Posts Tagged ‘industry’
As I read a recent news article I noticed a line that said “…the United States has one of the most highly regulated banking industries…” – Which, of course we know in retrospect, is a gross error and laughable. The assumption, even by most Americans, is what got us in trouble. When collaterilized debt obligations (CDO’s) hit the market the ability to make money was promulgated by greed, not regulation.
More job losses are forecast for the banking industry, just as some thought the situation was under control. For the first time in 40 years insitutions that take deposits, make loans, etc, are experiencing a downturn. Analysts at the financial research firm Celent LLC said in a report Tuesday that it expects the U.S. commercial banking industry — essentially, all companies that lend or collect deposits — to lose 200,000 of its 2 million jobs over the next 12 to 18 months.
Hillary Rodham Clinton’s campaign manager, Maggie Williams, earned about $200,000 on the board of a Long Island subprime lender that charged prepayment penalties — a practice that Clinton, a critic of the subprime industry, now seeks to eliminate.
We strive to stay away from individual politics. There are times, however, when issues such as subprime are politicized by those who think they know what is best. We reported a few days ago on Hillary Clinton’s latest idea. Our article – Clinton’s desire to protect lenders is questioned – also drew immediate fire from the Obama campaign.