This is a repost because I have recieved many qustions from maidens asking why credit unions are safer. Well Bank of America just posted a 77% drop in income which includes 6.01 Billion Dollars in writedowns.
Again, I am encouraging all of the squires and maidens, my name for friends of King George, to move or open new accounts to credit unions insured by the National Credit Union Administration, not the Federal deposit Insurance Corporation. There are many reasons, the first of which is credit unions have more capital and make less risky investments, second they offer more educational information about savings, checking and the use of credit, and third they are democratic institutions which mean if you are so inclined, you can run for a seat on the Board.
Credit Unions have also expanded their offerings for business loans, and lets face it, a banks are in survival mode and are not in a position to extend credit for the next 3 quarterers. As a matter of fact, Suzy Orman said what many whites think on Oprah's Show on Monday, March 29, 2008. She stated and Oprah nodded in agreement that minorities and President Bush were responsible for the sub prime crises.
So friends, the first thing to do this month is to move that money to a safer financial institution and start enjoying lower fees and higher interest rates on your accounts.
King George Farrell
www.abmgts.blogspot.com
4 comments:
Dear King:
I took you advice and stopped by my local credit union for lunch. I can get a higher interest rate on my checking and 5 free overdrafts. I moving the rest of my cash tomorrow
King George:
I'm glad I am not the only person who caught that statement on Oprah!
I almost fell out of my chair when I heard Suzy Orman say that President Bush eased mortgage loan requirements (deregulated) in order to help more minorities acquire housing.
Obviously that was the real reason and not that Gb's banker friends wanted a means for more profit.
This had to be done to assist minorities and not the banks. After all, look what a great job we did for our black brothers and sisters in New Orleans when they really needed us.
Katrina was the greatest example of what our country is really all about....
Squire Anonymous
Thanks for your comment. Oprah and Suzy did not even offer a clarification or apology and Oprah has since removed all the comments from her webpage. Please feel free to leave your name using the name/url and when you get a copy of the book, I will make arrangements to sign it. Have a prosperous day
King George
I took your advice today. The banks loosing money are really scaring me
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