Legislation to Protect Banking Safety? Hopefully with Congressional Bi-Partisan Support
By Heather Pielke RWBC Member
As a graduate of Johns Hopkins University with a B.A. in art history and psychology I studied modern art concepts from 1800 to the modernist period ending in 1960. Modernists believed in eliminating the aesthetics of realism and individualism in favor of a mass mentality. In effect, this concept lessens individualism in choices and values. Fewer individual rights and freedoms are concepts that are not what the United States stands for, we are a nation of individuals. Our founding fathers recognized this as the basis of the United States legal code, advocating not just elected officials as government, but also self-government. As a result, our founding fathers declared in our legal code that the United States is a nation governed "for the people, by the people." Not all modern artists worked abstractly for this type of philosophy or political activism, but the aftereffects of modernist thinkers, not just modern artists, are still an issue in contemporary times.
Modernist thinkers wanted to empty out the aesthetics of realism with abstraction with the goal of lessening individualism and individual civil liberties, "Emptying Out America." We see a direct parallel with the banking industry in their bad banking policies. Current U.S. banking policies is emptying out American's truly earned and deserved money in favor of high-risk business loans by major banks.
For example, banks have invested in Walmart, one of the largest employers in America. Currently Walmart is facing bankruptcy. Walmart is one of the biggest examples of failed large corporation that has sought bank bailouts. This trend is in part about large companies with high risk and extensive business loans that banks are catering to. This is not beneficial to America and is part of the loan choices that empty out US banks, leading to government bailouts of banks in the past twenty years.
Second, high risk mortgage loans redistribute wealth that has left people homeless, unless the government bailouts their mortgages. This wealth redistribution system of high-risk loans seldom benefits anyone. High risk loans do not benefit the average American, whose money is lent. Bad banking like this drives up the prices in America, especially in home values. So how is this even wealth redistribution?
Common sense, fiscal responsibility, and excellent legislation passed through Congress will prevent United States banks from issuing high risk loans in the future. I hope you as American voters agree!