Posted by Mike (WA) on October 09, 2008 at 09:07:04 from (69.10.198.224):
I do some real estate investing when good deals come along, and have some pretty favorable lines of credit at my bank ("semi-local" bank- about 30 branches in western Washington and Oregon). I'll be getting some cash in soon, and was going to pay them down to $1, but it occurred to me, what if I do that, then the bank "freezes" them? Wouldn't be the end of the world, but it would dry up my "workin' capital". So I inquired about that of my bank manager. She just laughed and said "I was feeling like the unpopular girl at school who never gets in on the playground gossip- no messages of doom from above- am I the only one out of the loop? So I called my district guy to see what's up, and he said 'No problems here- we never did any liar loans, and never will, and our portfolio is as strong as it ever was- and, oh, by the way, we've got money to lend, so be talking it up to your good customers to get out there and do something, and we'll finance it if it makes sense. Lots of opportunities out there.'"
Pretty refreshing, in light of all the doom and gloom, and pretty much in line with the Wall Street Journal piece written by the father of someone on this board, referred to in a post yesterday. And it makes you all the "madder" that we who are prudent (of which there are many on this board) and deal with prudent bankers now have to pay for the avarice and greed of the others who were just in it for the quick buck. A pox on all their houses.
Finally, as today's "idea of the day that is supposed to help, but instead will make the stock market tank again", the feds are talking about taking an "ownership interest" in banks. I'm sure the crux of that is to then force the prudent, profitable banks to help prop up the bandits. I've never seen the feds get into anything without screwing it up, and this will undoubtedly be no exception.
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