ethel’s words

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WAL-SMARTS AND BEGGING BANKS

I have no credentials, so I like to identify myself as a Central City Housewife. I never have been impressed with credentials, except for medical physicians and nurses. Some of the wisest persons I have known have been “uneducated” women who could barely read. They could observe; they could think. Some doctoral holders I’ve observed in Utah have murky brains roiling with superstitions of the sickest kind.

With that out of the way, let’s ask questions, inasmuch as I have no credentials on which to base answers. I recall a situation a couple or four years ago when Wal-Mart wanted to have an Industrial Bank, same as the home-grown corporations. The Powers around here, who can’t look Wal-Mart success in the eye, sent a loud “NO” reverberating through local communication channels. Wal-Mart said, in effect, “Okay, I’ll get along without you guys.” And they developed a substitute for an Industrial Bank.

Industrial Banks were created from the ribs of regular commercial banks. The ribs were the framework of a legal loop-hole. The sacred fat-cat corporations who can’t manage survival without taxpayers’ hot-air balloon of fictional dollars (yes, I know all dollars are fiction, but some dollars are more fictitious than others) those cats are getting rescued, putting every ordinary joe (jane, also) into long-term debt.

Now, the Industrial Banks, those cunning Wal-Mart haters, want to dip into taxpayers’ pockets, like the more openly-begging big banks, so they want to put on a different hat.

As I said, I have no credentials, but I can’t help wondering why there seems to be no creativity among the umpires of the politico-finance games. My un-schooled reaction is amused disgust.

Ethel C. Hale