The main character in that movie wasn’t Jimmy Stewart. It was poverty. Do you remember how poverty was always lurking just beyond the edge of the screen?

That little town had always been fighting poverty. Without the Baileys, the town becomes a moral “Potter’s Field,” unmarked graves for the walking dead with no hope and no future. There’s no irony that the villian was named Potter. A man who took blood money. Do you remember the origin of potter’s field as a burial ground for the unknown or those too poor to have a Christian funeral.

Do you remember reading  Matthew 27:3-8 in the New Testament of the Bible? With the blood money of a repentant Judas, the priests bought a potter’s field to bury strangers.

Under unregulated capitalism, we would all become either Judas or poor. We could put on another face on capitalism, Scrooge or Potter. The names make no difference.

People will never see the dangers of unregulated capitalism, even when confronted by the Georgia banking crisis. The Gainesville Times covers that a little in this editorial.

Banks, like the Savings and Loans in the 80’s, killed themselves chasing paper profits. So many employees lost jobs and so many people lost homes and families, too.

So people want to blame the federal government for everything, including the loose regulation of Georgia Banks.

Those people are wrong. The FDIC has been paying out money to keep the depositors of failed banks from losing their money. Don’t you wish your 401(k) was insured like that? Be honest. Do you know anyone that didn’t lose money in the stock busts in the last ten years?

Know anyone who lost all the money in their checking or savings account because a bank went bust?

How much has the government paid directly to bank customers since 2008? Over $5 billion dollars. Link

Five billion. $5,000,000,000.00 ……… and counting for 26 banks. That’s roughly $200 million dollars per bank.

How about it, Representative James Mills? Do you still wanna mouth off about how the Federal Government is forcing profitable banks to close because of theoretical losses?

Cry me some tears for Mr. Potter and Mr. Scrooge, James Mills. Lament how banks are abused by regulators. The three most recent failures – Georgian, American United and United Security – are estimated to cost the FDIC about 40 percent of the banks’ assets.

Almost half Mr. Mills, half of all the ‘assets’ of those banks can be recovered. Yet, not one customer lost a penny in a checking or savings account.

It’s a wonderful life, Jimmy Mills, as long as the banks are giving  you campaign money.

Just a cut and paste from another web blog:

Rep. Cecily Hill, secretary of the House Banking Committee, is a director of the Satilla Community Bank. In June, the FDIC issued a cease-and-desist order to the state bank ordering a halt to “unsafe and unsound banking practices.”

Rep. Greg Morris, also a committee member, is a director of Montgomery Bank and Trust. In September it too received a cease-and-desist order and was told to review the “appropriateness” of money paid to Morris and others on its board.

Rules Committee Chairman Earl Ehrhart served as a director of Georgian Bank, a state institution that failed in September and cost the FDIC an estimated $892 million in insured deposits. He also sits on the banking panel.
Altogether, eight members of the House banking committee sit as directors of state-chartered banks.

(Departing House Speaker Glenn Richardson sits on the board of the troubled WestSide Bank in Paulding County.)

Don’t forget K.C. Cagle got his millions in banking. Just don’t ask him for the tax returns.

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