[Some rare moments of candor from a very unlikely source]

FRBSF Economic Letter
2004-15; June 18, 2004

Banking Consolidation

Until this year, Citigroup was the only $1 trillion banking organization in the U.S. Now, there are two more—Bank of America has merged with FleetBoston, and J.P. Morgan Chase is about to complete its merger with Bank One. These megamergers are notable not only for their size but also for the geographic scope that the new institutions will serve. Indeed, they may signal the beginning of a process for building a truly national banking franchise.

Moreover, a banking organization of a certain scale may even earn a "too-big-to-fail" subsidy due to the market's perception of de facto government backing of a megabank in times of crisis.

The fourth economic force involves the bank managements' personal incentives. These may include the desire to run a larger firm and the desire to maximize their own personal welfare. Empirical research has shown that managerial compensation and perquisite consumption tend to rise with firm size. Research on stock market reactions to megamerger announcements in the 1990s suggests that, on average, the market did not view mergers of publicly owned banking companies as providing a significant gain to total shareholders' wealth of the combined company (Kwan and Eisenbeis 1999). The muted market response to merger announcements raises questions about the true magnitude of the net economic benefits underlying large bank mergers.

The creation of megabanks also heightens concerns about systemic risk. When banking activities are concentrated in a few very large banking companies, shocks to these individual companies could have repercussions to the financial system and the real economy.

However, there is still an exception in FDICIA—which can be invoked only in extraordinary circumstances—that permits the FDIC to pay off a failing bank's uninsured creditors if the use of least cost resolution would have serious adverse effects on economic conditions or financial stability. Megamergers create more such potentially systemically important banks and put a higher premium on credible policies for the orderly resolution of troubled large banking organizations—policies that limit the potential for moral hazard while containing their adverse impacts on financial markets.

Simon Kwan
Vice President, Financial Research

http://www.frbsf.org/publications/economics/letter/2004/el2004-15.html

Megabanks are not good for Whites, or even other humans. Nationwide banking franchise? "I'm sorry sir, but our new check cashing policy says..." Don't like direct deposit? They can make it so there is no real choice. Cashless is a goal of fedzog, and the banks are only too glad to help.

I dont know about the fed, but any kind of banking is a killing where they can borrow at the fed rate and loan it out at a higher one.

rather than being simplistic about banking we ought to find ways to infiltrate and dip our beaks ourselves.

you cant do that with a swazi painted on yer forehead, but I'll betcha there are aggressive young men reading this who could become effective and powerful bankers and plow a percentage back into pro-White causes.

Yeah. Walk into the diamond mine, pluck the prize, and don't get dirty in the meantime. Dip our beaks too!? I want to destroy it, not celebrate it.

Yeah. Walk into the diamond mine, pluck the prize, and don't get dirty in the meantime. Dip our beaks too!? I want to destroy it, not celebrate it.

hey wants are wants and politics is the art of the feasible. sooner or later aspects of the global economy will destroy themselves but who knows how long that will take. some of us may still dip our beaks if we are able. that goes for many unpleasant aspects of the economy.

its like buying stuff at walmart. hey, if that is the cheapest supplier, why waste your money? I hate them bringing in all that Chink junk but what is my alternative for certain items? For some things there are to be sure-- why would you buy a gun at walmart when you could buy one from a family owned gun shop where you meet and greet the owner and get the same product for negligible price difference and better service-- but when it comes man other items you might as well stop pissing in the wind and work on changing what you can.

Germany, Adolf Hitler and National Socialism
www.overthrow.com\creator\ner\ner-2-05.html (http://www.overthrow.comcreatornerner-2-05.html)
1/2 way down page
Hitler's government issued their own German money — money that was not issued by Jewish bankers or backed by Jewish gold. It was backed by Germany's ability to produce. http://www.ethanwiner.com/Smileys/Wave2.gif

The issuance of scrip, which WGS makes much of, is not a cure-all. Too much scrip>inflation, too little>deflation. So we would still need to make the types of judgements the jew-run Fed makes today re: the money supply (i.e. "ability to produce"). Just shifting the responsibility to the fisc (in our case, Dept. of Treasury) does not erase the problem, especially when jews are at least as entrenched at Treasury as at the Fed. Obviously the solution is (just to start) to eliminate jews from all positions of influence in both banking and government, put qualified pro-Whites in charge of all these institutions and then let them sort out the technical arrangements.

The reason I posted this thread originally was to show the reality of modern capitalism in 'Kwa: White management putting personal interest ahead of even its own shareholders, and pushing deregulation all the while pre-wiring a public-sector bailout if they get in trouble. Not exactly the free-market rhetoric of the libbertoons.

The present management of JP Morgan Chase, for one, would be very surprised to hear their bank is jewish. Just as Jarl has done an admirable job with big-name Christians, WN's should become acqainted with all our White satraps.

AE: I seem to recall an old saying about who controls the means of production, controls the people. Or something close. Uh, we don't anymore. Because everybody else wants it cheap too. Might as well shop at walmart, dip our beaks, etc. is exactly how we got here. Take the hard road before that's the only choice left. I hear it builds character. Something your children could emulate. Instead of the "might as well, everyone else is" lesson.

AE: I seem to recall an old saying about who controls the means of production, controls the people. Or something close. Uh, we don't anymore. Because everybody else wants it cheap too. Might as well shop at walmart, dip our beaks, etc. is exactly how we got here. Take the hard road before that's the only choice left. I hear it builds character. Something your children could emulate. Instead of the "might as well, everyone else is" lesson.


rothschild said control the currency control the nation. marx said control of "kapital" the means of production is what distinguishes the proles from the capitalists and so on.

I say we need to maximize our resources. We meaning WNs. We are very small in number and this message goes out to us. Our opportunistic exploitation of the economic and cultural decay is of negligible negative impact on ourselves compared to the positive impact on our objectives we could bring to bear with more resources. Thus I believe that ruthless opportunistic exploitation of nearly all legal opportunities available to us is in our best interests and the best interests of the Whites of tomorrow.

Some people here have called me Jewish in that regard. I dont care about being called names either. Bottom line is I want to win and you need resources to do it. We are short on resources but we are going to get them by hook or by crook and those resources are going to be brought to bear on the bad guys and their schemes. We will not fail.

Engaging in decadent behavior numbs you to the decadence. Well, we're just going to do it for a little while.
Been quite a bit of talk about oil running out. How does that apply? If/when that happens, I HAVE NO DOUBT we will find a suitable replacement. But not before the supply gets critical.
My point: get away and start forming the capable replacement. Before it is critical. Buy used, learn to repair instead of replace, barter, grow your own, etc. Lots of good thinking on these topics available right here at VNNF.
When to stop dipping beaks? Not to mention what you're going to get on your beak dipping it in today's world o' banking.

Engaging in decadent behavior numbs you to the decadence. Well, we're just going to do it for a little while.
Been quite a bit of talk about oil running out. How does that apply? If/when that happens, I HAVE NO DOUBT we will find a suitable replacement. But not before the supply gets critical.
My point: get away and start forming the capable replacement. Before it is critical. Buy used, learn to repair instead of replace, barter, grow your own, etc. Lots of good thinking on these topics available right here at VNNF.
When to stop dipping beaks? Not to mention what you're going to get on your beak dipping it in today's world o' banking.

right, well, I'm for all that other stuff too, barter and gardens and economic community/independence. that is one of the main pillars of nationalism. call it autarky. but you can read kievsky for that.

meanwhile, the balloon hasnt gone up, and moneylending's as good a gig as any, if a guy's willing to plow some back into our thing. I'm not able to dip my beak in banking but if I could I would, in a fucking second. In my mind, you dont worry about when to quit jumping on opportunity, you just try to find it and ride it for what it's worth.

Oh. Opportunistic parasitism. My question remains; if you endorse this, when to stop? Humans being creatures of habit should not start bad ones. I'll not further belabor this point.

Been quite a bit of talk about oil running out. How does that apply? If/when that happens, I HAVE NO DOUBT we will find a suitable replacement. But not before the supply gets critical.
My point: get away and start forming the capable replacement. Before it is critical. Buy used, learn to repair instead of replace, barter, grow your own, etc. Lots of good thinking on these topics available right here at VNNF.


Just talk. My point: last thing we need is for more Whites to head for the backwoods and play survivalist while Korean and Indian immigrant kids are getting graduate degrees so they can have good jobs and support their families in this economy, without whining about how all their women prefer rich negro athletes.

Go ahead. Position yourself for this economy. While greenspan is saying the economy is in good position for rapid interest rate increases. All plastic debt is based on those rates. How much more a month can you pay?
Going back to the woods is not for everyone. I have always felt more at ease in the woods than in cities. Personal choice.

Just talk. My point: last thing we need is for more Whites to head for the backwoods and play survivalist while Korean and Indian immigrant kids are getting graduate degrees so they can have good jobs and support their families in this economy, without whining about how all their women prefer rich negro athletes.

well said.

I may sound like I'm talking out of both sides of my mouth. But here is something to consider: perhaps what matters is less what people "do" once they decide to "do something" than merely dislodging them from inertia and getting them to "do something" identified with collective White survival and progress. If there are many different pro-White things going on from the backwaters to the inner shitties and suburbs, who knows it might catch on.