- from Friday, December 14, 2007
We're from the bank and we're here to help you: Now stick 'em up
By David Mildenberg and Hugh Son
Dec. 12 (Bloomberg) -- Bank of America Corp., Wachovia Corp. and PNC Financial Services Group Inc. said losses tied to bad debt will be worse than expected, providing fresh evidence that credit markets aren't returning to normal. -original source here
Hmmm, ... wonder whether our Bank Buddies are gonna shrug off their losses with big red faces, admit their unbridled avarice ... and learn a lesson about fiscal responsibility?Will banks finally wise up n' buckle down ... no longer writing risky loans or issuing "credit cards" to folks who're already over-extended & unable to make minimum monthly payments?
Or, can we expect them to:
1) Raise interest rates & minimum monthly payments for "marginal" borrowers (folks with variable-interest mortgages and debt cards)
2) Mass-mail enticing new offers to "even more marginal" borrowers/debtors
3) Lay off "non-essential personnel" (i.e. bottom-tier bank employees; not the folks responsible for banks' lending practices) "as a response to the disappointing current economic downtrend"?
4) Resort to predatory lending by writing increasingly-risky loans (before their competitors do)
5) Increase fees & service charges; create new ones; offer fewer services
6) Argue that "Stealing isn't stealing when stealing is protected by law"
But isn't that Free Enterprise? Ain't that how Capitalism works?
Banks hire lobbyists and make huge political contributions to manipulate the legislative process and enact laws penned in their corporate board rooms intended to guarantee their profits.
That how we end up with The Best Government Money Can Buy.
- from Thursday, July 13, 2006
Somebody Slap Me
But I wish there was a time when he'd come up and knocked me flat silly. That's why now I'm hoping he'll lay one upside your head, too. Joe blogs about personal finances and how to become (and stay) debt-free.
It's not a gimmick or get rich quick scheme. Joe presents solid, 100% reality-based insights on how "only a little" debt snowballs, affects our choices, takes over our lives and turns us into slaves. Joe's blog is packed full of solid advice about getting your finances under control and keeping them there.
It might be hard to believe but there was a time when being a "debtor" carried a social stigma ... sorta like being an alcoholic who couldn't function without a drink, or an addict hustling the streets looking for the next fix.
Be Honest with Yourself: If racing down to the mall with a wallet (or purse) full of plastic is your idea of fun or recreation then you need to listen up.
Being out of financial control and accumulating DEBT is Not Fun. Paying 22% finance charges is isn't just STUPID ... it's a hint you might be addicted to spending.
We've been brainwashed with temptations like 0% interest and No Money Down Easy Credit Terms. But credit cards don't convey social status and aren't proof of your financial success, no matter what their advertising claims.
A credit card is your Debt Slave ID Badge and only impresses other people that you're a debt "ho" who's borrowing money from a credit pimp to buy stuff you really can't afford.
And pimps don't care about anything except getting their money paid back with 22% interest.
You need to start getting out of debt today ... and there's no better time to take the first step than right now.
