The Economy: Banks

[FordNut]

Rant:
I'm kind of frustrated with one of the big credit card companies, Chase Bank. I have (had) 2 different accounts with them and mostly used them for consolidation to lower interest rates in the past. They sent out letters notifying me of increased interest rates, to ridiculously high levels. Of course, I chose to opt out of the revised agreements and close the accounts. But why would they jack up the rates on somebody with spotless credit, never late, never missed a payment of 2-3 times the minimum payment? It was basically free money to them.
On another note, my Wife works for a mortgage company and they have totally shut down the division that underwrites new loans and processes re-finances. The company's leaders said they can't get loans at an interest rate low enough to be able to make loans at reasonable rates so they are just not going to do any new loans. This is a company owned by hugely succesful investors including Berkshire-Hathaway and Warren Buffet. But the government has been dropping the prime to try to increase lending and if a company at that level can't get good rates there is obviously some banking middle-men jacking up the interest rates and making a killing. At a time like this, that sort of greed is inexcusable.
...Rant off.

[CBT]

How else did you think they were going to "redistribute the wealth"? :cool:Just because we the taxpayers bailed out these :censor: banks for billions, you think you should be shown some love? Come on. Someone else needs your money more than you, period.

[2,4shofast]

Sadly I dont see it turning around anytime soon :(

[Joe Walsh]

Hey...Don't worry!

'Our' government is going to help us all out by spending close to a TRILLION dollars of OUR money!

Has anyone heard one word about deficits OR how we are going to pay for this?
The media seems to just love this bailout idea.

In America we taxpayers get excited when the government bribes us with our own money....:rolleyes:

[2,4shofast]

Hey...Don't worry!


In America we taxpayers get excited when the government bribes us with our own money....:rolleyes:

I think this is the best line of the year! You have my vote :D

[O's Fan Rich]

Joe, it's not "our" money... it's our kids, grand kids, great grankids, great great grandkids..... money....
Putting them into slavery for our comfort....

[252life]

About the credit card rates.
I'm no expert but from what I understand. The reason is Securitization.
The banks pass along the risks to investors, but are still benefiting when rates go up. The only loser is the consumer.

[Joe Walsh]

Joe, it's not "our" money... it's our kids, grand kids, great grankids, great great grandkids..... money....
Putting them into slavery for our comfort....

You're absolutely right Rich,
You and I will most likely avoid the 'tab' for this fiasco...but our kids will be left holding the bag.
Imagine what the interest payments alone will be for a TRILLION+ dollars.
1,000 million = 1 Billion
1,000 Billion = 1 Trillion
1 Trillion sounds so neat and tidy!

When the economy recovers, and it will...It's cyclical folks....
I'm confident that our government will balance the budget and use any surplus funds to pay off the Trillion+ dollars dumped in this experiment....:rolleyes:

BTW: The good news is that there are NO 'pork' projects in this bill....cough...BS!...cough... .:shake:

[ckadiddle]

Abandon the banks, join your local credit union. :)

[Haggis]

Joe, it's not "our" money... it's our kids, grand kids, great grankids, great great grandkids..... money....
Putting them into slavery for our comfort....

Good thing I do not have any kids then; they can thank me later for not dumping this mess on them.

[vkirkend]

I am willing to listen to any coherant idea of geting us out of the current mess we are in without a stimulus plan.....

[Haggis]

I am willing to listen to any coherant idea of geting us out of the current mess we are in without a stimulus plan.....

Ok, how about we start by getting Obama out of office and remove Pelosie from Speaker of the House?

[Joe Walsh]

Ok, how about we start by getting Obama out of office and remove Pelosie from Speaker of the House?

No, we've got to give our new President our support and the benefit of the doubt.

Pelosie!!!
Now that's another matter!
That Ditz is on a mission: "Let's pay off all the Democratic supporters from the election with the new Stimilus Bill money"....Pork Projects Ahoy!!!
I can't believe that idiot is Speaker of the House.

[CBT]

Ok, how about we start by getting Obama out of office and remove Pelosie from Speaker of the House?
Add Harry Ried and you've got a pretty good start.

[O's Fan Rich]

This proves that he is NOT MUSLIM, btw..... all that pork... he'd be outta the club for sure!

[Glenn]

Brian:

So give us all an update on your trans project - how is it going???

Glenn

PS: We are all in for some unbelievable change ----- change that people blindly voted for and we will now all pay though the nose for it!!!!!!! Many Americans are slowly starting to see what is happening. The biggest power grab in the history of America.

[BruteForce]

They (meaning the credit card issuers) are actually trying to get their act together. Now that doesn't mean it's for your benefit as a consumer. They are trying to reduce exposure to what many think will be the next huge meltdown; consumer credit.

I have had two Chase cards closed without warning in the past several months. Granted they hadn't been used in a couple years and I still have a couple other open with them BUT the way they did it was pretty shabby. I was alerted by my credit monitoring service a week before I received any notice from Chase. RBS did the same thing. This with a spotless credit rating.

As for raising interest rates, if you carry a balance you got to pay to play.

[Pops]

I think we are headed for some serious trouble! Car dealer and boat dealers can not get people financed unless they have a high credit score. The local car dealer said you need to be 690 or better on the credit score right now. Before the crunch they were taking car deals down to 550. Hang on as I think it is not going to be a pretty ride!:mad2:

[Dr Caleb]

Imagine what the interest payments alone will be for a TRILLION+ dollars.
1,000 million = 1 Billion
1,000 Billion = 1 Trillion
1 Trillion sounds so neat and tidy!

It's a staggering number, 1 Trillion.

If you were to spend one million dollars a day, every day since Jesus was born to December 31st of the 2009th year, you would have spent 733 Billion, 285 Million dollars. 3/4 of a Trillion.

[Haggis]

PS: We are all in for some unbelievable change ----- change that people blindly voted for and we will now all pay though the nose for it!!!!!!! Many Americans are slowly starting to see what is happening. The biggest power grab in the history of America.

The Constitution guarantees our rights as American citizens, the 2nd Amendment protects those rights.


Remember to support the 2nd Amendment.

[FordNut]

Brian:

So give us all an update on your trans project - how is it going???

Glenn
.

Haven't done anything with it in awhile. I've been out of town every week since early November, with the few days a month I'm home I have to spend most of the time with the wife instead of in the garage with "her". I believe I'll be home the first week of March, so maybe I'll make some progress then.


"Her" is my wife's name for the Marauder, if you couldn't tell.