A Quote by Rob Portman
My dad did everything he could. It was a start-up, and the banks didn't want to lend him enough money, so he mortgaged our house.
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If we want the banks to lend - and we all do - if we want the economy to expand - and we all do - do you really want to start confining the banks in their ability to make profits in order to generate more capital to lend out to the people?
If two parties, instead of being a bank and an individual, were an individual and an individual, they could not inflate the circulating medium by a loan transaction, for the simple reason that the lender could not lend what he didn't have, as banks can do. Only commercial banks and trust companies can lend money that they manufacture by lending it.
The problems of 2008 were never cured. The Federal Reserve's solution to the crisis was to lend the economy enough money to borrow its way out of debt. It thought that if it could subsidize banks lending homeowners enough money to buy houses from people who are defaulting, then the bank balance sheets would end up okay.
And what did the banks do to earn this perpetually flowing river of wealth? Did they lend out their own capital obtained through investment of stockholders? Did they lend out the hard-earned savings of their depositors? No, neither of these were their major source of income. They simply waved the magic wand called fiat money.
When banks place credits into your account, they are merely pretending to lend you money. In reality, they have nothing to lend. Even the money that non-indebted depositors have placed with them was originally created out of nothing in response to someone else's loan. So what entitles the banks to collect rent on nothing? It is immaterial that men everywhere are forced by law to accept these nothing certificates in exchange for real goods and services. We are talking here not about what is legal, but what is moral.
Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess
Most banks - with Deutsche Bank at the top of the spectrum here - have decided that they can't make money lending to barrowers anymore, so they're going to the second business plan: They lend money to casino capitalists. That is, to people who want to gamble on derivatives.
Biggest problem? Well, I'd say it's been my biggest problem all my life. MONEY. It takes a lot of money to make these dreams come true. From the very start it was a problem. Getting the money to open Disneyland. About seventeen million it took. And we had everything mortgaged including my personal insurance.
If I could have enough money that I know I could buy a house someday, and if I want to have kids, I could raise them - I don't need the money grab. I don't need to have a mansion. I just need to be creative and happy.
The FHA literally drew up the redlining map and then basically distributed - I'm sorry, the Home Owners' Loan Corporation actually did it, and then distributed to banks who used that as policy to determine how they would lend and who they would lend to. The racism in the system was pervasive and total.
A ready way to lose your friend is to lend him money. Another equally ready way to lose him is to refuse to lend him money. It is six of one and a half dozen of the other.
I grew up watching my mom and dad selling rooms in our motels. We had CEOs coming to our house so that my dad could persuade them to have their executives stay in Hyatt hotels.
The myth is that if housing prices go up, Americans will be richer. What banks - and behind them, the Federal Reserve - really want is for new buyers to be able to borrow enough money to buy the houses from mortgage defaulters, and thus save the banks from suffering from more mortgage defaults.
When Sean came to meet my parents, the first thing my dad did when he picked him up at the airport was to take him right to a shooting range. My dad was like, 'I want to see how he shoots.'
One nation banking recognises that banks must not be isolated from the rest of the economy. Because banks and small businesses must succeed or fail together, banks must lend to small businesses so we can get the growth and jobs we need for the future. As things stand, that is not happening enough. Lending was down £10.8billion last year.
I'm all in favor of banks that play their part in community endeavors, private individuals looking for loans, people who want to start up a little business, and that's what banks are for.
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