Feb

23

One flexion activity is creating an artificially steep yield curve. This translates to the high bank margins which are created not by the value they add as in other businesses but by the friends they keep at the fed and treasury. I heard Hugh McColl speak several years ago, (a non flexion man of respect) founder of NCNB now Nations Bank, sum up banking activity as "renters" of money. The rents are artificially high. And those rubes that have to save for a rainy day like myself write checks every month for privilege of doing.


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