Banks in Majority White Midwest Doing Fine

By Ian Jobling •  10/15/08

I just came across this post at Brett Steenbarger’s stock trading blog Traderfeed. Steenbarger recently looked up bank ratings and found that there were some banks in America doing perfectly well.

There’s a story that the financial media is missing entirely, and it’s about the segment of the banking system that is working just fine. These are not the largest banks, and—for the most part—they don’t operate in the largest markets. Rather, they tend to be located in small towns that have seen neither boom nor bust in real estate markets. They did not involve themselves in subprime lending, and they did not make large real estate construction and development loans. They have never involved themselves in trading in derivatives; they take in deposits, make prudent loans, and stick to what they know best: the needs of their communities.

The places he’s talking about are in Illinois, and I think we know the racial demographics of small mid-Western towns.

There’s an America that doesn’t live by credit cards, that is grounded in community, that treats banking as a stewardship, and that makes decisions prudently and conservatively. We don’t hear about that America very much in recent media reports, but it may just hold the keys to unlock many of our current dilemmas.

It’s a terribly sad reminder of what the old America was and what it could have gone on being had we not ruined it through massive non-white immigration. It’s the new America, composed of the “improvident races,” that is at the root of this crisis. Of course, the new America now has grown so large and troublesome that we barely remember the old America exists.

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