Credit unions, participating in indirect lending with auto dealers, are bullseye-dead center of the on-rushing threat. By its nature, indirect auto lending by credit unions has always been a reputational embarrassment waiting to happen. Well, get ready for "happen"....!!
|Trades will be up against a wall....|
|Baby birds and tomcats?|
There is nothing inherently wrong with dealer, captive, or indirect auto lending. All have their roles. There is something wrong with credit unions which knowingly feed "baby bird" members to "tomcat" car dealers.
What has inspired some credit union managers to confuse the limitless promise of credit unions with the limitless promises of car dealers?
Thursday, November 07, 2013
|All hands on deck!|
1. Purchase Loans from Out-of-State Lenders - Claim it's diversification and earn some great upfront fees, too! NCUA obsesses about "concentration risk" so you can really substantially reduce that risk by having a few bad loans in every state.
|Can we help you?|
|Only the best for you!|
Monday, November 04, 2013
|Federally-subsidized affordable housing...|
|"The rent is much, much |
cheaper than NYC!"
Bernie Madoff is a resident, as was Jim Bakker, the ex-televangelist, Jon Hinckley, attempted assassin of President Regan, and Larry Flynt, former publisher of Penthouse magazine. It's a pretty - formerly - fast crowd!
Federal prison, of course, is a serious business. Nothing much funny about losing one's freedom due to a substantial personal failing - judicially confronted and publicly admonished.
But it's difficult not to smirk a bit at Jesse Jackson, Jr.'s unusual introduction to the most rigid and inflexible of governmental bureaucracies - the federal prison system....
Saturday, November 02, 2013
Friday, November 01, 2013
Noted the following quotation in the newsletter of the North Carolina Bankers Association (don't worry I read it in private, so nobody knows!) attributed to Mr. Neil Smith the late CEO of First Savings and Loan of Mebane (NC):
"There will always be the need for a small town thrift....
unless we are regulated out of business."
A voice from the past: First S&L of Mebane no longer exists.
If you replace the word "thrift" with the phrase