Wednesday, May 30, 2018

Your Banker Is Wrong

At least the Ky. Bankers Association had the good sense to wait until after the primary to endorse all the GOP members of our delegation in Washington. They made it clear in newspaper ads thanking all those who voted for Senate Bill 2155. (Democrat Yarmuth didn’t; he remembers a few things such as the S&L scandal, the Countrywide Mortgage scandal, the 2007-8 recession brought on by Wall Street.)
Now the ads proclaim "Ky’s community banks can finally get back to serving their local businesses and consumers with financial products tailored to local needs, especially as they relate to HOME MORTGAGES.”
Meadow Muffins!
Nothing in the Dodd-Frank Wall Street (& big bank) reform act of 2010—brought on by greed & fraud & criminal behavior by parts of the mortgage industry—prevented Ky. banks from making local, home mortgages. Zip. IF they wanted to.
But our banks wanted more. So they lobbied Congress to exempt “small” banks (with ONLY Fifty million in capitalization, etc.) from that bill, and also rolled back many of the minimal regulations it imposed.
So, sometime down the road we will have another financial industry scandal. Wells Fargo may just be a preview.
You will probably hear more on this during the 6th District campaign for Congress this fall. Listen and make up your own mind who is right here, because the lines are sharply drawn on this issue between Andy Barr and Amy McGrath.
Now then on another matter:
A Kentucky development this past week proved that "you can not be too conservative in our politics these days.”
Rep. Hal Rogers, a conservative 19 term Republican serving Eastern Ky. (and doing that well IMHO) drew the ire of the ultra-conservative Koch Brothers for voting for the $1.3 trillion budget bill. So they are going to run ads against him.  (Great idea as it just may make that part of Ky. “green” as Rogers wins his 20th term.)
But the moral is clear:  you just can’t be conservative enough..someone out there, beyond Ky. most likely, with zillions of money will mount a campaign against you these days.
I'm just sayin'...

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