BYOB Book Review Part 5 | Creating a Bank in Becoming Your Own Banker by Nelson Nash
The Wealth Without Wall Street Podcast
Bank of America's Deposits for 2016: $860 Billion
A bank who starts up, what they do is they say we buy cheap depositors money. We need money because we need money to go lend to make money. Bank of America sent $1.9 billion in interest payments to those depositors like, yeah, clap that, right? Wow. Now, what did they do with those deposits? They turned around and lend it to somebody. That's how they lend me money. Right, Russ? I mean, come on. The answer is no, you can't cannot lend their own money. Who's money?"
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