Clocks to go forward
We have been busy working on a core banking systems conversion at the credit union; this occurred successfully last weekend. As a consequence, we have not been very active in exploring the neighborhood of late. We are expecting the pond to become unstable, ice-wise, soon and this will curtail the snow-machine activity which makes walking the trail less attractive.
It was 60F today for a temperature; last Tuesday morning it was -6F. Remember to put your clocks forward.
Will the core bank system conversion repair the world economy?
No and our belief that small little community credit unions like us had escaped the evil grasps of the fascist, greedy banking conglomerates has dissipated. We have recently been advised that several specialized credit unions that provide wholesale services to individual credit unions were playing around with the big banking and credit marketeers and invested billions. It turns out that these toxic assets were supported by little credit union investments and now that these toxic assets are gone (these are termed “impaired” assets when it isn’t your money that has disappeared), this means the credit union deposit insurance fund is underfunded. This means little credit unions are probably going to have to set aside or actually expense a significant amount of funds (perhaps equal to one good year of net earnings). Overall, there is much more sh-t heading to the fan and this is part of it.