Allow me to digress from real estate and money-making for a second here. Because if I don’t get this out, my head is going to explode off my neck …
Guess who is responsible for this current recession/depression …
The “too-big-to-fail” banks.
– they are responsible for all the current foreclosures
– they are responsible for stealing trillions of dollars from taxpayers
– they are responsible for the current 25% real unemployment rate
– they are responsible for the utter and complete corruption of our political system
– they are responsible for 90% of the current suffering in this world
And they have stolen TRILLIONS of dollars from (you) the American people.
“The issue which has swept down the centuries and which will
have to be fought sooner or later, is the people versus the banks.”- Lord Acton
So what are you going to do about it?
If someone walked up to you, punched you in the face, and stole your wallet … would you let them get away with it?
Here is the simple solution to bankrupt the “banksters” …
take your money out of their freakin banks
Close your account, and move it to a small local bank or credit union.
I’m doing it tomorrow, along with thousands of other people.
Check it out …
http://www.facebook.com/Nov.Fifth
I could say more. But that should be enough.
A revolution is under way, my friend. Usually I stay quiet about these things. But enough is enough.
Together, we can bring The System to its knees.
Preston
http://www.facebook.com/Nov.Fifth
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Heya i am for the first time here. I came
across this board and I to find It truly useful
& it helped me out much. I hope to provide one thing back and aid others such as you helped me.
It seems to me any “investor” who is so into helping others and is in need of soliciting peoplewithout permission right off the bat is a RED FLAG. You do not need to find foreclosures with renters in them. In this area the Strawbuyers are the ones massing real estate and for one reason, CASH SALES DO NOT REQUIRE TITLE SEARCHES. So THE STRAW BUYERS PURCHASE THEN THEY ARE VOLLEYED AROUND SO THE CHAIN OF TITLE FRAUD CAN BE HIDDEN. bURIED DEEP IN SOME GREEDY PIG WHO GETS TO BUY ALL THE HOUSES THAT ARE EASILY AFFORDABLE TO FAMILIES, but are priced so low they cannot even get financing because the high lending and closing fees make the financing USURY. These cheapie houses also are the comps for the legit homeowner. So don’t be soliciting innocent people into any scams because The newest scammers are these LOAN POOL FORECLOSURES. BE CAREFUL if you are losing your home to one of these pools foreclosing, their internal rules do not allow the loan pool. ie the foreclosing lender to record their auction TRUSTEE”S DEED. If a lender doesnnt take legal ownership then they cannot assign a trustee to handle a sale. QUIET TITLE is a lawsuit challenging any loan pool or anyone who commits fraud by “ACTING AS IF THE DEED WAS RECORDED”.. that phrase is actual and involved in a complaint and the most current investigation. Because of the Multi State transfering of the notes, the only way that the Governmen can assist was for the new FRAUD unit the President Mentioned in the recent SOTU, the State AG ‘s were having tied hands, but not anymore. A Congressional Committee Report by Professor Adam Levitan of Georgetown U Law School, the report is long but easily readable and easy to understand.. HE is considered the leading expert on the subject. ALso if you are buying, you had better do your homework, because you might be SOL and never get any moeny back because REO sales of a house without a legal owner on DEED ( RECORDED ) is not valid.
Other than those concerns I am all for people buying homes, but I prefer to see Families buy them rather than landlords who have cash and hoard properties by pretending they are partners.
RESEARCH everything you can start with your county recorder. Also Landlords in some counties must have a Certificate of Rentability,
But I am not implying Prestonely or anyone is not honest, I am just telling his honest website visitors what I have already learned from EXPERIENCE. QUIET TITLE will award the deficient property which has no legal owner possibly , to a party like the former owner, or even a renter if the trustee bank offers the house to the renters to purchase.
SO get copies of every single thing and read all law, and Real Estate Laws before you even offer sales suggestions, you could be implicated if you made money in a deal that was fraud, even if you fell for a trick, you have a responsibility to know and understand the law,
Once you learn it, if its a done deal go look at how awful the docs from day one were and report it. Countrywide victims can get a part of the first of the pay backs, B of A was pretty much in a corner and they placed $324 Million into a victim account, This is all over the news . Not opinion.
I agree, Preston. I use a credit union. I invest in real estate, and built a network of marketers that don’t want to play by the “rules.” -Especially because the rules are changing daily.
I watched the Money Masters on utube. The effect of money power over the whole world became clear. My economics professor’s desperate urge for us to understand Milton Friedman money supply concept and that the Fed Reserve was bringing us down flashed before my very eyes. It was only thirty years ago… We can still save this country, atlas! if we have the patience to watch the video
I have been reading your real estate BS since 2005. You sell desperate people hope,even telling people to invest in real estate as it continued to fall.now the guy who claims the guy with the most toys wins, no matter how you make your money is indignant to the banks that imploded system doing the same greeding thing. You got no street cred,but if you really want to learn read. The Creature from Jekyll Island by G Edward Griffin then you will understand the bankers like world debt and that they don’t want it paid back. Eternal debt income flow is their objective. Just like you teach in your books
We spend our time arguing who caused what and when and become distracted from the real issue. It has nothing to do with greedy bankers or greedy people. They are the end result of the foundation of our country and society that has crumbled and it may be too far gone to ever be recovered.
It started in the 60’s when we forgot that our country was based on Christian principals. The U.S. Supreme Court has replaced freedom of religion,” guaranteed by the Constitution, for freedom from religion. From that point on our day of destruction was upon us.
Our schools began to teach us not think for ourselves but rather learn what they (Society) deemed important. From grade school to higher education it was important to fall instep or fall by the wayside. At that point the minority was able to control those things that were talked about in the classroom. Women were forced in to the workplace and the education of our children was now left almost completely to others. The others turned out to be willing to accept anything crowd.
Who were the free thinkers of our time?
Our founding fathers were free thinkers and they created a most magnificent document in our constitution. From that document the greatest civilization that ever walked on this earth grew and today we have lost our way. Our base was the Christian principals of our forefathers and that was what sustained us though our growth as a nation.
As populations grew and the mesage was watered down our cry was roclaimed “See what we built.” while not giving our Creator any credit. Now you are seeing the destruction of “what we have built”.
I have always felt that God reveals those things in life that he wants us to see when we are ready. Our founding fathers were ready and God revealed much.
There is much more to be revealed andare we now blind. We will never see those revelations when we continue to strip Christianity from all forms in public life. It is those principals that provide a guide to how we should treat our brothers and sisters. Since no one is without sin we did make mistakes and those sins were not from our Christian principals but rather from the nature to control our brother and sisters.
Without a base of common principals all kind of greed, lying, cheating and stealing from neighbors is OK.
So before you get caught up in who is cheating who, you might reflect that we have no moral compass and anything goes.
READ THE FREAKIN’ CONSTITUTION!!!!!!!!!!!!!
POWER TO THE PEOPLE !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
not the politicians (or what they really are: Politrickians)
I know P, I AM the man!!!!!!!!! (see you in Tampa someday since your too lazy to come to NYC!).
Time for the sheep out there to wake up and change things for their benifit instead of the wealthy greedy bastards who have been stealing from us for years with the support of elected officials democrats and republicans alike. There is alot we can do as individuals united in a cause. I have a plan and will let you know about it soon. Meantime getting out of big bamnks is a great idea. support small local banks. Take back the power. Sam I Am
Wow, there sure has been some heated words and positions posted here about this topic. So.. here is another, and yes, it will upset many people out there. There is no one on this earth that is perfect. Every human being has flaws, and not just one but many. One of our many flaws is Greed. Since the earliest times people have always wanted more. (don’t get me wrong, I’m all for providing a better life for me and my family, nor do I know of anyone who does not want the same thing) We can see this over and over throughout history, but rarely have we learned from our mistakes. This has never changed and never will. America is a product of it’s own environment. The problems we face as a nation, started with it’s own people. Ok, yes, I said it. We, the American people, elected the officials into office. Republicans and Democrats have been in control of this country, and frankly both have done a piss poor job of running it. We, the American people have become comfortable with letteng someone else be in control of our lives, yet we do little to correct the situation when things go wrong. We find it easier to blame someone else for our problems. The American people should take a hard look in the mirror. Our own Greed is responsible for the mess we are in now. Amaricans live far beyond our means. Incurring debt without the means to repay it, and with almost no accountability. We need to hold ourselves accountable and hold our elected officials accountable to do what is best for America as a whole and not what is best for them as individuals. The American people can change this. We can make our elected officials accountable by changing the way the system operates. Serving the American people is an honor, and those who serve should not profit from that service. Every elected official should get only two terms in office, period. They sould only be paid what the average American middle class worker gets paid, period. After their term of service they leave with what they came into office with. There should be no lifetime retirement plans for them or their spouses, (unlike now) Government needs to be transparent to the American people, and if the officials are not working for the best interest of America as a whole, the people should remove them and get someone else. Americans are a strong people, always have been, always will. The American people need to focus on ourselves first; change the way we look at ourselves; change our mindset from a nation of consumers back to a nation of savers. In the 50′s, our contry had a strong economy, we were an industrial and agricultural nation, and our parents were saving money, But the American mindset changed, as Greed reared it’s head yet again. We, as American’s, let our industrial economy leave this country never to return. Our agricultural economy also started a downward spiral and has never recovered. Our elected officials told us that these decisions were good for America and our economy but we now know they were not. It is too late to revive the steel industry in this country; it is too late to turn around the years of unfair and unequal import/export practices with other nations of the world. We, as a nation spend to much of our own resources on band-aid type solutions, to other countries as well as our own, instead of taking care of our own problems at home first. Why are American farms being closed down when so many in America go hungry everyday? Why are there still homeless people in America, when there are millions of homes vacant and abandoned? Why are millions of American’s out of work when so much of America needs to be repaired and rebuilt? Money…and greed. Business and government are the same, just on different levels, both big and small. People run both. People are greedy, plain and simple. The rich want to become richer, no matter what, while the middle and lower class can rarely get ahead. The rich want to keep things as they are, no changes, no rocking the boat. Why? Greed. But middle America is not immune to greed also. American’s went to the banks, looking for more credit than they can repay. No bank forced anyone to take out a loan that they could not afford. While the people at the banks were making bad decisions; by taking advantage of the services they offer, they did not force average America to take the loan. We put these people in the position to make those decisions for us, and then get upset when the deal goes bad. But we should have never made the deal in the first place. When a big bank or corporation fails, it’s all over the media, when a small bank or corporation fails, it just goes out of business. It’s the people that make the bad decisions. It all starts with the people. We need to change our own mindsets, surround ourselves with people who share the same mindset, Work with people who have this mindset to change our country. The earth is a very small place; it was here long before humans were. We came into this world with nothing, and we will leave it the same way. As human beings, our job is the stewardship of the earth, in order to provide our children the same chances and opportunities. Nations fighting amongst themselves for a little plot fo dirt is pointless, as we can never really own it. Humanity as a whole, needs to work together to solve the problems in this world, as it is arrogant to think that each country of the world is alone, or does not have the same problems as each other. In every country of the world, there are men and women trying to provide for thier children. Just think of what we as humans could accomplish if every country of the world worked together to better the human race as a whole. But it would have to start with everyone taking a hard look in the mirror because, we all created the mess we are in. We all are to blame as a whole, not just one person or a select few, we all are to blame. Unless we all start to make the necessary choices and the hard decisions, nothing with ever will change!
Preston….yeah right! You do not want to bring the “system down! To what? Communism? You gona award all, yes 100% of your assets to “the state.? Wake up fools-THINK for your self-Read History.The past holds the key to the future!
First, I would like to say that I did not say you are stupid. I said “to believe that the banks and government are not in bed together is just plain stupid”. I was taught a long time ago not to attack the person, but rather the behavior. In fact when it comes to marketing, I think you are absolutely brilliant. I have been on your email list for a very long time, I have a 28 year career in marketing and advertising and even so, I have learned so much from you.
The FED was started through government legislation and that’s why we need to focus on the government and not the FED. The FED will never stop or change if not through legislation. This is what I was talking about when I said our government has been infiltrated. It is the politicians that have created these debacles.
I do realize I attacked the person when I stated “OWS folks are some of the dumbest people on the face of the earth” and I do stand behind that statement. Seeing the whole hand signal and repetition thing along with the statements they make, I simply find it difficult to draw any other conclusion.
The switching banks thing is an OWS initative so although you may not consider yourself an occupier, you are being influenced by them. Causing a run on the banks or a collapse of the system will do nothing but make us all so very much poorer. It will not end the FED or the banking industries hold on us. I don’t know if you’re aware of the Guy Fawkes history, but he was known as the ‘useful idiot’ because he was simply a means to their ends. He was being used just as OWS people are being used as a means to bring our country down. I would be very careful following any inititative that comes out of that movement. That being said, I’ve been a credit union customer for years now. But I still don’t think that’s enough. Our government will simply regulate them right out of business. We need to change out the career politicians to constitutional citizens who can begin the long journey to right so many wrongs.
I see from reading the posts that a few of the American people are starting to wake up to see the true light. Educate oneself on UTUBE about NWO, Skull & Bones, HAARP, the real truth about 911 inside govt job, wars just greedy & corrupt govts start wars for oil, raw materials, etc The govt OWNS the Banks End of America53.com It has already started Wake up Folks Do a Massive Sit IN in front of the White House, Congress House of Reps Go to Project to Restore America.org Dr. Ron Paul for President Google him please all other canditates back by Big Huge Moneyed Interests and we end up with same old crap.
Please watch “The Money Masters”, “Fiat Empire”, “The Secret of Oz”
You will understand the federal reserve like never before.
They are all on You Tube.
An animated version is “The Real Truth about Fiat Money and the Banking System”
Good Luck to everyone!
That’s not totally true. Look up the “Community Reinvestment Act” that began in the 70′s under Carter. It was to prevent redlining, which is a term for banks not lending to those who could not pay it back (obviously this is when they took out their trusty race/minority cards out). It REQUIRED banks to make loans to those who could not prove on paper they were financially qualified (debt to income ratios, etc). While Fannie and Freddie would back the conventional loans, that wasn’t the initial problem. It was the stated-income loans that were required to be made. What did Wall Street do? Bundled them and sold them because they KNEW they were crap and would eventually default. Think of it like a rehab where you didn’t replace the roof, but re-shingled a little bit of it. Eventually, it’s going to leak then collapse. Such as we did. It began with government intervention in the free market, in which the invisible hand will ALWAYS correct it. To all the “occupiers”…try occupying your asses at a job. You’re not intitled to anything so straighten up.
Preston; The issues are not quite so simple, and on that I entirely agree with Pat Precourt; The Banks are a major part of the problems they have for the past 40 years displayed little moral character, not just in the US but in most of the Western and developing world. They are alternately driven by abject greed followed by fear, and in both camps they act irrationally,. The swings in the economy up and down is in large part exaggerated by the banks making money much too easy and then much too hard, rather than using a consistent and sustainable prudent lending / investment policy.
The politicians don’t help, encouraging this behavior, the corruptness in the political system is distressing and it spans both sides of the houses. Partner the politicians up with the banks, the Fed, the SEC and you have a recipe for disaster. However, lets not forget the role that average American Joe Blogs played in this debacle, for the past 30 years the US population has been spending more than they earn, borrowing to fund their excesses, they loved the idea of the house prices rising to irrationally high levels – that gave them access to more money to spend above what they earned. Lets get back to a mind set, private citizen, local government, state and federal government of balancing the budget each year. Don’t ask me how in reality we get to that from where we are, I don’t have the answer, but lets be clear about the target. The US has lived the excesses and somewhere the price has to be paid, regrettably those who pay the most will be those in the mid to lower income groups.
Yes supporting the credit unions and smaller banks will help, but don’t forget in the past and S&L blow up. On the political system I find it incredible that the politicians do not have to live by the same rules they legislate for the rest of us, ala pensions, air travel, health benefits, my only suggestions which is a mere pipe dream without any basis of reality, is that all politicians be permitted to only serve for 2 terms. Good enough for the President, good enough for congress, – State and Federal. The people are being moved to action, we had the tea party movement which effected some changes in the balances, and will hopefully continue to drive further changes, the current street protests will no doubt get people thinking differently ( even if the protests have little coherence and are conflicted, ) . I vote in the end for the average American citizen to drive changes in the right direction, albeit a long and painful road.
Preston,
I applaud you for taking a stand! This took Courage!
May have missed it, but I saw no others in the RE community do that.
I re-posted yours on Facebook yesterday.
Lots of opinions here, I’ll share briefly,
1) Bank Transfer Day was not the idea of “Occupy” -but OWS did Support it
2) Public Action does work…those ATM fees got canceled pretty quickly
( a small, but not insignificant Victory for Consumers).
3) What is so bad about supporting a Community (your Community) Bank
or Credit Union? Why not support your Local Community over Corporate Giants?
4) Why keep your funds in a Banking System that uses that money to Lobby against you
in Washington? Why add Capital to a System that already has received a massive
Government Bailout…and hordes Taxpayer Money rather than distribute it?
The “Banks” back the Politicians so that the Politicians will back the Banks.
I think Bank Transfer Day lets the Financial Community know…We are not Sleeping!
’nuff said.
God Bless America
@ Gene and for Preston:
Preston, keep saying what you want to say in the way you want to say it (as I know you will). Feedback and disagreements are part of what helps one to learn from others, think about our beliefs and principles, and to grow.
You could avoid talking about religion, politics, philosophy and sex….but what would be left to discuss as these subjects have an effect on most of life. Besides, it wouldn’t be as much fun.
I think if you have some controversy that more people will come to your blog.
Blessings on you.
I totally agree.
I already took my money out of a BOA and opened an acount with local credit union. They give better benefits and I like to support local economy.
Kudos to all who see through this scheme: doesn’t matter democrats or republicans. Money talks and money influences them all. If we all participated in events like bank transfer day, the big (read: bad) guys will have to pay attention to our interest. Without us they wouldn’t make all their millions.
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning” — Henry Ford
The banks are made up of people, as are the nation’s political system. If people themselves were less corruptible, if we the people valued laws above men and stuck to our original course we would not be on this path to destruction.
and as a side note: I’m not stupid. I know there is more to it than just the banks. There is individual responsibility, government corruption, etc. But believe me when I tell you … it always starts with the money.
“First you get the money, then you get the power …”
– Tony Montana, Scarface
1. i am not a liberal
2. i am not an OWS supporter
3. i do not watch main stream media
listen to me carefully, for all you blaming the government … the banks OWN the government. Always have. Always will. unless you do something about it.
“Give me control of a nation’s money and I care not who makes her laws … and I control the money.”
Mayer Amschel Rothschild
With the holiday season coming, I’d like to ask everyone to please check out this movie and post it on your local news stations wall from now until Christmas and help bring Main Street back to America. Thank you all in advance and God bless! http://www.youtube.com/watch?v=Icqrx0OimSs&feature=share
Ken make up your mind YOUR STATEMENT = And I’m not just some liberal who just goes around complaining and doing nothing ???? YOUR STATEMENT= As a registered Repub for over 30 years,?????? Now as a independent this sounds like S%$#* TO me. So which is it ???? You comendend Preston for taking a position. YOUR TURN!!!!!!!!!!!
Preston:
Please do not send me any more e-mails. I am not intrested in this.
At first i thoutht it was something else.
Sorry’
Preston I thought you had it right but I was wrong! I dont care if you use a credit union or a small bank you are giving control to some one else! put your money in those life insurance contracts you sent out a couple of months ago.You can be the bank! wake up!!!!!!!!!!!!!
please remove my email from your list you internet marketers run the same scams
Deception is an art and American Business is the worlds greatest artist you cant keep big banks away from your money if you are serious throwaway your credit cards dont buy a house dont invest in a 401 k keep your money in a personnal safe dont buy a car flat screen tv dont patronize hospitals dont take medicine your all crazy youve been trained to live in a bubble that even wealth cant penetrate good luck trying to control your destiny
I AGREE WITH SOME OF THIS & I WOULD LOVE TO SEE A CHANGE, HOWEVER I STILL NEED A BANK TO CASH MY CHECK. I JUST DON’T KEEP HARDLY ANY MONEY IN IT. BACK IN THE DAY (I’M 65) BANKS WERE SORT OF REASONABLE, BUT NOW-A-DAYS, WELL YOU GET THE PICTURE.
Thank-you Preston for speaking the truth. My credit union now has business accounts and I’ll be closing my Wells Fargo accounts tomorrow.
Say what you have to say, i agree with you all the way. Those greedy bastards and those greedy politicians are the blame for all this bullshit. Any of you ever heard of the FEDERAL RESERVE and how it was created.
Anyone that says they love banks is just pathetic. They are theives, period ! Rent eh documentary “Inside Job” and open your eyes. The banks and more specifically the people that own and run them committed the largest crime in U.S. history and we all are paying for it dearly. They should be prosecuted !
Hey Preston
It sounds like you have been watching and listening to too much government run media. You know who I mean. ABC,CBS,NBC, CNN, PBS, MSNBC,and NPR to name a few. And from the sound of what you say it sounds like you had Liberal proffessors in college who pretty much brainwashed you. They are lying to you. My suggestion is to research information on your own and stop taking other people’s word for things. If you are going to be protesting someone then you need to protest this sorry excuse for a government. They were the ones who forced the banks to lower their requirements to get a mortgage or face racism charges by organizations like Acorn. They were forced to make loans to people who had bad credit and couldn’t afford the loans in the first place. When the banks complained that they couldn’t continue making the loans. Bill Clinton in 1999 signed into law a provision to allow Fannie Mae and Freddy Mac to secure bad loans. John Mccain and President George W Bush told the Congress in 2006 and 2007 that we were headed for disaster. Each time Maxine Waters and Barney Frank refused to do anything about Fanny and Freddie. When the mortgage bubble burst in 2008. The tarp payment of 700 billion tax payer dollars was passed to buy up the toxic mortgages or so they told the taxpayers. After it was made law Obumer never used the money to buy up toxic mortgages but instead he did several payoffs to his buddies and to this day that money is unaccounted for. Just like Obumers shovel ready projects and $787 Billion which was supposed to start jobs. We are seeing today how that money is being wasted with solyndra,etc. Most of it has gone for pay offs to union thugs and other criminals he’s associated with.
Rudy, I’m sorry you sound like Dave Ramsey and you respectfully don’t know what you are talking about. Study economics, learn how the FED works then come back and comment about your new findings. Yes, debt is not good, we should live below our means but the FED has a monopoly on money, a ponzi scheme that makes Bernie Maddof seem like Mother Teresa and they’re playing a game of musical chairs that someone has to lose to because it’s a mathematical impossibility no matter how financially intelligent we were as a society for everyone to survive. The system is corrupt, by, for and of the bankers and yes, it will be our own fault if we continue to let it live. . . So get knowledge, get courage and stand up to the banks all you republicans, democrats, socialists, communists, libertarians, statists and anarchists!!!
I have to reply!
You are absolutely right. It is the result of unethical business, encouraging people to live in a a mindless dreamland, having invented dream credit dream bundled notes (derivatives, thank you Mr. Clinton for signing off on that one!!) and dream money. But don’t forget they had the help of all kinds of politicians of all colors and both parties. But tow of them in particular come to mind, one gone and one still there: Chris Dodd, and Barney Frank: Ought to be in jail too. Where does the politicians insatiable appetite for money and status come from?
You have got it right!
The big banks are stock holders in the Federal Reserve but the credit unions are still part of the same system- they also create money out of thin air. Its this system that allows them to trade our promissory notes for currency that must change . . . or nothing will change.
This is OWS stuff and those folks are some of the dumbest people on earth. Just like the OWS folks you are so quick to blame the banks when you really should be pointing fingers at the government. The whole real estate debacle did NOT start with the banks (although they’ve played a major role) and it is not because Bush was the first to offer them bailouts. Do your homework and stop listening to the liberal/progressive media who also plays a major role in all this.
The entire real estate debacle started with the Clinton Administration when they voted to de-regulate the banks. Look it up…do the research. The minute they deregulated the lenders, it was almost immediately predicted that this house of cards would collapse. When you lend people money who have nothing vested themselves, there’s no accountability. The damn blame game is getting sooooo old. Millions of people took out home loans they knew they couldn’t afford and others bought homes way over their means. It’s the whole McMansion thing…keeping up with the Jones’. Our parents saved their money until they could afford a reasonable down payment and they cared about their homes because they had their own money vested in it. When you give it away people simply don’t give a damn and they’ll just up and walk away. To think that the banks and the government are not in bed together is just plain stupid. We’re all being played and used and it IS the liberals/progressives that are intentionally working together to bring the whole system down.
Go research countries like Argentina and Venezula…we are following their same track. It has been said since this country was founded “if America is ever brought to it’s knees, it will done from the inside, not through war.” Our government has been infiltrated by Socialist, Marxist and Communist and they’re so close to accomplishing their goal…collapse the system and then you gain control. Create an entitlement mentality and you’ve won them over. Take responsibility for your own actions and then change whats wrong through who you put in office. As long as we keep electing people who believe in dictatorship, we’re going to keep on getting what we’ve got right now.
I just read Michael Lewis’ THE BIG SHORT (which you suggested, Preston), and you are ABSOLUTELY RIGHT! I’ll be withdrawing my money from my banksters tomorrow. They created the problem with their insatiable GREED and CORRUPTION and if Rudy P and Gene don’t agree, they haven’t read Michael Lewis’ books. I work almost exclusively in short sales, and if you knew HALF of what I know about how the banks have blamed the CUSOMTERS for THE BANKS’ fraud and lack of ANY moral or ethical constraints, it would make you sick to your stomach. We HAVE TO REIN IN THE GREED AND GET THE S.E.C. to DO THEIR JOB and prohibit this kind of fiscal irresponsibility from EVER threatening our country and the world at large EVER, EVER AGAIN.
You Go Preston, Fuckem all! the one with the Most toys IN THE END Winssssss!
Lets Make sums Money!!!!
keep the emails cuming~
Hit Meeeee!
ME?…I LOVE THE BANKS. All this BS about recession/depression. It doesn’t matter where the hell you’re from. Quit blaming the damn BANKS!!! If you are feeling this so called “Reccession/Depression”, then sorry to say, but it’s your own damn fault. I have had to start over recently with a family of 5. Learn how to BUDGET and GET THE HELL OUT OF DEBT! That means YOU DON”T OWE NOBODY NOTHING…except for living expenses and housing. LEARN TO SAVE or as we say down here in Texas – make them stacks. And by that I mean keep your cash and set up an AIP (automatic investment program). It does take time to become wealthy despite what you may have heard. If you don’t owe the banks then it’s your cash and when you need to deposit money they do come in handy. And they do come in handy when you need to cash checks every week. Big or small. I just cashed a check at the bank today actually, and thanks to the BANKs, I have a nice stack of cash in my top drawer. So me?…I LOVE THE BANKS!!!
@Gene below: As far as “No matter how many books you have read or money you have made or how many pages of google you have means nothing and makes you look bad by having to say that about yourself ” you are half right. Actually the reading of books, not blogs, makes a big difference, as long as you get a good balance from opposing sides. As a registered Repub for over 30 years, I totally agree with the idea of the bank swap day – or week – if not totally with Preston’s caricature of why to do it. But I give him a thumbs up for sticking his neck out and presenting his opinion, not playing it cool and safe. Remember, not every conservative republican is a dyed in the wool Capitalist. Beyond that I will say the next thing that needs to be done is to do away with our entire tax code. It’s simply cruel and unusual punishment for brilliant and hard working people. Thanks.
Congrats Preston, I was about to suggest the same thing to you!!! Make every one and business you deal with accountable for how they treat us, our money, and the environment. And I’m not just some liberal who just goes around complaining and doing nothing. That never really works. Kudos to the independent Banks and thinkers!!!
The whole concept sounds awsum to me.! I have got only a few dollars in the bank but I’m goint to pull it out in thwe morning and close the account. I should have done that a lot time ago.
I’m tired of supporting all the crooks that make tons of money on our backs anyway and the little I have will help just like the straw that broke the camels back,. ” The Last Straw ” is the one that did it.
Good Luck to all that will take a stand no matter how small or large the accounts are, every dollar will help bring down the Circus Tent, in a hurry. Hoorah!
I’m ALL the way in for Credit Unions… been with one for years now. They are soooo much more reasonable and humane. An elderly family member on a fixed income recently put through a check she was suppose to hold. She, WITHOUT a history of overdrafts, was charged $28 a day (totaling $252.00) until her social security check was deposited. A credit union would have never charged her account in this way…
I already did that. My credit union is FDIC insured for the same amount as the big banks. They pay me rewards for selecting credit when I purchase something with my debit card. My checking is free and they pay dividends on the checking account. NO FEES!
after reading most of the comments above…. i have concluded that most of you need to learn to spell… aside from that, i am totally on board with the boycott of the ‘BIG BANKS’. as low as the interest rate is that is being paid on any balance, it would less costly to keep my mattress stuffed with my money…. no ATM required. LOL
Preston, Thanks to my mother, I’ve been a member of the IBM Credit Union for decades. When I left for college, I became a member of another credit union. Looks like I was way ahead of my time. Thank you mom.
Hank, regarding the Glass-Steagall Act, the Gramm–Leach–Bliley Act or Financial Services Modernization Act was responsible for repealing the provisions that prohibit a bank holding company from owning other financial companies. Yes, Bill Clinton signed the bill, but it was written by three Republicans. Isn’t it great when we all can get along and work together? We go from not allowing any “conflict of interest” or “speculation” between Investment banks and commercial banks, to allowing this provision. With GLB Act, banks can grow by merging with each other (Too Big to Fail) and can now be more speculative. When you’re too speculative in the wrong areas (mortgage loan debacle), you’re going to fail. Ya gotta love greed cuz what goes around comes around or as a very wise man once said, “You reap what you sow.”
I guess you did not think there would be this many that disagree with what you had to say. If you are as smart as you think you are you would not have place your little blog. You showed yourself as a left winger ( nothing wrong with that ) but it blows up and get people pissed. You should know the rules,No religion, No politics, Your blogs go straight to poltics, wether you intended it to or not. That statement just cut out all of your right wingers. (There gone forever )Did you not see this coming! No matter how many books you have read or money you have made or how many pages of google you have means nothing and makes you look bad by having to say that about yourself ( kinda like a spoiled kid ) as far as the article goes you are half right . Good luck on getting half of your readers back.
I read your posts. But you are just don Quotay swinging at windmills. Is not Obama a pupet presedent. He was chosen to run by the ellets that own the banks he was chosen to run by the new world order NWO . Please do a utube search. If we bicker between ourselves at to the presedent is at fault, no its Bush, no its the congress, no its the liberals (they are rather dumb), We miss the true advasary. We can not begin to strike a blow at the true advasary because we only see the NWO pupets. Dave
There is a lot of complicity in this economic mess. People have different spins on who is really responsible. I don’t know what came first, the chicken or the egg, but there is no doubt that once the destructive cycle started lots of weak and greedy people joined the gang to make themselves more wealthy.
I received an email about “Heidi” the other day and responded to my friend with the email directly below. The “Heidi” email is below that … Check it out.
________________________________________________________________
I’ve read this Heidi scenario (shown below) before, but it has a major comparison fallacy. As a comparison to what actually happened to our real estate and mortgage market this scenario infers that the American business person (in this case, Heidi) created this faulty process at the “business street” level using her own ingenuity. This was not the case with the mortgage and real estate bubble that has ruined our American economy.
Anyone who has been in the mortgage business for at least ten years knows that the blowup of our real estate and mortgage market came about through the laws passed and enforced by our Congress (and specifically Barney Frank and Chris Dodd). In their “socialist” quest to ruin America by overloading our financial and existing social systems these geniuses spearheaded the belief that “every America should own a house, even if they are not qualified to do so”. They could not force private businesses to take unreasonable credit risks with people who clearly were not capable of consistently making a monthly mortgage payment, so they created a very “liberal” secondary market where the government would guarantee ALL high risk mortgages. Fannie Mae and Freddie Mac had their “acceptable guidelines for risk” virtually eliminated. Mortgage lenders could now make mortgages to anyone based on “stated income” (meaning no proof of earnings) and far lower credit scores, but if they failed to make such loans they could be prosecuted for lending discrimination. Millions of unqualified borrowers flocked into the real estate purchasing market because now mortgage money was available to them like never before in history. Supply and demand drove prices of homes through the atmosphere at a rapid pace. As long as more and more mortgage money was available at incredibly ridiculous terms buyers didn’t care what the price of homes were climbing to. Buying frenzies became infectious.
Of course the experienced lenders knew this was a “death song”. If they had to make and “hold” these high risk mortgages themselves, they simply would not have made them because they knew that defaults were just a matter of time. But Congress (specifically Mr. Frank and Mr. Dodd) created the government guarantees and the secondary market to purchase those high risk mortgages from the lenders and made them so lucrative that a lender could make lots of money just by creating mortgages and then quickly selling them in various packaged investments (derivatives). After all, the underlying mortgages were considered “A+” risk paper based on the American Government guarantees.
Wherever there is large and fast money to be made the creative investor mind will enter and figure out ways to make more money off of it. When it became apparent that our Federal financial system was being vastly overloaded by these high risk mortgage guarantees, the Bush Administration tried to put a stop to the ridiculous guarantees and the underwriting of these mortgages by Fannie Mae and Freddie Mac, but Barney Frank stone-walled all efforts by vehemently claiming that these two agencies were in great shape and no action was needed. As it turned out Barney Frank’s gay boyfriend was in charge of these two agencies and was making millions of dollars supporting the processes that were going on.
It didn’t take long for those high risk mortgages to start defaulting. It was all very predictable. Millions of people in America were chasing real estate profits with (seemingly) never-ending rising real estate values. Then suddenly the mortgage money availability ended because mortgage defaults started showing up in great numbers, and the government guarantees instantly disappeared under the crushing number of claims against the existing guarantees. In turn all secondary investment packages (derivatives) that were created by smart investors also instantly collapsed. Financial institutions across the globe who used these derivatives as a large part of their investment portfolio suddenly had “garbage” instead of the “A+” investments they thought they had.
Without instant mortgage money available for people to re-sell the homes they purchased at hugely inflated prices, people defaulted on their loans and the real estate market started a collapsed we are living through at present. Home values began shrinking at a rapid rate and millions of people suddenly found themselves holding real estate that was now worth FAR LESS than the mortgage balances they owed. Since real estate is only worth “what someone else is willing to pay for it” at any given point in time, and prices are driven by the number of mortgage “qualified buyers” in the market place, we are living through a shrinking real estate market that has not yet reached bottom.
If you are looking at someone to blame for all of this, never forget that it all started with our own Congress, and specifically (slobbering) Barney Frank and Chris Dodd. Now we have to figure out how to fix the system they so thoroughly broke.
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Sent: Tuesday, November 01, 2011 12:54 AM
Subject: Fw: The Story of Heidi’s Bar – Our economy explained
Heidi is the proprietor of a bar in Detroit.
She realizes that virtually all of her customers are unemployed alcoholics and, as such, can no longer afford to patronize her bar.
To solve this problem, she comes up with a new marketing plan that allows her customers to drink now, but pay later.
Heidi keeps track of the drinks consumed on a ledger (thereby granting the customers’ loans).
Word gets around about Heidi’s “drink now, pay later” marketing strategy and, as a result, increasing numbers of customers flood into Heidi’s bar. Soon she has the largest sales volume for any bar in Detroit .
By providing her customers freedom from immediate payment demands, Heidi gets no resistance when, at regular intervals, she substantially increases her prices for wine and beer, the most consumed beverages.
Consequently, Heidi’s gross sales volume increases massively.
A young and dynamic vice-president at the local bank recognizes that these customer debts constitute valuable future assets and increases Heidi’s borrowing limit.
He sees no reason for any undue concern, since he has the debts of the unemployed alcoholics as collateral!!!
At the bank’s corporate headquarters, expert traders figure a way to make huge commissions, and transform these customer loans into DRINK BONDS.
These “securities” then are bundled and traded on international securities markets.
Naive investors don’t really understand that the securities being sold to them as “AAA Secured Bonds” really are debts of unemployed alcoholics. Nevertheless, the bond prices continuously climb!!!, and the securities soon become the hottest-selling items for some of the nation’s leading brokerage houses.
One day, even though the bond prices still are climbing, a risk manager at the original local bank decides that the time has come to demand payment on the debts incurred by the drinkers at Heidi’s bar. He so informs Heidi.
Heidi then demands payment from her alcoholic patrons, but being unemployed alcoholics they cannot pay back their drinking debts.
Since Heidi cannot fulfill her loan obligations she is forced into bankruptcy. The bar closes and Heidi’s 11 employees lose their jobs.
Overnight, DRINK BOND prices drop by 90%.
The collapsed bond asset value destroys the bank’s liquidity and prevents it from issuing new loans, thus freezing credit and economic activity in the community.
The suppliers of Heidi’s bar had granted her generous payment extensions and had invested their firms’ pension funds in the BOND securities.
They find they are now faced with having to write off her bad debt and with losing over 90% of the presumed value of the bonds.
Her wine supplier also claims bankruptcy, closing the doors on a family business that had endured for three generations, her beer supplier is taken over by a competitor, who immediately closes the local plant and lays off 150 workers.
Fortunately though, the bank, the brokerage houses and their respective executives are saved and bailed out by a multibillion dollar no-strings attached cash infusion from the government.
The funds required for this bailout are obtained by new taxes levied on employed, middle-class, nondrinkers who have never been in Heidi’s bar.
Now do you understand?
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(raising both hands) yes I have read over 2,000 books.
Just because you have $10,000,000 and are famous to a certain degree does not make you wise or an expert on every subject.
Perhaps you should go back and read Ecclesiastes and Proverbs again.
You are right Preston, but lets not blame the banks alone. Some of our leaders I am sure knew what was coming but hid everthing from the American people. Factories closed and jobs outsourced overseas, ect. We cannot wait for 2012 election, something needs to be done now. American people want jobs. One side has at least something to put on the table, while the other side just talking about it with no clear plans. We are left to fend for ourselves!!. It seems some of our leaders have forgotten the reason they were elected for their positions, I wish they could be stopped from wasting time and money by going to their offices everyday. I pray that God touches their hearts and think of those suffering due to the economy and take action. Amen.
A lot of interesting information but so far I do not see anyone mentioning the powers that consumers have. Anyone who borrows money using their so-called home equity to purchase consumer goods like an automobile that turns to rust in a few years and they still owe for the purchase on their second mortgage is in-part responsible. When I was growing up in a mixed nationality neighborhood, everyone paid off their home mortgages as soon as possible so in case the factories where they worked cut back on thier hours, they would still have a place to live. When anyone did have a charge account, they paid iit off in FULL when the biill arrived.. That way they could sleep at night. They used to say look for the Union label. Now almost all consumers just look for the cheapest price and that usually means Made in China. Then they wonder what happened to the jobs? EVERYONE is responsible, not just the big banks. MOST consumers, when asked, think that the Federal Reserve Bank is owned by the government. Try and ask a few and see for yourself. The public needs to get educated and quit blaming others for so many things that they could minimize for their own funds. Stop spending more than YOU make first. Stop boirrowing for consumable products. Pay CASH whenever you can., or at least pay bills in full when they arrive. This is siomething YIOU can CONTROL.
All these fools who tries to blame OBAMA. this started under the previous administration, remember the first stimulus or bailout was done in 2008 under PRESIDENT G W BUSH. Not that I am blaming him for every thing. but all this started when the congress who is responsible for running the country in the best interest of the people, are been bought out by big corporations, until the people woke up and see whats going on, we will be in this for a long time. THANKS
Preston,
Quote for you from Thomas Jefferson “I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that grow up around (the banks) will deprive the people of all property until their children wake up homeless and penniless on the continent their fathers conquered.”
A few questions for you to consider,
Who are the private banks who own the Federal Reserve?
In what year did the Federal Reserve begin to issue currency?
What year was the income tax illegally foisted upon the American people?
Do you really “own” your real estate when the property is taxed (hint..stop forking over the currency for 3 years and see if there are armed agents of force who show up ay your door)?
What is real wealth? Is it the number federal reserve notes you have in your possession?
Hi preston: you are 100 % right this corrupt wall street, the big banks, politicians all crucks don’st care about the people ( taxpayerS ) in this country, they only care about themselfs, i give one example, looks whats hapen right now in wall street the securities firm MF GLOVAL went on bankruptcy over $600 millions desapear from customers accounts because this firm used the clients money for they owns investments see who is the CEO OF MF GLOVAL? the former governor of New Jersey the liberal democrat Jon Corzine and now the head of the gov regulatory agency CFTC is Gary Gensler both are real good friend former coworkers and partners, it is not this call conflict of interes???? thats why i say you are absolubly only GOD knows where we goin to end.
Preston, thanks for all the great info. I have to agree with you. I believe GETMIKE just provided some good information for investors. Thank you all.
You are an utter fool or a troll.
The banks aren’t responsible for foreclosures; they hae the legal right to foreclose if a mortgage isn’t paid.
HOW have they stolen trillions? That kind of vague comment is useless.
They’re responsible for the 25% unemployment? You’re nuts….let’s blame some government policies first…high taxes, anti-business legislations etcetera.
They corrupted the political system….no, that’s stupid also…many politicians can figure out how to be corrupt with no help from anyone.
Responsible for 90% of the suffering…again, you’re just throwing out crap without thinking.
Moving funds to a credit union helps only so far.
What if you need to buy foreign currency, need a business loan, and many other services that credit unions simply DO NOT offer. Nothing against CU’s, but if you have even a small business, you need a bank ! If you travel abroad and want to be able to utilitze international banking ability, a CU doesn’t cut it.
Think you’re just stirring the pot, or haven’t really given this any thought.
As to banks offering to lend to the less qualified, it was political pressure that made banks lend to folks with lesser qualifications, so that everyone could embrace the ‘American Dream’ of home ownership.
Despite your attempt to absolutely conclude that “The BIG BANKS” are the ONLY reason we have the financial fiasco we are in now – YOU ARE WRONG!
GO back to Robert Rubin, Treasury Sec under Bill Clinton – He was instramental in having the CLASS SEIGAL ACT recinded, despite approx 60 years +/- of having the ACT prevent Banks and Security Firms be one and the same entity.
Enter Bernie Franks and Christopher Dodds who were responsible for creating Legislation that ensured that ANYONE wheither qualified or not should own a home – “Its the American Dream”
and forcing BANKS to make loans to anyone. Oh – did I mention they also created Fanny/Freddie
a Government entity to ensure that the full credit of the US Government would guarantee the mortgages which had to be given to anyone!!! [subject to some rediculous definations of who qualified]
Check this out – I’m sure you’ll better understand why the fiasco if you do!!!
BTW how does $16 trillion the banks got translate into liberals letting poor people buy houses propaganda? As a semi liberal Clinton once said it’s the economy stupid!
Damn right son!! I’m making my escape from TD Bank – AKA Total DOUCHEBAGS!
They think they can charge me $2 for every non TD atm withdrawel and $15 a month for not meeting minimum daily balance requirements? They can kiss my ass!!
PS – We have a friend named Shalimar in common. She’s dating a great friend of mine. She’s good people.
Good to see you on board.
Credit unions prob the best way to go.
Those of you making it about government need to wake up. Palin and Paul would give everything to the big banks and corps with DEREGULATION. Don’t get sucker punched like the tea party did.
We need to get rid of paid off GOP and get government and the economy working for us!
Right on Preston. But you are only begining to conect the dots. The banks are owned by the ellete. They are the new world order NWO. They wont 1 world government so they can have all power and all $. In their ideal world they will impose a scientific dictatorship and we will be their slaves and live in poverty while they have all the power.
Hello Preston;
I agree with this article 50% and the other 50% is explained and solved in my program.
I think you will find they combine to create an explosion of encouragement and a sure fire way to solve the problem. Look it over; then let’s talk ok?
have an exciting weekend; Deborah
Hey, Preston,
It’s a good idea to have a RUN on the Big banks. Make them see the errors of their dealings..
Maybe then things will change for the good. The Banksters.
C.T.
Preston,
You should be ashamed! Some people are liars and some just got no sense [paraphrasing Jim Croce] but someone with your obvious intelligence has no excuse for ignorantly following the pied pipers of myth and class warfare. Your facts and assertions are patently false regarding the role of the banks in the economic collapse. I challenge you to educate yourself by reading “Reckless Endangerment” by New York Times star reporter Gretchen Morgenson and if that at all enlightens you to recant the above assertions and place the blame where it belongs instead of being a lemming blindly following those who are really responsible but want to place the blame elsewhere.
Your truly,
Joseph R. Burr Jr.
After sixty years of the “Glass Steagel act” controlling the operation of Banks in America, Bill Clinton
with the help of Robert Rubin and Larry Sanders (who now are helping guide Obama) along with the help of Phil Graham convienced Congress to do away with the act in 1999 and that killed the housing market in just four years, and George Bush got blamed for it. Check it out, and read the Glass Stegal act. its on the internet.
I’ve been advocating this since 2000, because when Chicken George’s CIA daddy stole the election so his first act could be to seal the record of high treason, I saw it all coming. The phony wars, the tax handouts to billionaires, the “my way or the highway” incompetent appointees, the treatment of the Constituton as “just a go##amn piece of (toilet) paper” — for pity’s sake, his family on both sides made its billions by selling American supplies and weapons to HITLER.
The bushiosi not only admitted to their fascist grab for unlimited power, that their “dynasty” intended to be the next twenty presidents, they BOASTED about it. During his reinstallation ceremony, Chicken George referred to everyone down to unborn grandchildren by the number of the presidency they were going to assume.
Who do you THINK financed such unmitigated criminal gall? Remember, this bunch of incompetents couldn’t find oil in Texas, and had to be bailed out — in return for “future favors.”
Pull out EVEYTHING you possibly can. Hide it under the mattresss (or someplace safer, because the cops WILL come looking). Pay off any legtimate debts, and tell the rest of the “attempt to collect a debt” telemarketers to stuff it. Buy NOTHING on credit. Buy NOTHING new, except food, and buy that locally, CASH ONLY, not from big-box stores. Buy NO “brand names,” NOTHING advrtised.
Cut your energy usage at least in half. Turn off things. Reset your home temperature two or threes closer to the outside temperature, that you’re dressed for anyway. It’s healthier that way, too. Ride a bike, or walk. Never, ever, ever eat fastfood.
Sure, it will hurt the economy — the BIG economy, THE BANKS and SPECULATORS, in the SHORT term. For the locals, the thrift shops, the gardeners, the small businesses, it will be an immediate and enormous boost.
If congress won’t raise taxes on the billionaires, WE WILL SIMPLY TAKE THEIR MONEY AWAY FROM THEM.
I’ve been advocating this since 2000, because when Chicken George’s CIA daddy stole the election so his first act could be to seal the record of high treason, I saw it all coming. The phony wars, the tax handouts to billionaires, the “my way or the highway” incompetent appointees, the treatment of the Constituton as “just a goddamn piece of (toilet) paper” — for pity’s sake, his family on both sides made its billions by selling American supplies and weapons to HITLER.
The bushiosi not only admitted to their fascist grab for unlimited power, that their “dynasty” intended to be the next twenty presidents, they BOASTED about it. During his reinstallation ceremony, Chicken George referred to everyone down to unborn grandchildren by the number of the presidency they were going to assume.
Who do you THINK financed such unmitigated criminal gall? Remember, this bunch of incompetents couldn’t find oil in Texas, and had to be bailed out — in reurn for “future favors.”
Pull out EVEYTHING you possibly can. Hide it under the mattresss (or someplace safer, because the cops WILL come looking). Pay off any legtimate debts, and tell the rest of the “attempt to collect a debt” telemarketers to stuff it. Buy NOTHING on credit. Buy NOTHING new, except food, and buy that locally, CASH ONLY, not from big-box stores. Buy NO “brand names,” NOTHING advrtised.
Cut your energy usage at least in half. Turn off things. Reset your home temperature two or threes closer to the outside temperature, that you’re dressed for anyway. It’s healthier that way, too. Ride a bike, or walk. Never, ever, ever eat fastfood.
Sure, it will hurt the economy — the BIG economy, THE BANKS and SPECULATORS, in the SHORT term. For the locals, the thrift shops, the gardeners, the small businesses, it will be an immediate and enormous boost.
If congress won’t raise taxes on the billionaires, WE WILL SIMPLY TAKE THEIR MONEY AWAY FROM THEM.
I say the Congress the buck stops there.
If you are reaching many people, I suggest that you at least tell the truth about who really caused the real estate melt-down.
Congratulations to you Preston!
After 25 years of B of A BS, I moved my banking to a local bank several years ago.
Thanks to all of the current customers of B of A revolting against Debit Card fees, they decided to drop them. However my friends, BEWARE they are already doing sneaky things. I just witnessed one yesterday at a B of A when my friend tried to get a cash advance on her social security debit card.
They told her their cash advance phone line was cut and it would take 3 weeks to repair!!!!
Have you ever heard of anything so ridiculous!
Preston, I agree with you 100% about who’s responsible. We definitely need reform. BUT, if everyone transfers their money to a local community bank, all we’re doing is shifing the problem to another bank and not really solving the problem. Yes, it will hurt the Big Banks temporarily, but it won’t solve the problem. The reform has to come from the powers that be who set policy and that I’m afraid will never happen because there’s too much at stake for the slimy politicians.
BHO thought his OWS would allow him to continue his fascism. Well not if we take our money out of the facsist banks. And vote in Ron Paul. Or SPalin.
I have been banking with small banks for years. The one I trade with now, I really like. The tellers are good, well trained, and make you feel like you really want to stay with their bank. It is almost like owning a part of the bank.
I agree, move your money to a small local bank. And if you really want to have a good bank to move to; although the distance between my bank and where you live is quite a bit; I would recommend “Fidelity Bank” and “Fidelity Bank of Oklahoma”. The people who work for Fidelity are a real good bunch of people to do business with.
Peace & Blessings Preston,
Check out the videos on youtube called the Khazarian Supremacy there are 13parts. Speaks to hwo the banks have done what they’ve done and how long they’ve been getting away with doing it.
The banks took total and complete advantage of the circumstances to cause the problems that you list, like the foreclosures and debts from bailouts. But how did the banks get the control to cause the problems? What is the root cause of the the banks control and circumstances that contributed to the recession? First and main cause of the real estate boom and bust was the legislation that forced sub-prime lending, the Community Redevelopment Act, then the politicians who clamored for implementation of the act and then protected the banks and GSE’s (Fannie Mae/Freddie Mac). The Act was not around in the years before 1977 so bankers could not make sub-prime, low or no doc loans; there were stricter controls from the 1930s until this change and others. The Federal Reserve played a part with easy money up until the bust. Everyone was speculating in those years, fly by night lenders, especially 2004-2007. The bankers and Wall St. made the situation worse with derivatives, CDO’s and CDS’s. Among the other changes that I mentioned above, legislators got rid of Glass-Steagall, which allowed bankers to trade more, increasing leverage that put them in worse shape. I’m not defending banks, far from it, because they deserve a lot of blame, but I think that further analysis shows that they only did what they were allowed to do in the system that was created.
I small account at a Big Bank, but I have moved my money to a local bank and credit union. The Dodd-Frank Act screwed everybody, except the “Too Big to Fail Banks”! It goes to show you who is bank rolling things…..
I think this is a pretty good idea…I’ve thought about doing it for just my personal account, if for no other reason than the fees that they keep charging, or trying to charge, in order to keep all their huge bonuses while giving property owners the run around and forcing properties into foreclosure.
Hello Preston
Funny you said that I had just told my family To start taking some money and put it in a tin can or a jar and hide it somewhere. For only God knows what the banks are up to these days. For they are up And they are down you have to pay this oh no not right now very confusing and that definitely is not good. We are in a time in life where we depend on the banks.Our debit card visa,mastercard and unfortunately our homes and our cars most peoples payroll checks are automatically deposited into there account. I guess what I’m trying to say is They can’t stand without us. Well can we stand without them
I couldn’t agree more — I already have my money in a small “community” bank which gives me great, friendly personal service. The big faceless banks SHOULDN’T be too big to fail. I say, let market forces work as they should, and if a mega-bank happens to fail, then SO BE IT! Let ‘em figure out how to do REAL business, rather than expect a Socialist handout every time they screw up.
One other sweet thing about Digital Federal Credit Union I forgot to mention. Their accounts are free of monthly fees.
So what, most credit unions don’t charge fees, right?
Well, get THIS! DCU offers CORPORATE ACCOUNTS. As in, submit your LLC or Corporation papers along with the Federal Employer ID Number (EIN) and they will open a business checking account in the name of your entity and STILL charge no fees.
So if you’ve been lingering @ Wells Fargo or Bank of America or some other bank because you need a business account, now you have no excuse.
The only catch is that all of the officers listed on the annual list must be eligible to have a personal account with them. (But it’s a minimum whopping $5 – that’s FIVE DOLLARS – to open a share account and meet that requirement.)
There are several really good credit unions that do business accounts, but most of them require it to be a sole proprietorship (a DBA/Fictitious Name Statement), not an LLC or corporation or other entity.
DCU stands head and shoulders above the rest on this one.
Preston, I think your right about the banks ! But look at the crap our government ( uncle sugar ) did to America. When they started there stupid Free Tread bullshit years ago, that’s when the US started going down the tubes. Big Greedy corporations started having there products made in other countries which intern lost American jobs. Because they wanted big profits and gave us junk in the process.
The other countries are cutting the fat hog better than us now. Most every thing we buy is made in an other country and it all sucks !! I wont buy anything made in tiwan , china or mexico or some other stupid country. I’ll do with out !! I think it’s TOO LATE to get our AMERICA back. I can’t even afford any of your money making products. I have to watch every penny. I’m POOR.
Things are just going to get worse. The middle class is a done deal. There’s only going to be the RICH and the real poor.
Abe
It’s interesting that you mention November 5th as bank transfer day. To quote Simon Black over @ SovereignMan.com, “To this day, the 5th of November is still commemorated, officially as a celebration of the government’s triumph over its domestic enemies.”
He is, of course, talking about Guy Fawkes and the Gunpowder Plot. But in reading his storyline about what actually happened, I have now come to realize that it’s also where the creators of the movie “Eagle Eye” got their story line. They just changed the “gunpowder” to “crystalline explosive” and sent it innocuously inside the building transported by an innocent . . .
(For anyone who hasn’t seen that movie, you really need to see it. As I watched it I couldn’t help but think, “Too bad it’s not Ron and Rand Paul stuck on lock down!” You have to see the movie to get what I mean.)
As for the “bank transfer” thingy, I’m way ahead of you, Preston. I’ve been enjoying my federal credit union account @ Digital Federal in Massachusetts since the early 1990s! And my first credit union account was opened over 25 years ago when I was in the military. Ironically at the time I opened my Digital Federal Credit Union account I was employed in California, and my California employer is who qualified me to become a member of a credit union in Massachusetts! Sent the paperwork off immediately, got my account stuff back in the mail really quick.
But the reason I mention Digital Federal Credit Union (www.dcu.org) is because they even have a program to help out those who are in ChexSystems. Although the account is different from a normal checking account at their institution, they will open an account for those who have been blacklisted @ ChexSystems for passing bad checks, provided they have cleared things up. This is something a lot of banks and other institutions won’t do, and ChexSystems keeps you listed for five years EVEN IF YOU HAVE MADE GOOD ON ALL BAD CHECKS AND THE FEES RELATED TO THEM.
By the way, as another interesting aside, if you are looking for credit lines, according to CreditBoards.com’s forums, one of the best places for obtaining large credit card limits and credit lines happens to be the Pentagon Federal Credit Union, over @ PenFed.org. I figure this info might help out some of our fellow real estate investors now that the credit crunch is in.
Anyone can join if they are willing to join an ancillary organization that supports the military by paying a one-time annual member fee. It’s one-time because you only have to sign on for one year to become eligible to join PenFed; you are not required to re-up the following year. If you want to continue to support the military and their families, then you can renew the membership next year but that doesn’t have any effect on your credit union membership one way or the other.
Bank transfer day. Hmmm. I think we should make it bank withdrawal day personally. We should all just take out what’s not required to pay our day-to-day living expenses and find the nearest gold and silver coin shop and . . .
But I digress. Either way it’s a good idea. Just . . . the banks (even the credit unions) don’t pay enough interest, anyway, especially when you consider that the Central Bank of Paraguay is paying something like 6%, and Ecuador’s central bank pays around 9%. And since Ecuador’s official currency is the US Dollar, there’s not even a currency conversion to worry about.
Im 24,married, two kids, frustrated. I been trying everything to get out of the situation I’m curtently in. Been working for the last 10 months on a sales job just on commision. I’m so freakind depressed and frustated since I would like to provide my wife and kids a better life but life sucks right now for me. If someone woulf like to help me or can help me I would really appreciate. I’m almost broke to the poit that I’m gonna lose my car since I got a title loan just to pag my rent. Plesase help. My email is rccgroup.rc@gmail.com thank u
Ely, you jerk…. you are as mindless as all the occupiers. You have been sucked into the government propaganda that deflects all blame to the banks when the real culprits are all in DC. Note: I am NOT defending the banks; But it was congress that enabled and even goaded them into it.
Please point your anger at the right target.
Yep, that’s why I stick to the credit unions for almost everything.
tHIS SHOUL HAVE BBED DONE FIFTY YEARS AGO HEN THEN FIRST GOT THE BIG HEAD.CREDIT UNIONS ARE GOOD.MY OLDEST SISTER WOULDN;T PUT MONEY IN A BANK SHE HAD A SAFE BUILT IN HER HOME. GOOD LUCK MARION
RIGHT ON.
IT IS GRATIFYING THAT I WAS SAYING THE SAME AS YOU SAY(START OF A REVOLUTION)
I AM SURE THAT PEOPLE ARE FEDUP WITH BANKS AND WASHINGTON D C,,,,
IT IS A CONSPIROCY TO DESTROY THE MIDDLE CLASS
GOD BLESS
Well if you want to cause another depression then go ahead.
I agree that the banks are a big problem but cutting off your nose to spite your face is a little bit stupid.
If the banks fail then we all fail. I prefer a gradual move from big banks to small community banks and credit unions.
A run on the banks is the opposite of what we need.
As usual, great stuff Preston. Being from the Detroit area, if someone walks up to you and attempts to punch you in the face for any reason especially taking my $exy ca$hola, they can expect to get their eye sockets caved in by my fists lol. Btw, I’m on board with the local banks
You are right to a point but that is not the underlying issue that got us to this point. The banks profitted from it but they are not the cause.of the problem. The problem lies in the Congress of the United States. They are the ones that enacted the laws that gave lower income people the opportunity to buy homes they never should have purchased. Rep. Barney Franks and his liberal associates created this problem and has refused to clean it up properly. Instead, they threw billions of our tax dollars at it in hopes that it would stablize the housing market. In order for this economy to turn itself around, we must come to our senses and realize that the government is not there to hold our hand and guide us out of this recession. We must get back to our roots where our parents and grand parents understood that hard work and perserverance is the only way to succeed. And that government regulation and social programs do not work. They only hinder growth and opportunity.and trying to redistribute wealth is just wrong.
Until the populus wakes up and realizes this, we will just flounder and become a second rate nation.
Hey Preston,
Hope you are doing great. Julio here, I’m glad to see that there is people willing to fight back.
I’m with you my friend.
Hey Preston:
Check out this video about the banks.
https://www.youtube.com/watch?v=JXt1cayx0hs
IT IS NOT JUST THE BANKS.. IT IS THE ADMINISTRATION.. THE NO NOTHING PRESIDENT AND A LIBERAL CONGRESS THAT WANTS TO SPEND US INTO OBLIVION.. TRUE, THE BANKS ARE NOT LENDING.. BUT, IT IS BECAUSE THEY DO NOT KNOW WHAT THE IDIOT OBAMA IS GOING TO DO TO OUR ECONOMY.. HOW MUCH MORE IS HE GOING TO TRY TO SHOVE DOWN THE AMERICANS THROAT.. BE REALISTIC.. THE BANKS HAVE ALL KINDS OF REGULATIONS THAT KEEP THEM DOING JUST WHAT THEY ARE DOING.. CHANGE CONGRESS FOR THE BETTER, CHANGE THE REGULATIONS, CHANGE THE PRESIDENT AN D THINGS WILL GET BETTER.. WE CANNOT HAVE A SOCIALISTIC GOVERNMENT WHERE WE DEPEND ON THIS GOVERNMENT FOR A CRADLE TO GRAVE SOCIETY..AN THEY GIVE YOU A CHECK FOR JUST EXISTION IT DOES NOT WORK THAT WAY.. GO TO WORK GET A CHECK AND PROVIDE FOR YOUR OWN NEEDS.. THE GOVERNMENT ISN’T SUPPOSED TO DO THAT FOR YOU..GROW UP…USE YOUR HEAD FOR MORE THAN A HAT RACK…IT IS NOT JUST THE BANKS….IT IS THE GOVERNMENT STUPID….LOOK AT AL THE MILLIONS OF DOLLARS THAT WENT TO THE SO CALLED GREEN ENERGY COMPANIES IN CALIFORNIA.. IT IS A KNOWN FACT THAT A CRUCIAL AMOUNT WAS FUNNELED BACK INTO THE OBAMA ELECTION PROJECT…. THE OTHER GREEN COMPANIES ARE DOING THE SAME THING..THEY ARE THE ONES THAT ARE SPONSERING THE $38,000 DOLLAR A PLATE DINNERS FOR OBAMAS RELECTION..THAT AND THE FACT THAT THEY STOLE MILLIONS THAT NO ONE KNOWS WHERE THE FUNDS WENT AND NO ONE IS ASKING QUESTIONS..ALL THIS MONEY CAME FROM THE CITIZENS OF THE UNITED STATES POCKET..IT DID NOT COME FROM THE CONGRESS OR THE SO CALLED PRESIDENT..HE IS CERTAINLY TAKING IT AND GIVING IT TO NOT ONLY GREEN COMPANIES BUT COUNTRIES OVER SEAS THAT UNTIL IT WAS TOO LATE, WE NEVER HEARD OF… COME ON.. YOU PROTESTERS..GO TO 1600 PENNESILVIANA AVE WASHINGTON..GET TO THE REAL CENTER OF THE PROBLEM,,,,,,,,,,.CJR
I moved my money to smaller banks 3 months ago.
I have no sympathy for the Big Boys if they continue to
get sued. It has been the biggest “Heist” in American
History.
Take Care
Hey Preston,
Great idea but I’m surprised it’s taken so long for folks to catch on. I moved ALL my accounts to a local credit union more than 3 years ago. The best way to fight them is with your “feet”. Have yours take your money elsewhere. Look what happened to the debit card fees.
You can chech out the things that I was saying about this back in 2009 on my youtube channal 0420cathy, I understand what you’re talking about. Back then it was easy for my friends to just think that I was crazy paranoid and if things like that where really going on everyone would know it. I got out of the big banks back then, and use a credit union for a couple of months now, I used nothing but cash from ’09 till just lately. Here’s to you..right-on…
I agree with you 100%. However, I have to ask you, if you are buying and selling REO’s aren’t you perpetuating the bank’s business of doing these things? I am not against you or trying to flame here. Just taking an alternate view for argument’s sake. The banks will only stop foreclosing and begin working with people when there are so many properties on their books they have no choice. Naive? Most likely. But behind every REO is a story of how the bank made someone a loan they shouldn’t have and that person’s family went through some sort of struggle in losing their home. How do we as investors justify taking these homes from the bloated back that repossessed them?
I Agree. I personally fault countywide/bank of America,WAMU/Chase for wrecking millions of peoples retirement goals and family finances. They gave us the loans, they set it up, then just like when the tide receeds at the beach, left all kinds of home owners ‘at high tide’ with no way to get back in and ‘swim’ they gave the loans, then would not re finance or do realist loan mods just bascially set everyone up to shrivel and ‘die’, so yes take your money out of those banks, figure out how to buy property without giving a dime to the big banks and keep your eyes open for opportunities that dont benefit evil. lbr
I totally agree. They need to be stopped.
I agree with you totally Preston thank God there are some people who are taking a stand I also have transferred to a credit union but have to use a big bank for business purposes becouse the credit union does not service business accounts.
Hey YOU are absolutely R I G HT .
Thank you
DG.
Disagree!
How about deregulation – Barney Frank and Chris Dodd
How about politicians, left and right, making promises WE cant fund, for years in a row now
How about general irresponsibility, entitlement and lack of work ethic among the masses
and finally, How about the break down of the American family…we cant even keep up with the death rate in America any more…Family stability and growth is torn apart by the absolute disrespect for the Institution of Marriage.
The Big Banks simply take advantage of what has already gone way way wrong.
Patrick H Precourt
Hey YOU are absolutrly R I G HT .
Thank you
DG.
REMOVE MY E-DRESS FROM YOUR AUTO-MAILER.
BLOW SMOKE UP SOMEONE ELSE’ ASS
I’M NOT INTERESTED IN A DAMN THING YOU HAVE TO SAY OR DO
LEAVE ME, AND MY ADDRESS ALONE
Rock the house/system!!
It sure feels great to be wealthy, healthy, happy, holy……AND…..good looking!!
Peace!