Would this Work - A Banking Question?

Okay,

I have, of course, watched and re-watched Money as Debt, and The Money Masters as part of my financial education - and I have even looked into how to start Non-Profit Credit Unions - but here is my question to the ATS elite:

Would it be possible to start a "Patriot" Bank that loans out money to Legal Citizens at the lowest interest rates possible to still remain viable.

(enough to pay staff well - but to minimize much profit taking)

Wouldn't such a bank suddenly get get a HUGE influx of business from other banks who charged higher interest on loans?

Perhaps one could require customers to have x amount in savings deposted to be elligible for these low interest loans?

As for start up capital - couldn't it be possible for someone (such as Eric N.) to do a series of several grass roots money bombs to help cover initial start up costs - with donors of x or more being first priority for fractional lending at low interest rates?

Perhaps I am not seeing the obstacle to setting up such an institution as this - I know accreditation must occur - but that obviously can be accomplished as many smaller local banks exist in nearly every city.

Does anyone here work in this industry, and know any reason such a bank could not be established?

Such a bank could help re-finance many good hardworking citizens who have fallen into injurous usery by other, less ethical, banking institutions and practices.

Any advice on this would be greatly appreciated!

The American way that history says works is called the TAB...
those of you that are old enough, remember going to the corner store and saying Mom sent me down for a loaf of bread, she said she would be in Friday to square up with you.
thats the same system we are going to use... it worked for over 150 years and it will work again... now, your own your honor... and I know most of you have been brought of to think this system is for suckers.... well it isnt for the real Americans those with Honor. if you dont have honor how can you call yourself an American. the most Honorable Nation on Earth ... well use to be...

Originally posted by TruthMagnet
Okay,

I have, of course, watched and re-watched Money as Debt, and The Money Masters as part of my financial education - and I have even looked into how to start Non-Profit Credit Unions - but here is my question to the ATS elite:

Would it be possible to start a "Patriot" Bank that loans out money to Legal Citizens at the lowest interest rates possible to still remain viable.

(enough to pay staff well - but to minimize much profit taking)

Wouldn't such a bank suddenly get get a HUGE influx of business from other banks who charged higher interest on loans?

Perhaps one could require customers to have x amount in savings deposted to be elligible for these low interest loans?

As for start up capital - couldn't it be possible for someone (such as Eric N.) to do a series of several grass roots money bombs to help cover initial start up costs - with donors of x or more being first priority for fractional lending at low interest rates?

Perhaps I am not seeing the obstacle to setting up such an institution as this - I know accreditation must occur - but that obviously can be accomplished as many smaller local banks exist in nearly every city.

Does anyone here work in this industry, and know any reason such a bank could not be established?

Such a bank could help re-finance many good hardworking citizens who have fallen into injurous usery by other, less ethical, banking institutions and practices.

Any advice on this would be greatly appreciated!

A person you may know tried it a few years back, albeit on a slightly larger scale. His name was Kennedy I think.

We all know what happened to him......

MJ,

Well - yes - point taken - I wonder, however, if we started such a movement small and locally - and then expanded to a few areas of the country - if it could slide under the radar and grow exponentially!

Kind of like how Penny Arcade's eXpo underminded (and blew away) the huge, highly controlled, industry trade shows that came before it.

It was just an idea by a couple of guys - which became a whole phenomena practically overnight!

So, besides political opposition, does anyone see any real legal barrier to the creation of such an innovative banking establishment?

Regular people can start a bank or credit union. I made a thread about it a little while ago:

www.abovetopsecret.com...

Yes, it is viable. I think the problem is, once you become a successful small community bank, offers of buyout invariably come from the large corporate banks. Greed kicks in and the small guy is swallowed up by the big fish.

Wow ! - Most Excellent!

Thanks for the link - must have missed that - starred and flagged!!

(Great minds must think alike!)



Seriously, tho, I do think we could rapidly create a bank, that as part of it's unusual charter, could be held to some greater level of accountability to the citizens of the US.

All we need now is the will to do so!

(beat them at their own game - so to speak)