Ask Dr. Liberal
A reader writes:
I have a question… Does anyone know how many banks are incorporated in Delaware – and of those, how many are on shaky ground? Isn’t a big chunk of Delaware’s revenue bank dependent?
Signed,
Nervous Nelly McSmelly~
Dear Nelly,
You sure hear a lot about banks screwing the pooch lately don’t you? That’s because a lot of banks got out of the loan making business and got into the pile of shit creating business. You see in the old days before banking deregulation (thank’s Tom Carper and Pete DuPont!) banks used to earn an honest buck by lending money to decent Americans who wanted to buy a house and didn’t have enough money so they showed the bank that they had a job and 20% of the house’s value and they promised to pay the bank back over thirty years plus a little bit extra for the privilege of using the bank’s money.
But that was a slow and steady way for banks to make money, and banks wanted alot of money and they wanted it now rather than later. So when deregulation came along some banks learned that they could lend ANY amount to ANY borrower no matter what they were buying and or what chance they had of paying it back and make gobs of money by selling that shitty loan to another bank. Further, that second bank could make gobs of money from selling that crap loan to another bank and so on and so on and pretty soon everyone is making money and voila we have a huge shitpile of bad loans on our hands that the US taxpayer owns.
But don’t worry. Most Delware banks didn’t go that route. They decided to make money by screwing people with crazy credit card charges and insane interest when Pete DuPont and Tom Carper had the usury laws taken off the books.
So we are cool because everyone needs a new plasma TV right? Anyway, thanks for asking.
Sincerely,
Dr. Liberal.
Not to hijack, but there was a thread around the other day about the brilliance of a certain other blog. They have a doozy post today about Democrats eating children for breakfast and beating nuns for entertainment. http://delawarepolitics.net/2008/07/25/dems-oust-delegate-for-mccain-support-undecided-about-child-pornographer/#respond
If you guys are going to put up so many posts, you have to list them somewhere so we can show our love and adoration more.
Oops. Found it.
Sorry; my bad. But I’m pretty sure it’s not torture because 75% of their organs are still inside their bodies.
WAAHHHH! The big bad companies that support our economy are trying to screw me!!! WAAAAHHHHH!
Btw, alot is not aword.
Dom I hate to tell without the little people the big bad screwballs would have nothing
If the economy is going work correctly it needs balance between the producer and the consumer the employer and the employee thats the purpose of Government Regulation now I know that the socalled free market free trade ilk do not like to hear such things but guess what facts are facts and in the world of deregulation the economy is out of balance and that is why we are in the fix we are in now
Thanks for the catch Mensa.
“Incorporated” can just mean a desk, an empty chair and a phone in some building in Wilmington, it doesn’t have to be an entire operation with employees and offices.
There are companies in Delaware that make money off of incorporating business with no real presence here, I’ve seen one of these magical places, it was a huge expanse of desks, chairs and phones as far as the eye could see.
Hate to tell you Doc, but everybody was periodically paying off their Delaware credit card balances by taking out… home equity loans.
Now that game is over, and the credit card banks have to decide if they still want to play the game when all their customers are tapped out.
Thre other day discover card annouced it is closing its Dover Bill Collection operation with a loss of 140 jobs
btw was this another DEDO scam like the office water cooler bottle company SUNROC that was located next to discover DEDO gave them money to build a factory as long as they stayed for i believe 8 years and in 8 years they closed up shop and moved to the South and laid off every one leaving a still vacant building
Delaware “Corporations”………desk and phone not needed. A P.O. Box will suffice.
Torturin’ Tom and his cronies aren’t happy just torturing ‘arabs’…..they want a higher body count. That’s the credit card debtors who will be tortured when they go bankrupt.
Many Delawareans STILL act like the absence of usuary laws is the best thing since Eight Traks. All those good religious folk…..have they forgotten the story about the moneychangers?
BTW in Arabia there are strict rules regarding interest on loans, etc. Banks in Detroit are busy checking for ways to tap into this market.
Unbridled Usuary: Un effin believable!!! (Only in America or should I say only in Delaware? The first state to rob you blind.)