Brilliant Beaurocracy

I saw a posting earlier today which got my attention. Now I don't like big government as much as the next person. I DO feel they have a role in our culture but when (or where) does this roll end? Now I'm not even going to mention Cap and Trade (which was voted DOWN last week in Australia) or "the Bill" to change health care. At least I won't mention this going forward. I have NEVER seen an administration like this current one do the things that they are doing (or trying to do). This is almost like President Clinton's ghost or his revenge of sorts.

That was the last time we heard so much intrusion in the lives of citizens. Lets think back a year ago, when all the bailout money was given to various financial institutions. This money was given out because those who approved it didn't read the bill. Then they try to create this insane tax to get back what they signed off on. For me, that was bad enough. Then I see this headline "Bank lobby lashes out at credit unions" today and I'm asking myself what is this all coming to? What was it? or some variation of the like(1). Then I start to read this. "In a lengthy letter to Speaker Nancy Pelosi (D-Calif.) and House Education and Labor Committee Chairman George Miller (D-Calif.), the American Bankers Association (ABA) urged lawmakers not to increase the amount of money credit unions may lend." Now is it just me or does this sound just plain crazy. I call it Brilliant Beaurocracy!! Then I read this-"The bank lobbies said the change “will only increase the risk exposure of credit unions” and “result in credit unions straying further from their traditional mission of serving customers, particularly those of modest means."

Last time I check, there were many banks that needed government bailout help but did a credit union get any money? Nope, at least that I'm aware of. The big banks who DID get the bailout money aren't lending to the people who could use it. Meanwhile, credit unions quietly go about their business of taking care of their customers needs and not fleecing them in the process. I have been a credit union member since 1986 and have done my primary banking a the same credit union since 1997. They don't rip me off with insane fees or goofy clauses. Their services are as good or better and I know they're interests are in me.

This is brilliant beaurocracy at its best. Those in power want to mess up what isn't broken. They want to tell the successful credit unions of this country how to do business. The funniest part of this is that of all the people the beaurocrats are listening to, they listen to those banks that they had to bail out. Did I miss something here? While we're at it, how many banks has the FDIC taken over since this time a year ago? Thank you! These folks want to listen to the people who messed up their business and wanting to intervene where it isn't needed. Again, here we go. Instead of fixing what ISN'T broken, fix what IS.

Dan Mica is the President for the Credit Union National Association. I will end with his quote when he says, "they have too often throughout the nation’s financial crisis, the bankers are thinking only of themselves at a time when small businesses are in dire need of access to credit." Well said, Mr Mica. Well said!!!


Works cited:
1. "Bank lobby lashes out at credit unions", Silla Brush, thehill.com:
http://thehill.com/homenews/house/70685-banks-lash-out-at-credit-unions-in-letter-to-senior-democrats