anonymous
2010-04-01 09:49:12 UTC
If you recall, in It's A Wonderful Life, the Building and Loan was saved from the evil grasp of Mr. Potter. The socially responsible lender, the Building and Loan survived and continued to make sensible loans to the town's hard working citizens and all ended well.
But in real life, Mr. Potter and his band of usurious thugs prevailed and went on to become Bank of America, Countrywide, Morgan Stanley and the like.
He then made "too good to be true" loans to everyone in town that he knew they could not pay back, sold the loans to unsuspecting Pension Funds and then bet against the loans using off the books companies and made a killing.
But soon it became apparent that Mr. Potter had leveraged himself to the point that his bank might fail and he ran to the government and asked for the town's tax money to help him. He took that money and leveraged it in the stock market and made another killing.
But in the next election, a nice young black man from Chicago asked the town for their spare change to help him get elected so he could stop Mr. Potter's antics. He was elected but Mr. Potter responded by hiring an army of lobbyists armed with cash, hookers, liquor and stuff to persuade the congressmen to stop the new President from regulating his banks and it looks as if Mr. Potter is winning the war and will be able to dream up even crazier schemes to rob the town.
Mr. Potter had been able to convince his friends at the Federal Reserve to lend him money for almost no interest so that the could lend that money to the town with the credit cards he had sent them. Then he charged the people up to 30% interest on that money. He knew they couldn't pay that back either so he had the congress help him out again and give him more of the people's tax money. He is still doing it today.
How would this have played out if the Building and Loan had really survived and Mr. Potter did not end up owning the town?
Welcome to Potterville boys and girls.