Comments on: What an Amazing Discovery: I Found a Banker With Brains and Scruples

By: Dr Robert Lahm

Dr Robert Lahm — Fri, 09 Oct 2009 18:45:04 +0000

Dear “clow,”

RE: Comment #10.

I agree with almost all of your points, which I think provide a very astute assessment of the situation overall, except one: “What’s done is done and nothing is going to fix this.”

I do understand the frustration, and I feel it every day, fighting a monster like Chase. The banking industry and the lobbyists, and the influence that they exercise, does make the situation seem hopeless. But it’s not. As a parent and an educator, too, I look forward to a future where our children know better than to support corrupt and evil banks.

If we fail to fight, our children will be enslaved. And I can’t accept that. I will keep looking for ways to mount a resistance.

Your observation did give me an idea for a funny cartoon. I wish I had time to draw it:

Time it takes to make rates go up: 1 second.
Time it takes for rates to come down: 18 months.

Take care.

By: clow

clow — Thu, 08 Oct 2009 05:11:57 +0000

The Banks have been so busy trying to figure out how to screw the American public and yet they had NO problem adjusting their systems for that!!
What is done is done and nothing is going to fix this. The minimum payment was NEVER addressed and the loop holes in variable rates are so large that you could drive a truck through them. We need to educate the future CHASE vic’s, it is the only way to be rid of CHASE and BANKS like them.

By: steve

steve — Thu, 08 Oct 2009 02:31:47 +0000

Wolf Blitzer tonight said that a congresswoman was furious when she watched the movie. Apparently she is going to try to get congress to vote tomorrow to move up the credit bill to start December. The big banks say they need months to adjust their computer systems!
In any event, it wont have any effect. The rate provision only applies to fixed rates; the banks have gone to variable. Coincidence eh!

By: Dr Robert Lahm

Dr Robert Lahm — Wed, 07 Oct 2009 02:55:43 +0000

I found the CNN link. I’ll promote this to the home page as a post, with my comments when I get a chance. So Chase is still on the same old line: “deadbeats didn’t pay us back fast enough…”

http://www.cnn.com/video/#/video/us/2009/10/06/yellin.credit.card.outrage.cnn

By: steve

steve — Wed, 07 Oct 2009 01:33:50 +0000

see cnn.com. they showed a couple on video whose minimum payments had been almost tripled. Great to watch since it portrayed Chase just like it is. Chase commented that it did this to a million customers because they wanted them to repay in a reasonable time frame!

By: steve

steve — Tue, 06 Oct 2009 12:01:35 +0000

thanks Alessandro. I joined the mailing list.

By: anna

anna — Tue, 06 Oct 2009 06:36:40 +0000

M,
It’s about time.

By: M

Mon, 05 Oct 2009 21:43:40 +0000

FYI,

There is a planned demonstration against the American Bankers Association in Chicago on October 27th. This should be interesting.

http://www.showdowninchicago.org/details.html

By: steve

steve — Sun, 04 Oct 2009 17:18:54 +0000

Alessandro…you still dont get it.
It isnt about helping the consumer or the economy. Its about filling the pockets of the banks, with kickbacks to the elected politicians. If you look at the bailouts, they targeted specific industries: Wall street, the banks, and the automotive industry. How did either one of these help main street?
Kickbacks from the banks, the investment firms, and the auto companies lined the politicians pockets. All the government would have to do to end the recession is to lower rates to 3-4%. This would stimulate housing and the auto industries, creating millions of jobs overnight. But why wont the government do it? Because there is nothing in it for the individual politician or banker. Why be happy with 4%, when the banks can earn 30% on their money? Why wotn the government reduce taxes? Unfortunately, the only way for the consumer to win the fight, is pay off their debt, and do not do business with the big banks again. And to spread the word. It wont happen overnight, but it will happen. I cannot believe Chase is not hurting for business, and write offs. This is only the beginning. They will hurt more as the recession deepens,,,which it has to, since the government is doing nothing to stop it. Ufortunately, that is how I see it. That is how it is.

By: Alessandro Machi

Alessandro Machi — Sat, 03 Oct 2009 09:45:53 +0000

My calculations, which very few if anybody else ever talks about on the internet, reveal one trillion dollars in consumer credit card debt that then translates into 15-25 billion dollars in MONTHLY interest rate charges.

The economy would literally stabilize overnight (45-90 days) if programs were set up to waive all interest rate charges on EXISTING credit card debt for anybody intent on paying down their consumer credit card debt.

The government and the media made a big deal about the 2 billion dollar cash for clunkers program that actually just created MORE DEBT!

Imagine 15-25 billion dollars every month, instead of going directly to the banks (in interest payments alone!), first going to your neighbor, your local business, to either pay down a debt with them, or to order a new product or service that is paid with CASH!

The recipient of the money would in turn use it to, PAY DOWN THEIR OWN DEBTS, so the banks would STILL get the money back. The biggest difference is the money first circulated locally BEFORE it goes back to the banks.

Our esteemed Wall Street bankers either do not get the concept of what local economies need to be healthy, or they are knowingly wreaking havoc by doing the exact opposite to what needs to be done to stabilize local economies.

What is even more injurious, NEW IPO’S coming from the usual suspects involve INTERNET VENTURES, even as infrastructure companies such as SATURN are allowed to just twist in the wind and die.