The Bank of the United States of America

The Bank of the United States of America

For decades banks and credit card companies have taken advantage of the American Taxpayers through high interest rates and bad lending practices. The duped the Federal Government and the American Taxpayers during the 3rd quarter of 2008 by indicating that they were in financial distress and without Federal bailout monies they would not be able to survive, when in reality they wanted to use the Federal bailout monies to pay millions of dollars of executive level compensation packages. These banking entities were never in any type of financial crisis, which in seen in the fact that less than six months later, many are indicating that they have billions in profit and are ready to pay back the Federal bailout monies because they do not want to be “regulated” by the government in how they award and pay executive level compensation. It is time for the Federal government to make banks realize that there can be competition in the banking industry that will limit their abilities to remain so profitable that they are able to even pay executive level compensation. There are complaints from politicians that with government intervention, the United States is moving from a Capitalist Society to a Socialist Society. If this is the case, then the American Taxpayer should be able to decide if they want to live in a Capitalist Society derived from the greed of business owners or in a Socialist Society where they have a choice of how they want to live. The Treasury Department and the Federal Reserve need to establish The Bank of the United States of America (BUSA), a government controlled and sponsored banking entity. The Bank of the United States of America would bring some competitiveness to the banking industry as it would offer interest rates between 5-16% for credit cards and higher interest for deposits than the current banks. The BUSA would start to refinance mortgages directly, bypassing the banks, which would allow more homeowners to remain in their homes and alleviate some of the “bureaucracy” of the current banking industry which is not focused on helping homeowners. As there are many banks that have become insolvent and their facilities are now empty, the BUSA would be able to open branches in major cities to allow American Taxpayers to begin making wire transfers from their existing banks and transferring credit card balances. The BUSA would also offer online banking services to allow American Taxpayers to establish accounts online and receive debit and credit cards via the mail just as the current banks do. The advantages of opening The Bank of the United States of America is that the interest monies received could be used to reduce the Federal Deficit, it would alleviate the size of banks that are thought to be too big to fail, it would create jobs locally as new offices are opened, and it would provide the American Taxpayer with a better solution for investing and saving their monies than in the current banks that are using the monies to pay the executive level bonus compensation packages.
It would be a “win-win” solution for the American Taxpayers and the Federal Government and let the current banks know that the American Taxpayers have a choice in how they want their hard earned monies to be used.


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