Banks have to give at least 1% interest to depositors in a savings account
Banks cannot charge more than 30% in interest for any loan, credit card, mortgage, etc
Banks cannot use depositor's money for themselves---the ""Volker rule"" ""the Volker Rule would restrict United States banks from making certain kinds of speculative investments that do not benefit their customers"" link here
banks cannot bet more than 10 to 1 and cannot bet for and against a loan, making money either way, as they did leading up to 2008---they bet 40 to 1 on mortgage backed securities, lied to ratings agencies, made securities they knew would fail, sold them as safe, then bet that they would fail, making money while their customers lost money
Canadian banking
WSJ Article link here
Since 1790, the United States has suffered 16 banking crises. Canada has experienced zero — not even during the Great Depression.
Report link here
Bank of Canada link here
Economy---
I'm for regulated Capitalism
I really only want Government to do a few things----safety and labor laws and regulations---so enforce overtime, minimum wage, consumer protection, safety standards in products,
and banking regulations---especially role STOPPING recessions---that is when Government stimulus should kick in---when private credit freezes because of risks, that is when government should borrow money and lend it to the economy----lender and borrower as last resort
with the 2008 crisis over housing i would have done things differently---let banks fail, AIG was different though, that was an insurance company which froze credit markets for GE which had no problems---
NO FORECLOSURES on primary houses---allmortgages should be paid off at some time, but have help during a recession or crisis ---i would have done anything else----a one year moratorium, no payments---paid for by FED---allow partial payments as a statement of faith and will---""i would like to pay but cant afford whole payment now""
any stimulus would have gone directly to people---those who lost jobs, those who missed a few payments on mortgages (not more than a year etc, cant just not pay forever)---right now even Obama is restricting help to homeowners who haven't missed a payment, and banks make you miss 3 payments, they don't accept partial payments,
so here are just a few examples
I really only want Government to do a few things----safety and labor laws and regulations---so enforce overtime, minimum wage, consumer protection, safety standards in products,
and banking regulations---especially role STOPPING recessions---that is when Government stimulus should kick in---when private credit freezes because of risks, that is when government should borrow money and lend it to the economy----lender and borrower as last resort
with the 2008 crisis over housing i would have done things differently---let banks fail, AIG was different though, that was an insurance company which froze credit markets for GE which had no problems---
NO FORECLOSURES on primary houses---allmortgages should be paid off at some time, but have help during a recession or crisis ---i would have done anything else----a one year moratorium, no payments---paid for by FED---allow partial payments as a statement of faith and will---""i would like to pay but cant afford whole payment now""
any stimulus would have gone directly to people---those who lost jobs, those who missed a few payments on mortgages (not more than a year etc, cant just not pay forever)---right now even Obama is restricting help to homeowners who haven't missed a payment, and banks make you miss 3 payments, they don't accept partial payments,
so here are just a few examples
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