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Re: [Pen-l] Bad Times for Banks Means Boom Times for Credit Unions
- To: "Progressive Economics" <pen-l@xxxxxxxxxxxxxxxxxx>
- Subject: Re: [Pen-l] Bad Times for Banks Means Boom Times for Credit Unions
- From: raghu <mraghu01@xxxxxxxxx>
- Date: Thu, 11 Dec 2008 18:50:08 -0800
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On Thu, Dec 11, 2008 at 6:18 PM, Jim Devine <jdevine03@xxxxxxxxx> wrote:
> raghu wrote:
>> It is a direct indictment of unregulated free market finance that
>> credit unions - the closest thing to a nationalized bank in this
>> country are doing extremely well compared to commercial banks.
>
> huh? credit unions "nationalized"? no, they're community banks,
> usually sponsored by corporations, universities, labor unions, etc.
> and involving people associated with the sponsoring institutions. The
> rules have become lax over the years, but the CUs origins still have
> an impact.
I am taking some liberties with terminology here; maybe I should have
said "non capitalist owned" banks. The important thing they do not
have the rapacious profit motive that led the commercial banks to
over-leverage etc.
> CUs usually don't do mortgage lending at all. They're mostly for
> smaller loans, like for cars. Maybe Texas is different...
Yes they do. I am a member of a CU and I constantly get offers for
mortgage financing. The Time article I referred to has statistics on
the level of mortgage lending by CUs.
-raghu.
--
"His credit rating is so bad that his junk mail comes postage due." - Anonymous
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- Thread context:
- [Pen-l] (Fwd) Stiglitz out of the closet,
Patrick Bond Fri 12 Dec 2008, 04:22 GMT
- [Pen-l] Ex-Nasdaq chair arrested on securities fraud charge in NYC; accused of $50B 'Ponzi scheme',
Sandwichman Fri 12 Dec 2008, 04:02 GMT
- [Pen-l] Bad Times for Banks Means Boom Times for Credit Unions,
raghu Fri 12 Dec 2008, 01:15 GMT
- [Pen-l] (no subject),
McDonough, Terrence Thu 11 Dec 2008, 23:44 GMT
- Re: [Pen-l] CounterPunch, the most widely read radical website in the English...,
Waistline2 Thu 11 Dec 2008, 23:29 GMT
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