Hawkings former plumber
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January 7th, 2008, 09:11 PM
Beware the Credit-Industrial Complex
By Susan J. Douglas, In These Times
Posted on January 7, 2008, Printed on January 7, 2008
http://www.alternet.org/story/72522/
My daughter is a freshman in college and is learning a lot, including how to manage her money. Recently, she got a powerful initiation into the predatory practices of banks -- a lesson more and more of us are learning each month. She made a miscalculation and thought she had more in her account than she did. When she went to make a withdrawal from an ATM machine, the bank let her, even though she was in deficit. Comerica bank continued to let her make such withdrawals, and charged her $32 a pop for doing so. A $4 charge at a coffee shop became a $36 charge with the fee. A $6 sandwich became $38. She had never authorized the bank to permit deficit spending. And she, like most people, had no idea that the bank would still let her use her card if she was broke. The bank doesn't tell you it will do this. Why? Because it's a huge source of profit for them.
BusinessWeek reported on a student whose bank, Pittsburgh's PNC, allowed him to charge $230 on his debit card even though his account was in the hole. PNC charged him $217 in fees for the privilege. A PNC spokesperson says such a policy "helps our customers avoid embarrassment." The student said he would rather have been embarrassed than gouged.
In 2004, banks pocketed $32 billion in service fees, up from $21 billion in 1999. According to BusinessWeek, such fees accounted for 76 percent of profits at the Midwestern bank, TCF. Wells Fargo in San Francisco reportedly charges $2 every time someone with a low balance calls a service representative, and a whopping $30 an hour when a rep helps someone reconcile an account. Not surprisingly, the majority of these fees falls upon the poorest customers.
One out of five customers switches banks because he or she is so outraged by these charges. One estimate by Gartner Research shows that it costs banks less than 50 cents to return a payment request, while turning around and charging us anywhere from $25 to $40 fo
Beware the Credit-Industrial Complex
By Susan J. Douglas, In These Times
Posted on January 7, 2008, Printed on January 7, 2008
http://www.alternet.org/story/72522/
My daughter is a freshman in college and is learning a lot, including how to manage her money. Recently, she got a powerful initiation into the predatory practices of banks -- a lesson more and more of us are learning each month. She made a miscalculation and thought she had more in her account than she did. When she went to make a withdrawal from an ATM machine, the bank let her, even though she was in deficit. Comerica bank continued to let her make such withdrawals, and charged her $32 a pop for doing so. A $4 charge at a coffee shop became a $36 charge with the fee. A $6 sandwich became $38. She had never authorized the bank to permit deficit spending. And she, like most people, had no idea that the bank would still let her use her card if she was broke. The bank doesn't tell you it will do this. Why? Because it's a huge source of profit for them.
BusinessWeek reported on a student whose bank, Pittsburgh's PNC, allowed him to charge $230 on his debit card even though his account was in the hole. PNC charged him $217 in fees for the privilege. A PNC spokesperson says such a policy "helps our customers avoid embarrassment." The student said he would rather have been embarrassed than gouged.
In 2004, banks pocketed $32 billion in service fees, up from $21 billion in 1999. According to BusinessWeek, such fees accounted for 76 percent of profits at the Midwestern bank, TCF. Wells Fargo in San Francisco reportedly charges $2 every time someone with a low balance calls a service representative, and a whopping $30 an hour when a rep helps someone reconcile an account. Not surprisingly, the majority of these fees falls upon the poorest customers.
One out of five customers switches banks because he or she is so outraged by these charges. One estimate by Gartner Research shows that it costs banks less than 50 cents to return a payment request, while turning around and charging us anywhere from $25 to $40 fo
Hawkings former plumber
Posts: 8,422
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Location: RR1 Distopia 666 Discordia Drive Apt 911
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January 7th, 2008, 09:13 PM
The above is just one of the thousands of reasons why I hate capitalists and capitalism. Just try and tell me that is just business, I dare ya.Go and read the whole two pages and you'll see why they're the scum of the earth.
The above is just one of the thousands of reasons why I hate capitalists and capitalism. Just try and tell me that is just business, I dare ya.Go and read the whole two pages and you'll see why they're the scum of the earth.
Steven Hawking's Tutor
Posts: 4,995
Location: Florida, Hurricane Central
Location: Florida, Hurricane Central
January 7th, 2008, 09:50 PM
I love capitalism. Its awesome. If we had stuck with the socialists, we'd all be living in caves and eating dirt.
But credit companies suck. There are some I won't deal with because I think they are parasites.
I love capitalism. Its awesome. If we had stuck with the socialists, we'd all be living in caves and eating dirt.
But credit companies suck. There are some I won't deal with because I think they are parasites.
Hawkings former plumber
Posts: 8,422
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Location: RR1 Distopia 666 Discordia Drive Apt 911
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Location: RR1 Distopia 666 Discordia Drive Apt 911
January 7th, 2008, 09:56 PM
Quoting Toro
It'll be a hard very hard decision but I sure hope you don't go out with the bath water. You are an expert with numbers you must be able to tell with numerical precision that they are parasites.
I love capitalism. Its awesome. If we had stuck with the socialists, we'd all be living in caves and eating dirt.
But credit companies suck. There are some I won't deal with because I think they are parasites.
But credit companies suck. There are some I won't deal with because I think they are parasites.
Newbie
Posts: 21
January 7th, 2008, 09:59 PM
It's an good article right up until the end where the writer goes on a left/right political rant missing the source of the problem entirely.
Banks are at the top of the food chain, higher than the puppet politicians they fund and put in power. The timing of the bankruptcy "reform" act was no accident, anyone living over the course of the next 10 or so years is going to witness the biggest theft and transfer of wealth in the history of the world. It will be called a "global depression" bringing with it depopulation and the another great money maker for the banks - war.
When the dust settles, the banks will own most of the physical land. There is nothing stopping the big banks from calling in the outstanding loans, crashing the economy hard and buying up everything at fire sale prices. Some people will manage to keep their land but most will have to cough it up.
The beauty of this scam is relatively very few people know who orchestrates the mess so like this writer, most will be blaming each other when the ship goes down and their children wake up penniless and born into slavery.
The writer says "My daughter is a freshman in college and is learning a lot...". If she plans on graduating tens of thousands in debt and minimal job prospects I would say her real education hasn't even started yet.
Don't worry too much though, I am a bit of a pessimist
It's an good article right up until the end where the writer goes on a left/right political rant missing the source of the problem entirely.
Banks are at the top of the food chain, higher than the puppet politicians they fund and put in power. The timing of the bankruptcy "reform" act was no accident, anyone living over the course of the next 10 or so years is going to witness the biggest theft and transfer of wealth in the history of the world. It will be called a "global depression" bringing with it depopulation and the another great money maker for the banks - war.
When the dust settles, the banks will own most of the physical land. There is nothing stopping the big banks from calling in the outstanding loans, crashing the economy hard and buying up everything at fire sale prices. Some people will manage to keep their land but most will have to cough it up.
The beauty of this scam is relatively very few people know who orchestrates the mess so like this writer, most will be blaming each other when the ship goes down and their children wake up penniless and born into slavery.
The writer says "My daughter is a freshman in college and is learning a lot...". If she plans on graduating tens of thousands in debt and minimal job prospects I would say her real education hasn't even started yet.
Don't worry too much though, I am a bit of a pessimist
Hawkings former plumber
Posts: 8,422
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Location: RR1 Distopia 666 Discordia Drive Apt 911
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Location: RR1 Distopia 666 Discordia Drive Apt 911
January 7th, 2008, 10:12 PM
I think you're a realist and have your head screwed on solid. Why , is it just to start the investment cycle again or is there some other reason this time? I keep thinking about that Rockerfeller Gates seed bank buried up north. And the GM seeds they have spread all over the planet, what's going on? Global and deep depression I can see happening but that's not all is it?
I think you're a realist and have your head screwed on solid. Why , is it just to start the investment cycle again or is there some other reason this time? I keep thinking about that Rockerfeller Gates seed bank buried up north. And the GM seeds they have spread all over the planet, what's going on? Global and deep depression I can see happening but that's not all is it?
World Police
Posts: 4,438
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Location: toranna
Videos: 1
Location: toranna
January 7th, 2008, 10:20 PM
Seriously though, why do leftist sites need to label something as a "complex" to get their poinr across.... military industrial complex, pornography comple and now credit complex. I am going to get a complex from all these confusing complexes
Seriously though, why do leftist sites need to label something as a "complex" to get their poinr across.... military industrial complex, pornography comple and now credit complex. I am going to get a complex from all these confusing complexes
Hawkings former plumber
Posts: 8,422
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Location: RR1 Distopia 666 Discordia Drive Apt 911
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Location: RR1 Distopia 666 Discordia Drive Apt 911
January 7th, 2008, 10:26 PM
It's too complex to explain Durka, ah I don't know. It's a neat sounding word for organization I guess.
It's too complex to explain Durka, ah I don't know. It's a neat sounding word for organization I guess.
Hawkings former plumber
Posts: 8,422
Videos: 1
Location: RR1 Distopia 666 Discordia Drive Apt 911
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January 9th, 2008, 01:13 PM
Government Estimates 83,000 Excess Heart Attacks Caused By Avandia
by Evelyn Pringle / January 9th, 2008
According to a November 2007 report by the Senate Finance Committee, an analysis by FDA scientists presented at a July 30, 2007, safety panel meeting estimates that Avandia has caused approximately 83,000 excess heart attacks since coming on the market.
The report entitled, “The Intimidation of Dr. John Buse and the Diabetes Drug Avandia,” summarizes the Committee’s findings regarding GlaxoSmithKline’s intimidation of Dr Buse, an independent scientist who first voiced concerns about Avandia back in 1999.
The Committee points out that Dr Buse is an expert in diabetes with extensive research experience in the thiazolidinedione class of drugs that includes Avandia and states: “Corporate intimidation, the silencing of scientific dissent, and the suppression of scientific views threaten both the public well-being and the financial health of the federal government, which pays for health care.”
In November 2007, the FDA added a black box warning to GlaxoSmit
Government Estimates 83,000 Excess Heart Attacks Caused By Avandia
by Evelyn Pringle / January 9th, 2008
According to a November 2007 report by the Senate Finance Committee, an analysis by FDA scientists presented at a July 30, 2007, safety panel meeting estimates that Avandia has caused approximately 83,000 excess heart attacks since coming on the market.
The report entitled, “The Intimidation of Dr. John Buse and the Diabetes Drug Avandia,” summarizes the Committee’s findings regarding GlaxoSmithKline’s intimidation of Dr Buse, an independent scientist who first voiced concerns about Avandia back in 1999.
The Committee points out that Dr Buse is an expert in diabetes with extensive research experience in the thiazolidinedione class of drugs that includes Avandia and states: “Corporate intimidation, the silencing of scientific dissent, and the suppression of scientific views threaten both the public well-being and the financial health of the federal government, which pays for health care.”
In November 2007, the FDA added a black box warning to GlaxoSmit
Bright Spark
Posts: 316
Location: California
Location: California
January 10th, 2008, 01:16 AM
Since the mortgage loan failures have accelerated I also note that the automobile business has had a dramatic increase in repossesions also. Both are linked in part to either "No Down" or "Low Down" loans offered by institutions backed by the big banks. Another one to watch is the Credit Card industry also. Their carefully staged lobbying on their own behalf and passage of laws that make these practices legal tells me to stay away from all of them. In recent US Congressional banking committee hearings it was learned that those in the loan business have some unusual powers to asses fees and additional charges for both late and missed payment beyond what I think they are reasonably due. Greed is now driving that part of the US economic machine.
Since the mortgage loan failures have accelerated I also note that the automobile business has had a dramatic increase in repossesions also. Both are linked in part to either "No Down" or "Low Down" loans offered by institutions backed by the big banks. Another one to watch is the Credit Card industry also. Their carefully staged lobbying on their own behalf and passage of laws that make these practices legal tells me to stay away from all of them. In recent US Congressional banking committee hearings it was learned that those in the loan business have some unusual powers to asses fees and additional charges for both late and missed payment beyond what I think they are reasonably due. Greed is now driving that part of the US economic machine.
