I know there are a lot of important and pressing things going on in the world.
It is nice to remember that twenty years ago today the Berlin Wall came down and capitalism with all its positives and negatives engulfed the nations that had been "protected" by the Iron Curtain. Many things have happened in those twenty years and many more will follow.
However, today I want to vent about credit cards, or specifically the banks that control them. My only credit card is with CitiCard and today I received a letter informing me that starting in December my interest rate will be 19.99%. I have never been late with a payment, I rarely have a balance for more than a month, and I have been a faithful customer for fifteen years. This is my repayment, an interest rate jump of 8%.
We, the American taxpayer; bailed out the banks from collapse due to their greed and mismanagement and to show their thanks they decide its time to rip us off.
In addition, our thoughtless legislators in Washington D.C. are allowing this to happen and not doing any thing for the consumer. When is enough enough? It is almost to point where I want to tell the IRS where they can spend my tax money and where they can not use it.
Due to my anger I called CitiCard. For ten minutes I listened to a recording telling me how much they valued me and the next available caller would attend me. Finally someone spoke and I guessed he was from the great Asian sub-continent, probably residing in Mumbai. He was pleasant and tried to understand my concerns. Unfortunately, due to his accent, I did not understand half of what he was saying.
To my credit I did not rant and rave at this young man. I know he has no power and that he is being paid chump change because no one in the USA would accept such a low salary. (More saving on the part of CitiBank, why not share with your customers?)
Anyway, I am now faced with a dilemma. Do I dump CitiBank and go to another financial institution? I did some looking and all the major players seem to charging the same rate - no help there. So, I think I will check out my credit union and see if they have something positive to offer.
One thing is certain, I will appear in the offices of my senators if these banks ever ask for a bailout again and stage a one man sit down strike.
Hopefully, many of you share my sentiment and will be join me in D.C.
Its Common Sense!
Showing posts with label Banks. Show all posts
Showing posts with label Banks. Show all posts
Monday, November 9, 2009
Wednesday, November 4, 2009
Election 2009 - Who Cares?
Yesterday New Jersey and Virginia elected Republican Governors and the TV pundits are trying to explain what it means now and what it could foretell about the 2010 Congressional election.
I can tell them what its all about, the American people are pissed off at all of their leaders and are looking for fresh options.
Congress made us bailout the banks and financial markets with our tax dollars and are now allowing those same banks to pay exorbitant bonuses to the same jerks who put us in the crisis. In addition, these same banks are now upping credit card interest rates every two weeks, with some rates reaching the 40% range. Congress has a bill that would curb interest rate increases. Problem is, they were waiting for February 2010 to take effect. By then interest rates could be at 80%. (I heard this evening on the news that Congress is going to move that bill up, but established interest rates will not be touched.)
The USA is still fighting, after eight years, two wars, neither of which is promising to be resolved as a clear victory for the USA or the world over terrorism.
The government wants to take over even more of health care in this country. Its not enough that they are totally mismanaging MEDICARE and MEDICAID (there was a special recently about a special FBI unit in southern Florida combating MEDICARE fraud. According to their spokesperson, MEDICARE fraud is generating millions more dollars than the drug trade in what used to be the cocaine capital of the USA.)
Where are all the jobs Obama promised? Congress has extended unemployment benefits once again, although I am unclear where the money is coming from to pay for these benefits.
The swine flu pandemic is sweeping the nation and there isn't enough vaccination for the children, much less adults.
When you take all of this into account, its a wonder the reaction of the American public has been as calm and controlled as it has been.
That said, if the current Presidential Administration and Congressional majority don't get their act together and show some real concrete progress, then the independents who brought them to power are going to go seeking someone else who offers better hope.
Politicians in this country need to wake up to the fact that the independents are on the rise and they have no loyalty to either of the primary political parties. Independents are looking for truth, honestly and a square deal. They'll listen, they'll vote and if they feel they were mislead or lied to, they'll do it all again next time for somebody else.
Wake up Congress - its time to start doing your job and representing your constituents, not the power boys and lobbyists.
Its Common Sense!
I can tell them what its all about, the American people are pissed off at all of their leaders and are looking for fresh options.
Congress made us bailout the banks and financial markets with our tax dollars and are now allowing those same banks to pay exorbitant bonuses to the same jerks who put us in the crisis. In addition, these same banks are now upping credit card interest rates every two weeks, with some rates reaching the 40% range. Congress has a bill that would curb interest rate increases. Problem is, they were waiting for February 2010 to take effect. By then interest rates could be at 80%. (I heard this evening on the news that Congress is going to move that bill up, but established interest rates will not be touched.)
The USA is still fighting, after eight years, two wars, neither of which is promising to be resolved as a clear victory for the USA or the world over terrorism.
The government wants to take over even more of health care in this country. Its not enough that they are totally mismanaging MEDICARE and MEDICAID (there was a special recently about a special FBI unit in southern Florida combating MEDICARE fraud. According to their spokesperson, MEDICARE fraud is generating millions more dollars than the drug trade in what used to be the cocaine capital of the USA.)
Where are all the jobs Obama promised? Congress has extended unemployment benefits once again, although I am unclear where the money is coming from to pay for these benefits.
The swine flu pandemic is sweeping the nation and there isn't enough vaccination for the children, much less adults.
When you take all of this into account, its a wonder the reaction of the American public has been as calm and controlled as it has been.
That said, if the current Presidential Administration and Congressional majority don't get their act together and show some real concrete progress, then the independents who brought them to power are going to go seeking someone else who offers better hope.
Politicians in this country need to wake up to the fact that the independents are on the rise and they have no loyalty to either of the primary political parties. Independents are looking for truth, honestly and a square deal. They'll listen, they'll vote and if they feel they were mislead or lied to, they'll do it all again next time for somebody else.
Wake up Congress - its time to start doing your job and representing your constituents, not the power boys and lobbyists.
Its Common Sense!
Wednesday, July 22, 2009
Bank Interest Rates
Last night on the news I listened to a story about how the banks - the ones we bailed out - are raising their interest rates on credit cards, because they need to generate quicker income.
They do have a lot of nerve.
It ticked me off so i sent the following epistle off to our friends in D.C. (The President & my representatives.)
Please feel free to use any or all and write to the President and your representatives as well.
Dear Senator
Help me understand why the banks who took my tax money to bail them out of financial ruin are now being allowed to raise the interest rates on credit cards?
Worse, we are not talking about fixed rates, but variable rates which they control.
I have a card with Citi Bank and the interest rate is now 17+%. (I talked to them and got it down to 14+ whoop de do!)
From what I have seen, many of the banks are moving to the plus column. Why are they being allowed to take advantage of the consumer/taxpayer?
On last night's news I learned that the bill you passed to control credit card debt and interest rates does not go into effect until February 2010. By that time the banks will have fixed interest rates at 25+% and they will be able to remain.
To say the least, I am disappointed.
You borrow money from China to bail out the banks, which went into collapse due to greed and mismanagement, and now the taxpayer/consumer is suppose to pick up the pieces, bear the cost and accept all additional burdens.
Once again, middle class American workers have received a royal screwing.
When will the President and Congress consider us? We are not a fatted cow that continually gives. One day we will have nothing left.
The next time you decide to bail out the "big" boys, remember us in the trenches who have to pay for your decisions.
Yours
Michael Wolfe
They do have a lot of nerve.
It ticked me off so i sent the following epistle off to our friends in D.C. (The President & my representatives.)
Please feel free to use any or all and write to the President and your representatives as well.
Dear Senator
Help me understand why the banks who took my tax money to bail them out of financial ruin are now being allowed to raise the interest rates on credit cards?
Worse, we are not talking about fixed rates, but variable rates which they control.
I have a card with Citi Bank and the interest rate is now 17+%. (I talked to them and got it down to 14+ whoop de do!)
From what I have seen, many of the banks are moving to the plus column. Why are they being allowed to take advantage of the consumer/taxpayer?
On last night's news I learned that the bill you passed to control credit card debt and interest rates does not go into effect until February 2010. By that time the banks will have fixed interest rates at 25+% and they will be able to remain.
To say the least, I am disappointed.
You borrow money from China to bail out the banks, which went into collapse due to greed and mismanagement, and now the taxpayer/consumer is suppose to pick up the pieces, bear the cost and accept all additional burdens.
Once again, middle class American workers have received a royal screwing.
When will the President and Congress consider us? We are not a fatted cow that continually gives. One day we will have nothing left.
The next time you decide to bail out the "big" boys, remember us in the trenches who have to pay for your decisions.
Yours
Michael Wolfe
Monday, April 20, 2009
Credit Card Interest Rates
One of the interesting news stories of the past few days is the number of credit card companies that are raising their interest rates, for everyone, good customer, bad customer doesn't matter.
Needless to say, a lot of people are upset with these increases, some as much as 100%. A spokesperson for one of the banks involved, who received bailout money, stated the purpose for the higher interest rates is so the bank will have the money to pay back the government quicker. So the tax payer is being asked to provide the bank the bailout money and then, through high interest rates, pay back their tax money to the government.
I'm confused? How is the bank showing responsibility and new practices if all they are doing is placing the burden on the very folks who bailed them out? I am not reading about the reduction of executive salaries or bonuses in any of these banks. I definitely have not read where loans are being easier to obtain for those who have passed background checks and provided proof of income.
Once again, you have to wonder just what conditions (or lack of conditions) Congress attached to the bailout money. I know that Congress is going to start hearings into the matter. I will be writing to my reps shortly and sharing the letter with you. It will be interesting to see their response, and who they try and blame. Because we know Congress will be innocent. They are just naive and trusting, especially when it comes to our money.
It is time to keep after Congress so they will rein in the banks, or we will find ourselves in another financial crisis in a couple of years and China will not be there to bail us out. (Of course in a couple of years China will probably own the country, so there will be no concerns - except maybe our human rights.)
Speak out and let Congress know what you think. Get rid of high interest credit cards. Try and consolidate to one or two low interest cards and let the banks know why or why not you want to do business with them.
Be vocal, be loud, stand up for your rights.
Its Common Sense!!
Needless to say, a lot of people are upset with these increases, some as much as 100%. A spokesperson for one of the banks involved, who received bailout money, stated the purpose for the higher interest rates is so the bank will have the money to pay back the government quicker. So the tax payer is being asked to provide the bank the bailout money and then, through high interest rates, pay back their tax money to the government.
I'm confused? How is the bank showing responsibility and new practices if all they are doing is placing the burden on the very folks who bailed them out? I am not reading about the reduction of executive salaries or bonuses in any of these banks. I definitely have not read where loans are being easier to obtain for those who have passed background checks and provided proof of income.
Once again, you have to wonder just what conditions (or lack of conditions) Congress attached to the bailout money. I know that Congress is going to start hearings into the matter. I will be writing to my reps shortly and sharing the letter with you. It will be interesting to see their response, and who they try and blame. Because we know Congress will be innocent. They are just naive and trusting, especially when it comes to our money.
It is time to keep after Congress so they will rein in the banks, or we will find ourselves in another financial crisis in a couple of years and China will not be there to bail us out. (Of course in a couple of years China will probably own the country, so there will be no concerns - except maybe our human rights.)
Speak out and let Congress know what you think. Get rid of high interest credit cards. Try and consolidate to one or two low interest cards and let the banks know why or why not you want to do business with them.
Be vocal, be loud, stand up for your rights.
Its Common Sense!!
Monday, February 9, 2009
What's the truth?
President Obama is on the road to sell the stimulus. How will it help the economy? How is giving the banks and Wall Street more money going to help the economy?
People need money in their pockets to stimulate the economy. The government needs to find jobs for the millions of unemployed, not worry about a CEO's salary. Most Americans feel that the hierarchy in the banks and Wall Street should be cut off at the knees, not given any help.
We don't need more unemployment benefits, we need jobs. We don't need more food stamps, we need work.
The idea should not be to turn this country into a welfare state, the plan should be to get this country up and working. Let's give industries incentives to be producing and hiring. Let's get our products competitive with the rest of the world, even if we need to add some tariffs.
Pork projects are not going to save us, only massive input will be any good.
President Obama needs to take command and give the marching order to Congress for a real stimulus that serves the country, not individuals.
It the President and Congress fail the country, then none of them should be put back in office.
Let's hold them accountable. Let's make them stand up for their actions and live with the consequences.
Its Common Sense!
People need money in their pockets to stimulate the economy. The government needs to find jobs for the millions of unemployed, not worry about a CEO's salary. Most Americans feel that the hierarchy in the banks and Wall Street should be cut off at the knees, not given any help.
We don't need more unemployment benefits, we need jobs. We don't need more food stamps, we need work.
The idea should not be to turn this country into a welfare state, the plan should be to get this country up and working. Let's give industries incentives to be producing and hiring. Let's get our products competitive with the rest of the world, even if we need to add some tariffs.
Pork projects are not going to save us, only massive input will be any good.
President Obama needs to take command and give the marching order to Congress for a real stimulus that serves the country, not individuals.
It the President and Congress fail the country, then none of them should be put back in office.
Let's hold them accountable. Let's make them stand up for their actions and live with the consequences.
Its Common Sense!
Sunday, February 8, 2009
Democrats vs Republicans
The Democrats and Republicans are definitely at odds over the stimulus package. I have to admit that I am in agreement with the Republicans regarding parts of the package that appear to do very little to get the economy moving. If you don't have a job, and the banks aren't giving loans, what does it matter if you get a tax break when you buy a new car?
The same thing goes with buying a new house, who can afford to do it and where do you get the money to do it?
Seems to me the package needs to hit the key problems - getting people back to work and forcing the banks to start doing business by worrying more about a small profit as opposed to a large profit, at least until things stabilize.
Once again I stress INFRASTRUCTURE projects. I am convinced they are the way to go. I realize it is government money, but we tax payers need roads, bridges and tunnels to get around, so they are things worth investing our tax dollars in.
As far as the development of home grown energy, energy companies, working with the government can begin these projects. The energy companies will be the ones to make the profits, they should be brave enough to put up the risk capital to get things started.
Write your representatives, push for infrastructure projects, which can get people working now and insure that all of the businesses dependent on the working class will be able to continue functioning.
Americans working together is the only way to beat the current economic situation.
Its Common Sense!
The same thing goes with buying a new house, who can afford to do it and where do you get the money to do it?
Seems to me the package needs to hit the key problems - getting people back to work and forcing the banks to start doing business by worrying more about a small profit as opposed to a large profit, at least until things stabilize.
Once again I stress INFRASTRUCTURE projects. I am convinced they are the way to go. I realize it is government money, but we tax payers need roads, bridges and tunnels to get around, so they are things worth investing our tax dollars in.
As far as the development of home grown energy, energy companies, working with the government can begin these projects. The energy companies will be the ones to make the profits, they should be brave enough to put up the risk capital to get things started.
Write your representatives, push for infrastructure projects, which can get people working now and insure that all of the businesses dependent on the working class will be able to continue functioning.
Americans working together is the only way to beat the current economic situation.
Its Common Sense!
Monday, November 17, 2008
What next?
CitiCorp has announced it will be letting about 10% of its work force go. The other banking and financial "giants" are following suit. No telling how many thousand unemployed will be hitting the streets by the end of November. Black Friday after Thanksgiving just might become Red Friday by the time everything is said and done.
Things are getting worse not better, regardless of bailouts and promises of hope. The Stock Market continues down, not just here, world wide. Japan has declared itself in a recession, will our government do the same?
GM, Ford and Chrysler are still standing with their hands out. Do they deserve anything?
A lot of questions, few answers. A lot of folks have opinions, me included. But that's all they are, opinions. I am not in a position to take action. The truth of the matter is that neither is George W. Pelosi and Reid will never allow Bush to look good during him final months.
Which means that come the end of January Barach Obama and the Democrat Congress are going to need to put up or shut up.
This could mean that they immediately put together a Civilian Work Corp to begin construction on clean energy projects, such as windmills, nuclear power plants and natural gas pipelines. There is no sense giving someone a handout when there can be meaningful employment available.
FDR started it at the end of the Depression, then got a big war to stimulate the economy. I could do without the Big War. Hopefully, by working with the energy and power companies, the government can stimulate growth, jobs, clean energy and bringing jobs back to the USA. If we don't have to buy foreign oil, maybe there will be more money at home to support our own industries.
Needless to say I don't have all the answers. I might not have any, although I do have a lot of questions.
What are your concerns? What scares you right now and what scares you in the future?
Let me know and let your representatives in DC know.
The future belongs to all of us. We have to work together to guarantee that we will have one.
Its Common Sense!
Things are getting worse not better, regardless of bailouts and promises of hope. The Stock Market continues down, not just here, world wide. Japan has declared itself in a recession, will our government do the same?
GM, Ford and Chrysler are still standing with their hands out. Do they deserve anything?
A lot of questions, few answers. A lot of folks have opinions, me included. But that's all they are, opinions. I am not in a position to take action. The truth of the matter is that neither is George W. Pelosi and Reid will never allow Bush to look good during him final months.
Which means that come the end of January Barach Obama and the Democrat Congress are going to need to put up or shut up.
This could mean that they immediately put together a Civilian Work Corp to begin construction on clean energy projects, such as windmills, nuclear power plants and natural gas pipelines. There is no sense giving someone a handout when there can be meaningful employment available.
FDR started it at the end of the Depression, then got a big war to stimulate the economy. I could do without the Big War. Hopefully, by working with the energy and power companies, the government can stimulate growth, jobs, clean energy and bringing jobs back to the USA. If we don't have to buy foreign oil, maybe there will be more money at home to support our own industries.
Needless to say I don't have all the answers. I might not have any, although I do have a lot of questions.
What are your concerns? What scares you right now and what scares you in the future?
Let me know and let your representatives in DC know.
The future belongs to all of us. We have to work together to guarantee that we will have one.
Its Common Sense!
Thursday, November 13, 2008
New Direction for Bailout
Yesterday we learned that the bailout is going to change course and go in a new direction. Rather than buying up risky mortgages, to supposedly open up the banks funds, now the money is going to go directly to banks for them to start lending. That's right, the government's plan is to make money available for us to take out loans, get credit cards and go deeper in debt.
Where do they come up with these plans?
The country got in the current crisis due to poor lending practices, now the government is going to provide the money for the banks to do it all over again. Why save these banks? They screwed up and should pay for their greed. Better to support some small and up coming banks that just might have learned a lesson and will follow follow good business practices.
The same is true for GM, Ford and Chrysler. They insisted in putting out the gas guzzling SUVS and pickups and are paying the price. They should pay the price, not me. As I have said, no money to them without very careful controls.
Of course I thought there was going to all kinds of oversight with the bailout, but that doesn't seem to be working. Why isn't Congress all over this protecting our money? I haven't heard anyone say the Treasury Secretary shouldn't change the rules of the game in mid-field.
Even with plus numbers for the stock market today, they do not really foretell a positive change, they rather show greed once again raising its head.
Be careful with your money, any deal that sounds too good to be true is.
Keep an eye on the D.C. gang and let them know when you KNOW they are wrong.
Its Common Sense!
Where do they come up with these plans?
The country got in the current crisis due to poor lending practices, now the government is going to provide the money for the banks to do it all over again. Why save these banks? They screwed up and should pay for their greed. Better to support some small and up coming banks that just might have learned a lesson and will follow follow good business practices.
The same is true for GM, Ford and Chrysler. They insisted in putting out the gas guzzling SUVS and pickups and are paying the price. They should pay the price, not me. As I have said, no money to them without very careful controls.
Of course I thought there was going to all kinds of oversight with the bailout, but that doesn't seem to be working. Why isn't Congress all over this protecting our money? I haven't heard anyone say the Treasury Secretary shouldn't change the rules of the game in mid-field.
Even with plus numbers for the stock market today, they do not really foretell a positive change, they rather show greed once again raising its head.
Be careful with your money, any deal that sounds too good to be true is.
Keep an eye on the D.C. gang and let them know when you KNOW they are wrong.
Its Common Sense!
Tuesday, October 28, 2008
Bonus
Last night on the news I saw that several of the financial institutions we are bailing out with our tax dollars are still planning to give their employees bonus, averaging out to $110,000.00 per employee.
What's wrong with this picture?
I thought you rewarded people for doing a good job, not for bringing a country to financial ruin. The financial institutions already had the bonus money set aside. Seems to me that these financial institutions can use the bonus money to bail themselves out and leave my money alone.
Needless to say I will be writing to my representatives later today or tomorrow to have them explain to me why they are allowing our tax dollars to be used as rewards for mismanagement.
The Bankers and Wall Street boys/girls need to get their act together and stop considering themselves better than anyone else. No one deserves a bonus for going into debt or worse, into bankruptcy.
Congress needs to get control of this situation in a hurry, or we are going to find that our money is not being used to open up lending, rather to buy a Mercedes for some Wall Street fat cat.
Enough is enough. Write your representative, demand action and the protection of OUR money.
Its Common Sense!!
What's wrong with this picture?
I thought you rewarded people for doing a good job, not for bringing a country to financial ruin. The financial institutions already had the bonus money set aside. Seems to me that these financial institutions can use the bonus money to bail themselves out and leave my money alone.
Needless to say I will be writing to my representatives later today or tomorrow to have them explain to me why they are allowing our tax dollars to be used as rewards for mismanagement.
The Bankers and Wall Street boys/girls need to get their act together and stop considering themselves better than anyone else. No one deserves a bonus for going into debt or worse, into bankruptcy.
Congress needs to get control of this situation in a hurry, or we are going to find that our money is not being used to open up lending, rather to buy a Mercedes for some Wall Street fat cat.
Enough is enough. Write your representative, demand action and the protection of OUR money.
Its Common Sense!!
Wednesday, October 15, 2008
Debates on Socialism
Tonight is the final presidential debate of the election. So far they have not been really stimulating. My hope is that tonight McCain will say something to get a reaction out of Obama. I think we need to see how the man reacts and responds when he is mad. Thus far Obama has been pretty much an academic gentleman - boring. All of his promises won't mean anything if he doesn't have a Congress that works with him.
The same is true for McCain. We've seen John get fired up a time or two, but overall, if you overlook references to terrorists from forty years ago, McCain has been a gentleman as well. Boring.
I want to see them go at it tonight and really attack one another. Let's hear why this one's economic plan will fail and why this one is a lackey of rich. We need some action to stimulate this election.
One thing I am concerned about is the possibility that the President and the majority of Congress will be from the same party. I favor a balance of power. Too much power and control is never a good thing. Look at what is happening now because people are scared and frantic. The government is forcing banks to accept the US government as a partner.
Hello socialism. Help!! The United States was not founded to turn into a Russia, China or Cuba.
Big Brother getting even more involved in our lives is not a good thing. Its one thing to have a national bank that you voluntarily choose to use. Its another thing entirely when all banks have the government on their board of directors.
How much information will be required now for a loan? Any doubts we had of the government eavesdropping on our lives can be dispelled, they want to be in and control our lives as much as possible.
I am not happy with the way things are going. The government is trying too hard and too fast to come to the rescue and I fear when they are finished we are going to find out that we have less rights than when it all began.
What do you think? Are we headed for socialism? Will Wal Mart be replaced by GUM? (Look that up those of you who aren't up on your Cold War history.)
If you are like me and afraid of the direction the country is taking, be vocal, write your representatives, and vote early and often.
Its Common Sense.
The same is true for McCain. We've seen John get fired up a time or two, but overall, if you overlook references to terrorists from forty years ago, McCain has been a gentleman as well. Boring.
I want to see them go at it tonight and really attack one another. Let's hear why this one's economic plan will fail and why this one is a lackey of rich. We need some action to stimulate this election.
One thing I am concerned about is the possibility that the President and the majority of Congress will be from the same party. I favor a balance of power. Too much power and control is never a good thing. Look at what is happening now because people are scared and frantic. The government is forcing banks to accept the US government as a partner.
Hello socialism. Help!! The United States was not founded to turn into a Russia, China or Cuba.
Big Brother getting even more involved in our lives is not a good thing. Its one thing to have a national bank that you voluntarily choose to use. Its another thing entirely when all banks have the government on their board of directors.
How much information will be required now for a loan? Any doubts we had of the government eavesdropping on our lives can be dispelled, they want to be in and control our lives as much as possible.
I am not happy with the way things are going. The government is trying too hard and too fast to come to the rescue and I fear when they are finished we are going to find out that we have less rights than when it all began.
What do you think? Are we headed for socialism? Will Wal Mart be replaced by GUM? (Look that up those of you who aren't up on your Cold War history.)
If you are like me and afraid of the direction the country is taking, be vocal, write your representatives, and vote early and often.
Its Common Sense.
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