What were the reasons for the controversy over the Bank of the US? and The namesake bank

What were the reasons for the controversy over the Bank of the US?

Pro bank? Anti Bank? What does the controversy say about the US economy, attitudes about banking and business, and relationship between political system and economy?


bank best answer:

Answer by JosF
The controversy is high level politics and back-room dealing. Not just in the US, but everywhere.

In an ideal world we'd have a national bank with an experienced banker (technocrat) without political leanings running that bank. Plus an organization that close monitors how banks obey the law.

Unfortunately, we don't live in an ideal world. So both don't exist. Bankers are just like everybody else. They do what is allowable by law and by the public.

If you don't like the idea of a banker getting xx million in bonuses, park your money in a bank that doesn't. Even if it cost money to do that. Believe me: if enough people do the same, the banks will behave like angels within days.

Also, vote for someone who actively does something about it.

But nobody wants to do that, because it takes some (minor) effort and (might) cost money.

As long as you keep your money in those banks, and vote for politicians that look the other way, banks will have no reason to behave properly.

Something like running red lights or speeding. Only when the police enforces the law people will obey those laws. If politicians give the police different priorities (investigate racial discrimination extensively, monitor pollution, set up equal opportunity programs, etc.) the police can't enforce the laws. Which means the general public will run red lights and drive as fast as they like.

bank

The namesake bank


Image by Canadian Pacific
Ulster Bank, in the Northern Irish province of Ulster.

Ulster Bank is a unit of The Royal Bank of Scotland Group. As such, it's quite bankrupt and majority-owned by HM the British Treasury at the present (2013).

No. 86, Hill Street, Newry, County Down, N.I.

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