Subject:
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Re: LUGNET Memberships
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Newsgroups:
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lugnet.off-topic.debate
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Date:
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Fri, 29 Sep 2000 17:04:00 GMT
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Viewed:
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428 times
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In lugnet.off-topic.debate, Lindsay Frederick Braun writes:
> I'm not surprised you take that tack, and I agree although from
> a different POV. Does anyone remember FSLIC? When the Savings and
> Loan mess broke, the insuring agency (FSLIC) was merged with FDIC
> to keep the insurance afloat somehow--IIRC, the total in the insurance
> fund, when combined, was $0.13 per $10,000 of deposits. Thirteen
> cents! The next thing the bankers wanted to do was to force a merger
> with NCUA (the insurance fund for Credit Unions), which was in very,
> very, very good shape because credit unions are by definition rather
> conservative--you don't get the huge returns, but neither do you
> get the massive failures.
>
> The resulting campaign centered on whether commercial for-profit
> banks had the right to benefit from non-profit credit unions' fiscal
> responsibility.
> Of course, I said no, and wrote many many many letters to this effect--
> but the end rationale is somewhat similar to Larry's reasoning: If
> you're engaging in risky behaviour, expect to be charged more for
> insurance. Fortunately, the merger never took place, but that hasn't
> stopped the banking industry from continuing its efforts to destroy
> credit unions through government legislation.
>
> Ahem, rant off. :)
You're absolutely spot on. I thought what the banks lobbied to do to the NCUA
was the highest degree of larceny and was relieved when it failed. Believe it
or not most of my day to day non investment money is in Credit Unions, I am a
big fan of them.
> LFB.nl
{Lar + 9 days) == .uk :-)
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Message is in Reply To:
 | | Re: LUGNET Memberships
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| (...) with (...) allowing (...) I'm not surprised you take that tack, and I agree although from a different POV. Does anyone remember FSLIC? When the Savings and Loan mess broke, the insuring agency (FSLIC) was merged with FDIC to keep the insurance (...) (24 years ago, 28-Sep-00, to lugnet.off-topic.debate)
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