-Priestess of Atlantis by Norman Thomas Miller
-Portia by Wright, ~1846
It must be realized then that it is possible to wrest from the hand of God some of the secrets of governing the forces of nature and controlling matter even though the individual and motive be not absolutely pure. But let none ever think that the one so doing shall escape from accountablility, for he is fully responsible for each use or abuse of energy within his world….All those who misuse the powers of the universe for selfish ends find sooner or later that they must relinquish their hold upon their ill-gotten gains; and the penalty they pay is frightful indeed. -Saint Germain, see http://books.google.com/books?id=ys4_cgAlR6sC&pg=PA5&dq=accountability+clare+prophet+alchemy&hl=en&sa=X&ei=17zAUe3YJ8etigKc5oHAAQ&ved=0CC0Q6AEwAA#v=onepage&q=accountability%20clare%20prophet%20alchemy&f=false
Wall Street is cooking up another crisis—making shoddy loans and selling worthless securities to investors hungry for higher yields than CDs and government bonds offer.
Dodd-Frank banking reforms imposed very costly regulations on mortgage and commercial lending. Regional banks, which have solid knowledge of smaller businesses, could not bear these costs and sold out to large Wall Street institutions. Now a handful of money center banks control more than half the deposits and lendable money.
Although big banks have branches everywhere and are flush with funds, they don’t know much about which businesses are likely to repay what they borrow.
Banks aren’t carrying many mortgages on their books—they are merely conduits for Fannie Mae—but business loans have recovered to pre-financial crisis levels. And the bank examiners at the Office of the Comptroller of the Currency, the FDIC, and Federal Reserve are alarmed about their lending standards.
Too often loans are made to businesses with inadequate cash flow—paper profits are important to stock investors but banks focus on cash flow to evaluate whether an enterprise can pay up each month. Also, many loans carry weak covenants and collateral.
Banks are lending at today’s low interest rates with alarmingly long maturities. That is troublesome because banks’ cost of funds go up and down as the Federal Reserve tightens and loosens monetary policy.