Rick S.

Wall Street Breakfast: Must-Know News

I have accounts in one of the banks closed over the weekend, Affinity Bank in Ventura California. Nothing fancy about their leverage or loans. Simply a lot of mom and pop commercial development loans that went sour because of the overall economy. It happens when development comes to a screeching halt as it did last year, developers go bankrupt, and the banks that loaned them money find themselves with an asset that has essentially zeroed out. It's a stepped process that takes time, but it eventually hits a bank's bottom line of reserves.

Ron Paul, Barney Frank, Wall Street crooks, Glass and Steagal have a lot to do with a lot of things, I'm sure. But they had little to do with the banks that closed last weekend.

Wall Street Breakfast: Must-Know News

And if I'm not an American? Am I allowed to throw a word or two of another language into my remarks? You can't be much of an English speaker either, Sigler, if you are thrown by the expressions "Mazel tov" and "Shalom." One final point: Check the Bio of Eli Hoffman. You will discover he's Israeli.