As most all Americans have learned to their dismay, there have been some pretty bad actors in our Nation’s financial sector and millions of folks have been hurt by them. The federal government claims it was caught by surprise when all of the financial scandals began to surface. I find this real hard to comprehend. Our firm has been dealing with enough of the corporate fraud by financial institutions to have known for at least five years that there were some very bad actors in this important industry. Our involvement against the predatory lenders in recent years made us realize even more that our government in Washington has performed very poorly. Actually, there was a warning years ago that Americans should watch out for the banking institutions.
I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.
Thomas Jefferson 1802
Hopefully, we can look back in a few months and say that the financial institutions in this country have learned their lesson and are now operating within the law and with a renewed commitment to dealing with folks honestly, fairly, and with compassion. My prayer is that President Obama, members of his cabinet, all regulatory agency heads, and members of Congress will make the interests of the American people a top priority in all that they do. If that happens, our Nation will be much stronger as a result.
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