4 ms·

America will fall before the banks let the government regulate them in any meaningful way.

by NaturalPhallacy 5y ago

throw123123123 5y ago
Banks are so regulated that you can't open an account in the US unless you visit a bank branch physically.
- reificator 5y ago
  This is clearly not true given the number of banks with no physical branches.
- Kranar 5y ago
  This is simply untrue. Marcus is a fully licensed online-only bank, they have no physical branches whatsoever and everything is done through their website: https://www.marcus.com/us/en https://www.marcus.com/us/en There's also Green Dot Bank which is what Apple Pay uses among other mobile payment systems. They technically have a single physical branch but you don't ever need to visit it in order to open a savings/checking account with them: https://www.greendot.com/about-us https://www.greendot.com/about-us
  - throw123123123 4y ago
    Only for US residents - 5% of the global pop.
- LgWoodenBadger 5y ago
  Since when? The last 3 or 4 bank accounts I’ve opened have been done entirely virtually.
  - throw123123123 4y ago
    Since 9/11.
- aceazzameen 5y ago
  Not true because I've opened an account with an online-only US bank. There are no physical branches to visit.
Sargos 5y ago
Banks are some of the most highly regulated entities in our entire economy. They can't do really anything without asking for permission or following exact steps spelled out in FDIC/OCC/Fed rules.
- PaulDavisThe1st 5y ago
  It might be worth considering why that is ....
- NaturalPhallacy 5y ago
  And yet, when they crashed the world economy in 2008, instead of being broken up, or laws enacted to make what they did impossible we bailed them out. The US government was very quick to save the banks who caused the problem, and today they're even bigger. While people who were conned by the lenders were left on the hook. This is why I said "meaningful regulation". Having lots of petty laws you have to comply with isn't meaningful regulation. Preventing them from being arbiters of the economy would be meaningful. Breaking them up such that even half of them failing wouldn't tank the economy would be meaningful. >They can't do really anything without asking for permission or following exact steps spelled out in FDIC/OCC/Fed rules. If that's true, how were they able to invent "financial instruments" on the fly to contain whole tranches of sub prime mortages, which their pet rating agencies then gave AAA ratings? How were they able to bet against their clients? And insure these things they knew to be garbage, and then profit from that too? Why did Eric Holder declare them "Too Big to Prosecute" (https://www.huffpost.com/entry/eric-holder-banks-too-big_n_2821741 https://www.huffpost.com/entry/eric-holder-banks-too-big_n_2...)? That whole debacle proves that "can't do really anything without asking for permission or following exact steps spelled out in FDIC/OCC/Fed rules" is flatly false. We're worse off in terms of Too Big to Fail / Prosecute today than we were in 2007 too. Hence "no meaningful regulation".

America will fall before the banks let the government regulate them in any meaningful way.

throw123123123 5y ago

Banks are so regulated that you can't open an account in the US unless you visit a bank branch physically.

reificator 5y ago
This is clearly not true given the number of banks with no physical branches.
Kranar 5y ago
This is simply untrue. Marcus is a fully licensed online-only bank, they have no physical branches whatsoever and everything is done through their website: https://www.marcus.com/us/en https://www.marcus.com/us/en There's also Green Dot Bank which is what Apple Pay uses among other mobile payment systems. They technically have a single physical branch but you don't ever need to visit it in order to open a savings/checking account with them: https://www.greendot.com/about-us https://www.greendot.com/about-us
- throw123123123 4y ago
  Only for US residents - 5% of the global pop.
LgWoodenBadger 5y ago
Since when? The last 3 or 4 bank accounts I’ve opened have been done entirely virtually.
- throw123123123 4y ago
  Since 9/11.
aceazzameen 5y ago
Not true because I've opened an account with an online-only US bank. There are no physical branches to visit.

Sargos 5y ago

Banks are some of the most highly regulated entities in our entire economy. They can't do really anything without asking for permission or following exact steps spelled out in FDIC/OCC/Fed rules.

PaulDavisThe1st 5y ago
It might be worth considering why that is ....
NaturalPhallacy 5y ago
And yet, when they crashed the world economy in 2008, instead of being broken up, or laws enacted to make what they did impossible we bailed them out. The US government was very quick to save the banks who caused the problem, and today they're even bigger. While people who were conned by the lenders were left on the hook. This is why I said "meaningful regulation". Having lots of petty laws you have to comply with isn't meaningful regulation. Preventing them from being arbiters of the economy would be meaningful. Breaking them up such that even half of them failing wouldn't tank the economy would be meaningful. >They can't do really anything without asking for permission or following exact steps spelled out in FDIC/OCC/Fed rules. If that's true, how were they able to invent "financial instruments" on the fly to contain whole tranches of sub prime mortages, which their pet rating agencies then gave AAA ratings? How were they able to bet against their clients? And insure these things they knew to be garbage, and then profit from that too? Why did Eric Holder declare them "Too Big to Prosecute" (https://www.huffpost.com/entry/eric-holder-banks-too-big_n_2821741 https://www.huffpost.com/entry/eric-holder-banks-too-big_n_2...)? That whole debacle proves that "can't do really anything without asking for permission or following exact steps spelled out in FDIC/OCC/Fed rules" is flatly false. We're worse off in terms of Too Big to Fail / Prosecute today than we were in 2007 too. Hence "no meaningful regulation".