Morgan Liddick is registered as a Republican in Summit County, Colorado. Morgan is a big-government war-monger who is part of the welfare class (he takes a government pension). Morgan consistently supports war and big government.
In a recent article in a local newspaper, Morgan Liddick misrepresents history and advocates for the status quo.
In the mid-1970s, we had either a preview of coming attractions or a
reprise of 1929 — or maybe, both. In question were the relatively new
banking institutions known as credit unions – sometimes referred to as
“savings and loans,” ...
Nobody confused S&Ls with credit unions. They are different and were regulated differently. There were large regulatory failures and fraud that led to the S&L crisis. Many of the S&L chiefs that committed fraud were indicted, convicted, and served prison time. The 2008 bankster bailouts have led to few prosecutions and the chiefs continuing to cash in big bonuses, at taxpayer expense.
Colorado's very own Senator Mark Udall has been working to lift federal limits on the amount credit unions can loan to business, in the teeth of past experience.
Allowing credit unions to make commercial loans will provide additional competition for the banks. Credit unions have different regulators and insurance programs than banks. The credit union regulators will provide guidelines and oversight. Competition is good, so this bill is useful.
The real issue is allowing financial institutions that are not part of the Federal Reserve System to compete against the banks. Banks, and their Federal Reserve regulator, don't want competition. By advocating against this bill, Morgan Liddick is advocating for less competition and a continuance of the rip-off by the private cartel Federal Reserve.
