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Bank Owner - "We got a WAR between the FDIC and the BANKS"


September 20, 2010

The NBER, who claims we are out the recession today, since June 2009, should listen to "Fred" a bank owner in the USA, for these words do not sound very, "all clear" to me:

If the economy does not improve, you are going to see more foreclosures than you probably have ever seen in history of the United States.
Caller of the Week, Fred (Bank owner) on FoxNews with Tim Sullivan.

Fred, owner of a small bank outside of Atlanta, Georgia.

"If the economy does not improve, you are going to see more foreclosures than you probably have ever seen in history of the United States. We got a WAR between the FDIC and the BANKS! We got a situation where they are making us latch down on loans that are performing and they do have the ability to pay, but because the appraisals don't come up to the 80% mark, they (FDIC) are wanting additional collateral .. for the loan lose reserve for the difference of the amount and if we do not want to that then we got to foreclose."

After that you can see the full interview with Peter Schiff, who although was spot on the first market crash in 2008, I think he is off on a few things. But in the end, he is of course barking up the the right tree. Watch out folks:



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September 20, 2010

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