he can have his own opinion. a bank pays it stockholders part of it profits each year. they loan money to business to grow and they loan money to built themes. you and your credit unions do not do that. what banks problem are now, people want more house than they could afford, people buy houses to make money, con man selling house more than what they really worth, then oil price aka gasoline price went through roof, all other thing increase in price, people just hanging in could make house Pammy, ----then price of house started to fall and fall as more house came on market, people lost there jobs due sowing of work. greed and smell of money took it housing market down tube. the feds did not bail out very large broker house and whole stock market is down the tube too.
bac fund money into country wide as there lender and when it got into trouble, they gave them 2 billion in cash to shore them up , when that fail, then to protect there investment in them, they had to take it over. that got 20 billion in tarf money to cover loss and raise capital in ipo. then when merrill got big trouble, bac step in and took over memorial. there trouble was bigger than bac though and got another 20 billion shore in merrill. when all this recover, bac will be best bank in country. the bac stock is on fire sale now, buy all you can for big profit down the road.
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