The upcoming election of November 6, 2012 is one of the 2 or 3 most consequential elections in our nation’s history. It is also one in which the choices are different and pronounced. Please take the time to study the issues and exercise your franchise to vote.
A review of the banking industry and its interests indicates a huge difference between big and small. 660 banks (9.1% of the total) control 90% of all assets. The remaining 7246 banks have 10% of the total assets. In its infinite wisdom, the problem solvers in Washington have treated the industry as homogeneous and have developed laws and regulations in that context.
There is a real distinction between regulatory oversight of the largest banks in the country and your local community bank. The larger banks—especially the top five or ten in the country-- were part of the problem in the financial crisis of 2008-2010 and both deserve and need greater oversight. The community banks on the other hand did not create the crisis. The community banks that went beyond good management were severely punished by the market and probably failed (with no harm to depositors). No new regulations needed for this segment.
Generally speaking, there is a difference in how the 2 major political parties view our industry and how they view regulation. One party is sympathetic to the differences between the big banks and community banks, the other not so much. I know I’m voting to benefit the community bank segment.
Beyond the narrow industry interest, the election is huge. The future of our country is on the line. We cannot afford soaring deficits, trillion dollar additions to our national debt, and no leadership to tackle these difficult issues. But they must be dealt with!
I ask you to think about the issues and vote for the candidates that you think provide for the best future America. And I ask you to send a message to your Representative and Senator to sit down and come up with a solution or vote them out. Partisanship cannot stand in the way of solutions.