Posted 8 years ago on June 30, 2012, 3:06 p.m. EST by atki4564
from Lake Placid, FL
This content is user submitted and not an official statement
If you can't beat em, join em.
Starting a bank sounds like an impossible Gilded Age enterprise; more befitting of a Rockefeller than today's small business owner. But it's not as impossible as one might think -- or as risky.
According to Smart Money.com, "the three-year failure rate for new banks is less than one in 1,000," which, compared with a "60 percent failure rate for new restaurants," is not so horrible. The profits are not too shabby either. The site reports: "6,770 community banks earned $67 billion over the past five years."
In a recent Wall Street Journal interview, even Former Federal Reserve Chairman Alan Greenspan says that he would start a bank -- if he were 50 years younger.
So start a direct democracy bank, as follows: