I'd like to create my own bank, FDIC insured, so I can buy my own loans with 10% of their value. If Chase can do it, so can I, right? How, or, what is stopping me?
This Act would stabilize the economy and end the boom-bust economic cycles caused by fractional reserve banking.
Um no. You don't just start a new bank. LOL. Most current banks have solid roots, or est. 1890, that have been around for a looong time and have gained social and economical stature over a long period of time. Even Chase is a subsidiary of JPMorgan which was established in 1851. Unless you have old money investors along with a major Wall Street financier, let the dream die. * You need to have liquid assets valued in the billions to even be considered a legit applicant. A long side your financial obstacles, you need a lot of political connections; maybe you know a congressman; a major lobbyist; even a supreme court judge might get you consideration. In this day and age, with all the power horse banks of the world as your competition, you have about a %.00000000001 chance of success. Though that 1 at the end is what is considered your motivation/destiny.
