Bankers win yet another..Fed says no to credit card consumer help (loans, 2009)

[HappyTexan]

It should be painfully obvious that only the bankers are deserving of bailouts, modifications and any kind of financial help.

Fed rejects request to help credit card holders

snippet:
" The U.S. Federal Reserve rejected a request to force credit card companies to immediately halt retroactive interest-rate increases on existing balances, Democratic Senator Charles Schumer said on Tuesday."


This one seems to have ticked off a few Congressmen. I hope these Congressmen try to do something.

[Stac2007]

Originally Posted by HappyTexan

It should be painfully obvious that only the bankers are deserving of bailouts, modifications and any kind of financial help.

Fed rejects request to help credit card holders

snippet:
" The U.S. Federal Reserve rejected a request to force credit card companies to immediately halt retroactive interest-rate increases on existing balances, Democratic Senator Charles Schumer said on Tuesday."


This one seems to have ticked off a few Congressmen. I hope these Congressmen try to do something.

Of course! The banks screw up and the government lets them created new fees, increase old ones and raise their interest rates. Does any one else feel like they are being raped?

[subsound]

Good. People need to learn a painful lesson that spending their way to the poorhouse with high cost borrowed money is bad news.

[chuck22b]

Originally Posted by subsound

Good. People need to learn a painful lesson that spending their way to the poorhouse with high cost borrowed money is bad news.

Yes, punish those people, those evil devlish people... Punish! Punish! Punish! Maybe everybody would get off of credit and not borrow if we punish them hard enough

Of course that would only collapse the system. Go figure. At least we got to punish those evil doers!

[texdav]

Its just the fact that the worm has turned on other evil doers besides wall street. Not surpirsing really that those who over spent are now targets.Did greedy people actually think they would get a pass. Afetral iuts the p[eole that got themsleves into this position whiel wanting to blame everyone else except themselves. If that is not teh case then they can get a laon at lower rates and payoff the credit cards whiuch many are .

[chuck22b]

Originally Posted by texdav

Its just the fact that the worm has turned on other evil doers besides wall street. Not surpirsing really that those who over spent are now targets.Did greedy people actually think they would get a pass. Afetral iuts the p[eole that got themsleves into this position whiel wanting to blame everyone else except themselves. If that is not teh case then they can get a laon at lower rates and payoff the credit cards whiuch many are .

I would have to agree. A lot of people are getting off of debt all together using debit cards or cash and accelerating pay offs of any remaining balances.

What does this do to the system though? Well, it shinks the credit/debt money supply and further contracts our economy. Paying off debt, accelerating payments or making larger payments has the opposite effect of the money multiplier collapsing money supply.

Hence, Fed intervention is necessary as credit is being destroyed faster than created. Our system relies on somebody or some "entity" to be in debt, or it all collapses.

If households won't borrow or banks won't lend... oh well. Prices, incomes, etc. will fall to what is Real production levels. Essentially a zero interest rate, full reserve system. Not going to happen though.

-chuck22b

[HappyTexan]

What I do not think is fair is the banks raising rates on people who have balances. It should not be retroactive. If you borrow money at 5% the banks should not be able to raise your interest rate to 12-15-25% on the existing balance.

[Flamingo13]

Originally Posted by HappyTexan

What I do not think is fair is the banks raising rates on people who have balances. It should not be retroactive. If you borrow money at 5% the banks should not be able to raise your interest rate to 12-15-25% on the existing balance.

I agree, it's not happened to us but I think if the rate changes on something, it should be from that date forward, NOT retroactive.

[subsound]

Originally Posted by chuck22b

Yes, punish those people, those evil devlish people... Punish! Punish! Punish! Maybe everybody would get off of credit and not borrow if we punish them hard enough

Of course that would only collapse the system. Go figure. At least we got to punish those evil doers!

Why not? Are you saying the only way to perpetuate the system is to take out massive loans and spend irresponsibly? Wouldn't that just push a larger failure farther in the future if people don't learn that overindulging in expensive loans is not good?

[killer2021]

Last time I checked the banks owned the entire planet including your elected representatives.

There is a reason you only have two choices for president and both of those candidates are very similar. Just think about it.

Bush was a republican and he pushed for the war in iraq.

Obama was a democrat and he continues the war in iraq and then moves on to Afghanistan.

So who, exactly, are we suppose to elect to get out of the middle east?

No one, that is your answer. No one.