Financial crisis? What financial crisis?
Not in Texas, apparently. And not for bankers.
Bankers descended on Austin this week for Bank Legislation Day, which doesn't sound as fun as the Bank Holidays they have in England.
The Texas bankers, though, want the world to know that they are nothing like those other banks that are having so much trouble.
Among the reasons:
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-- Texas banks did not make subprime mortgage loans.
-- The Texas economy is healthy compared to other states.
-- Texas is the fastest-growing state in the nation.
-- Texas bankers learned valuable lessons from the problems of the late 1980s to early 1990s, when several financial institutions failed.
-- There was no rapid inflation in home prices.
-- Foreclosure numbers are low.
-- Home equity borrowing authority is limited in Texas.
Nothing to worry about here!
Just don't pay any attention to the fourth item, which might make you question how much faith to put into Texas bankers.
-- Richard Connelly