U.S. Banks Still In Trouble

June 18. 2010

U.S. President Barack Obama

The U.S. banking sector is still in financial calamity. Banks are defaulting on TARP loan repayments and cutting down on the services provided to the American people, such as free checking, as the each of the accounts costs them $200-$300 per year to maintain.

Overdraft services are also being reduced, as the government passed legislation requiring banks to inform the American people, before such fees are tacked on to their accounts.

Too many unsound business practices occurred in the U.S. banking sector and brought the nation to this place. Bankers, brokers and mortgage companies got greedy in said sector and gouged the American people to terrible extremes.

The attitude was the American people would just have to pay for it somehow. You can't make blood out of stone. If people do not have enough money to meet your demand, they simply can't afford it.

In light of the unprecedented U.S. financial crisis of 2008 that is still raging, the world has to rethink how it does business, especially the U.S. government. The Judiciary Report is not calling for a new world order, as that is very dangerous.

The site is simply suggesting the following:

No country should be allowed to anchor the world's economy, as if it falls, it will take the whole world down with it.

Each nation must act in a financially independent and responsible manner. It will create healthy competition worldwide and address the best interests of each respective nation. It will also elevate the world.

Each country must have greater checks and balances in the financial sector, especially those that do large scale business with entities in other nations, investing in them.

Each nation must have greater financial transparency. That should be self-explanatory.

No country should be allowed to borrow money beyond its means of repayment.