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During his State of the Union address, the President assured us his fiscal policies would stimulate bank lending to help businesses expand and create jobs. Obviously, the right hand isn’t talking to the left hand, and if they are, they don’t speak the same language.
Federal bank regulators, who failed to curb the excesses of the biggest banks, are now punishing the little guys. Your local community bank didn’t engage in the risky behavior that got us into this mess, but it’s now paying the price.
The red-alert was the closure of Charter Bank in Albuquerque and the agreement Los Alamos National Bank reached with the Comptroller of the Currency. Charter was a good bank. When customers, employees and business people raged that its demise was a travesty, they were right. Similarly, the Los Alamos bank is one of the state’s best and most innovative.
Every bank in the state is under regulatory pressure.
This is not a signal to Tea Partiers to strap on their guns and rail against the Obama administration. It was just as bad under President Ronald Reagan.
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