"Best Regulation for a Bank is its Customers," says Huckabee
Last week, on his eponymous Fox News program, former Arkansas Governor and presidential candidate Mike Huckabee, delivered some insights on how Dodd-Frank is hurting the American people by crippling community bankers.
Some highlights included:
"Thanks to the geniuses in Washington, your local community banker has been saddled with federal regulations that were created to 'fix' the problems of the financial meltdown of 2008. Just one itty bitty problem. Your local banker had nothing to do with the meltdown, other than having to follow other idiotic federal mandates that required them to loan money to people who were buying more than they could afford."
"Congress stuck it to your local bank. And in so doing, they stuck it to you.
What used to be a routine loan process to buy a home, a car, or a boat, maybe start up a small business, or add on a room -- all that changed dramatically. The banker no longer made that decision on the basis of knowing you, and your work. Maybe knowing something about your assets, or your family. It all got reduced to looking at sterile rules designed by the people who don't know you, never will and who live 1,000 miles from you. Basically, power was removed from the people who know you best to those who know you least."
It's worth clicking here to watch the three minute video clip. Thanks for understanding, Huck!