Thank You Chairman Jon Tester

The banking system and banks are creatures of the federal government, regulated, funded and chartered by Congress, the Federal Reserve System (the Fed), the Office of the Controller of the Currency (OOC, in the Treasury Department), and the Federal Deposit Insurance Corporation (FDIC), with the agencies subject to Congressional oversight.

Senator Jon Tester, D - Mont., is member of the Senate Banking, Housing and Urban Affairs Committee who earlier this year issued a press release proudly announcing,  

Senator Jon Tester today was named Chairman of the powerful Senate Banking Subcommittee on Economic Policy.

The subcommittee is responsible for overseeing Congress’ role in monetary policy, economic growth, small business lending and flood insurance as well as oversight responsibility for the recently created Financial Stability Oversight Council charged with addressing systemic risk to the financial system.

Tester a member of the Senate Banking Committee since he took office in 2007, said he looks forward to using his chairmanship to strengthening the role of Montana’s community banks and small businesses.

“Montana’s community banks are the driving force behind strong small businesses and a job-friendly economy,” Tester said. “This leadership role guarantees Montana and rural America have a voice at the table as we work together to rebuild our economy by creating jobs, cutting spending and cutting our debt.”

Tester tells us he "brings a rural perspective to this committee to make sure that laws and policies work for small banks, credit unions, small businesses and consumers in rural America." Let's see how that's working out for us.

Well, we can congratulate Chairman Jon Tester for returning big banks and the central banking system to a state of prosperity, grandeur and influence greater than at any time since the Great Depression. The Fed's balance sheet has grown to $3.6 trillion.  Big banks have grown from $7.81 trillion in to $10.97 trillion in assets.  

Bigger banks and a more concentrated, more indebted and highly leveraged and centralized banking system -- way to go Jon and friends in reining in debt and reducing systemic risk.  These banks are not only too big to fail -- they are too big to hiccup. 

Senator Tester, thank you and your colleagues for doing your campaign donors' bidding well. With your track record, I think you can understand Mr. Senator why I am befuddled how it is that you want to tell me how to manage my money. More importantly, why don't you answer your email?