the banking wars have started

reply to post by sapien82


Yes. And these big banks are heavily involved in so called inversed billionare charity;



more here

I don't see how this is that great of news? Banks will be replaced by banks? Still making money without contributing a damn thing? It's a step in the right direction obviously, but I hope it doesn't stop there because we will eventually end up with the exact same damn thing, different names, same game.

reply to post by XPLodER


I have my checking at a credit union. Recently I sought a loan on a 100K town-home and they offered a 4.5% interest rate while a big bank offered 3.375%.

I ended up going with the big bank, not only because of the better interest rate, but because I found out that the Credit Union I was with has the tendency to sell off their mortgages to the same damn bank I was offered the better interest rate from!

So ya, even if you stick with your credit union apparently they can just sell the debt to someone else without your permission.

reply to post by brianmg5


Yeh that was kinda my point although we are moving our money to the credit unions they are likely still banking their money with a bigger bank or a banking system anyway.
So really we arent taking the money out of their hands.

In no way does the money being with the credit unions offer us more protection for our finances , i think its just delaying the process of which they can take our money from us.

We all know that effectively the federal reserve and the banking cartels have eliminated our chance of financial security by removing actual physical wealth in precious metals and replacing it with a fiat money system of paper and digital numbers!

Wouldnt it make more sense to just take your money out of the bank each month and invest it in gold , then take your gold and then have it smelted by a private metal smith into bars and have these bars stored in secure safe deposit boxes by independent companies not linked to banks ??

Only keeping a small enough stock of paper / digital money to pay our energy bills and food costs. All savings will be transfered into actual physical wealth .

Originally posted by The X
reply to post by XPLodER

 

This makes me laugh, "30 year mortgage available to some for lower than 3.5%".
Makes you believe your getting a good deal doesn't it.
Well your still going to pay 105% the loan amount as interest.

UMMMM, no.

It is a simple interest mortgage, one that, as you pay it, the interest will dwindle. You took 3.5 x 30, and came up with 105%. That's not it. Granted, it is still a lot of money, but consider that around 3% is the inflation rate average, so really it is a decent rate.

reply to post by XPLodER


X-man, feel good story aside, this does not answer my question: CU's take in exactly the same income per loan as any other bank, often a tiny bit more then the average loan due to a higher interest rate (car loans in particular). So where does that exact same profit go? If they were handing out loans at simple interest, or even a fee based loan, I'd be yelling from the rooftops, but since they are exploiting the horrors of compound interest in exactly the same manner as Chase, I can't see the need to worship them.

As for speculation driving up gas prices. This is a myth. The price of oil is driven by the printing of money. The US/Fed's strong arming of the OPEC countries created the petro/gold backed dollar. the price of oil is perfectly in line with the price of gold. When the US/Fed prints money, the price goes up and money flows out to OPEC countries - they key here is those countries don't put that money back into the system keeping "inflation" at a minimum to the American consumer. As bad as the inflation rate is, it would be far worse if the OPEC countries flooded the market with the dollars they took in - those countries are fairly poor on average with a ton of debt too. That system worked for some time, but it began to bog down, so the IMF demanded a certain number of dollars to be held in order to borrow money (I know how funny that seems) as such, inflation is kept in check a bit by that. The key here is the US must be kept afloat as it is the killing machine, the enforcer, and must stay so until all countries are part of the IMF - Iran holds out, Syria holds out, NK might be... When those countries are in the fold, the US becomes Sudan overnight, as TPTB will no longer wish to have their enforcer in tact should they try to enforce on them.

So gas prices are high due to some speculation yes, but mostly due to the printing of money. Consider this, if the prices were lower we'd be in a heap more trouble then we are.

reply to post by The X


Yes and all for a home that still only lists you as a "Tenant" on the deed. Even when you "buy" a home it's still not yours. I personally think it's not one thing or the other, the whole system has to go if anything is to improve. Sad but true.

Just a quick confirmation of people voting with their feet - I work for a mutual bank and we are seeing a serious uptick in applications for bank accounts.

There are some real ethical alternatives out there. I'm not about to try to convert people as its a personal choice - but if you want to change have a look at the choices available. You don't have to stick with what you have and usually switching is a breeze - although there are always the odd case that goes p tong!

The one piece of advice I would give is if you do switch keep both accounts running parallel for a while so you can transfer between accounts if you need to. Don't shut the other down until you are happy everything is running smoothly.

S

Originally posted by xXxinfidelxXx
reply to post by The X

 

Yes and all for a home that still only lists you as a "Tenant" on the deed. Even when you "buy" a home it's still not yours. I personally think it's not one thing or the other, the whole system has to go if anything is to improve. Sad but true.

That's because you don't own the home yet, you take a loan out from a bank to purchase the house, but you still owe the bank so the home belongs to the bank and they keep a lien on your house until you pay it off. People who don't make the required payments (pay rent) get foreclosed.

reply to post by lonewolf19792000


Thank you for that enormously helpful tidbit, Watson. /sarcasm. Aside from the obvious, which you have just pointed out, my father paid his mortgage off 5 years ago and the deed does not change just because it's paid off. He's still listed as a tenant. Sinking in yet? I hope so.

Originally posted by marxstirner
reply to post by XPLodER

 

these are diversion maneuvers
The ransack of families rages on

there is some relief in the pipeline

As the only state-owned bank in the country, Bank of North Dakota garners a great deal of attention. At the end of 2011,
14 states were considering legislation for some form of a state-owned bank. Many of them look to BND as a model.
We frequently receive requests from government entities, as well as national and international media.
Many of those who contact us are surprised to hear that we believe in strong partnerships with community banks and
state government. This commitment extends back to the founding principles established in 1919 when the Legislature
deemed that BND was “to be helpful to and to assist in the development of state and national banks and other financial
institutions and public corporations within the state and not, in any manner, to destroy or to be harmful to existing
financial institutions.”

BANK of North Dekota PDF

ps north dekota = lowest unemployed rate in america


xploder

Originally posted by The X
reply to post by XPLodER

 

This makes me laugh, "30 year mortgage available to some for lower than 3.5%".
Makes you believe your getting a good deal doesn't it.
Well your still going to pay 105% the loan amount as interest.

the big banks are colluding with each other to hold the rates where they want them,
when there is an alternative (competition) the rates will come down giving relief to mortgage holders.

stop the monopoly of teh tbtf banks

xploder

Originally posted by johncarter
reply to post by sapien82

 

Yes. And these big banks are heavily involved in so called inversed billionare charity;

more here

it is becoming very clear to people why they should move their money,

the big banks have fixed rates that cost ALL people larger monthly repayments,
the only thing we can do till the state banks are up and running,
is move money to credit unions.

not a fix but a step in the right direction

xploder

Originally posted by ThisIsNotReality
I don't see how this is that great of news? Banks will be replaced by banks? Still making money without contributing a damn thing? It's a step in the right direction obviously, but I hope it doesn't stop there because we will eventually end up with the exact same damn thing, different names, same game.

no the to bif to fail banks were charterd for profit of private share holders,
weas the state banks are chartered for the public good of the people IN the state,

why ship the profits of banking to europe,
when they can be used to rebuild state infrastruture

xploder

Originally posted by brianmg5
reply to post by XPLodER

 

I have my checking at a credit union. Recently I sought a loan on a 100K town-home and they offered a 4.5% interest rate while a big bank offered 3.375%.

I ended up going with the big bank, not only because of the better interest rate, but because I found out that the Credit Union I was with has the tendency to sell off their mortgages to the same damn bank I was offered the better interest rate from!

So ya, even if you stick with your credit union apparently they can just sell the debt to someone else without your permission.

edit on 10-7-2012 by brianmg5 because: (no reason given)

they only way the to big to fail will do anything different than rape and pillage your economy,
is if customers use the free market to penalise them for their behaviour,

and move their money,
i suggest you find a different credit union

xploder

Originally posted by crankyoldman
reply to post by XPLodER

 

X-man, feel good story aside, this does not answer my question: CU's take in exactly the same income per loan as any other bank, often a tiny bit more then the average loan due to a higher interest rate (car loans in particular). So where does that exact same profit go? If they were handing out loans at simple interest, or even a fee based loan, I'd be yelling from the rooftops, but since they are exploiting the horrors of compound interest in exactly the same manner as Chase, I can't see the need to worship them.

free market competition will effect the loan rates as competition heats up for customers deposits,
reserve requirements are about to go up so the big banks will be forced to be more competitive

As for speculation driving up gas prices. This is a myth. The price of oil is driven by the printing of money. The US/Fed's strong arming of the OPEC countries created the petro/gold backed dollar. the price of oil is perfectly in line with the price of gold. When the US/Fed prints money, the price goes up and money flows out to OPEC countries - they key here is those countries don't put that money back into the system keeping "inflation" at a minimum to the American consumer. As bad as the inflation rate is, it would be far worse if the OPEC countries flooded the market with the dollars they took in - those countries are fairly poor on average with a ton of debt too. That system worked for some time, but it began to bog down, so the IMF demanded a certain number of dollars to be held in order to borrow money (I know how funny that seems) as such, inflation is kept in check a bit by that. The key here is the US must be kept afloat as it is the killing machine, the enforcer, and must stay so until all countries are part of the IMF - Iran holds out, Syria holds out, NK might be... When those countries are in the fold, the US becomes Sudan overnight, as TPTB will no longer wish to have their enforcer in tact should they try to enforce on them.

true printing money dilutes the value of existing money and is felt as inflation robbing the saver of stored value of dollars, and the reserve status of the us dollar insulates the dollar from real world oil prices as they are priced in USD.
at this point any fluctuation of the USD price of oil robbs further value of the dollar and compounds the problem of offshore USD holdings.

So gas prices are high due to some speculation yes, but mostly due to the printing of money. Consider this, if the prices were lower we'd be in a heap more trouble then we are.

this is admitting the artificially high price of the USD thanks to forcing the world to use USD to buy oil

a no win situation for sure, lower prices = lower dollar,
higher prices = economic contraction

i have no clear answer for you atm

xploder

Here's a few advantages pulled from my mutual banks site:

While conventional banks are owned by shareholders (often by a majority of large institutional investors), **** Mutual Bank, is owned solely by its individual customers. This has lots of great benefits, including the fact that profits are reinvested into improving the range of financial products and services for you. It could be things like making fees fairer, offering better rates, and introducing innovative product ideas. It also means you have a greater say in your financial future.

Every owner of **** Mutual Bank has one equal vote. So no matter how much (or how little) the financial value of your relationship with us, your value as a customer is of the same, equal importance as everyone else. Though voting is not compulsory, we actively inform you of, and encourage you to have your say on all important issues where a vote is required. In fact, the decision to change from a credit union to a mutual bank was only carried out after a vote.

That is why **** is partnering with the Royal Children's Hospital Foundation in a groundbreaking charity partnership to help Queensland's sick kids breathe easier.

One of ****’s most successful community programs, the Keyway Lifestyle Program, focuses on teenage lifestyle issues. The program motivates teenagers aged between 15 and 17 to improve the quality of their lives and help equip them with important lifestyle skills to succeed.

There are a few other things that make this an ever better move.

It should be pointed out that here in Australia all deposits held with credit unions and mutual banks have the same government guarantee as those held with the big banks which is a big bonus.

You are going to be hard pressed to remove big banks from the equation of your daily life. Every payment you make - credit card or debit card or check -- will ultimately be run through a big bank.

Originally posted by CookieMonster09
You are going to be hard pressed to remove big banks from the equation of your daily life. Every payment you make - credit card or debit card or check -- will ultimately be run through a big bank.

It doesn't have to be a case of all or nothing though. Every little bit helps.

Thanks for the reply. Comments below each quote.

Originally posted by aaron2209
Here's a few advantages pulled from my mutual banks site:

While conventional banks are owned by shareholders (often by a majority of large institutional investors), **** Mutual Bank, is owned solely by its individual customers. This has lots of great benefits, including the fact that profits are reinvested into improving the range of financial products and services for you. It could be things like making fees fairer, offering better rates, and introducing innovative product ideas. It also means you have a greater say in your financial future.

Financial products are "loans" which equal debt. Financial products are created ways to induce people into longer term debt and there is nothing new here - loans are loans are loans. I fail to see how compound interest paid to one entity differs from the same exact compound interest paid to another. And while fees "may" be less, in the overall scheme of things, the compound interest factor is key. Less per check charge or less bounced check charge is great, but a CU costs are less, so profit per loan are greater - where does the profit go? If it went to the "owners" they'd surely ask for simple interest, or less interest rates, but the rates are the same - tied to prime.

Every owner of **** Mutual Bank has one equal vote. So no matter how much (or how little) the financial value of your relationship with us, your value as a customer is of the same, equal importance as everyone else. Though voting is not compulsory, we actively inform you of, and encourage you to have your say on all important issues where a vote is required. In fact, the decision to change from a credit union to a mutual bank was only carried out after a vote.

Voting for what? Mary Davis pays 5 percent, 30 years, compound. So she gets to vote for a plush animals as a kid's inducement to start a savings plan? Do each voter get a percentage of the compound interest generated from the loans said voter pays in? Is it equally divided up among the "voters?"

That is why **** is partnering with the Royal Children's Hospital Foundation in a groundbreaking charity partnership to help Queensland's sick kids breathe easier.

So what? Pandering. Compound interest is the issue, not community work. Bank Of American sponsors sports, gives tickets to poor kids. Not compelling at all, nor special. If the stopped the pandering, community nonsense and charged less interest, or even simple interest, the world would be far better then the pandering does it.

One of ****’s most successful community programs, the Keyway Lifestyle Program, focuses on teenage lifestyle issues. The program motivates teenagers aged between 15 and 17 to improve the quality of their lives and help equip them with important lifestyle skills to succeed.

Banks are not lifestyle managers. If they were, they would FULLY and COMPLETELY disclose the horrors of compound interest to every school student until each child learned the evil that it is, and how unnecessary it is. Curiously they don't, in fact, it seems to be excluded from all curriculum.

There are a few other things that make this an ever better move.

It should be pointed out that here in Australia all deposits held with credit unions and mutual banks have the same government guarantee as those held with the big banks which is a big bonus.

From the PR talking points I fail to see any difference other then cosmetic. 30 year home loans are identical. CC interest rates and interest systems are the same. Auto loans are slightly higher. I can't figure out where the profits go as they don't go back to the voter.