End interstate banking

The headline looked good: $25 billion dollars paid by the big banks into a settlement fund. Let’s see. That is nearly $300 for every home in America! Think of it!

This paltry sum does not begin to cover the losses suffered by the average American homeowner that are attributable to fraudulent and faulty lending and loan service policies at these big banks. So what is it, really?

It is a “victory” for a group of elected officials who the public has clamored after to do something. It is a pittance to these big banks – all funded with shareholder funds – and eliminates the possibility that any real human being ever pays a personal price.

There is too much disconnect between banks and the communities they serve. There is no consciousness at policy levels of good citizenship. Management decisions are made in the rarefied, competitive atmosphere of Wall Street.

It all worked much better for the public before the advent of interstate banking. It is past time to let these big banks fail and return banking to community banks and credit unions.

Don Endresen

Spokane