Regulatory reform sure to destroy community banking meets chickens laying eggs.Like an apple tree among the trees of the woods,
So is my beloved among the sons.
—Song of Solomon
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Among many problems being allowed to fester as criminals advancing the destruction of the United States for personal gain remain free — this at the whim of a protection racket run by those in leadership positions in the U.S. Congress (among other places) — is the fate of community banking in the United States.
The cartelization of the banking system is bad enough. You don't need a vivid imagination to consider what is the prospective negative impact of placing financial power in the hands of a few huge banking institutions. Yet that this is the prescribed direction the Federal Reserve System is seen taking following recent passage of financial regulatory reform calls into question the intent of those whose mismanagement preceded FinReg, as well as continues to this day (this, of course, includes the bill's sponsors). What is the intention of this power grab? How much more than already is the case will the power of Congress — the nation's supreme authority (its powers were laid out in Article I of the U.S. Constitution not by coincidence) — be made abject to a plainly corrupt (criminal!) financial oligarchy?
It is a cowardly community banker who would state we have to get beyond "punitive measures" when in truth aggressive prosecution of crimes need be stepped up a notch or three if confidence in the banking system is ever again to be restored. Such prosecutorial effort need focus on matters of principle giving government its very purpose (see the U.S. Constitution's Preamble). Thus, criminals both in the private sector and within our government might be appropriately dealt with.
—Tom Chechatka
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