More proof Americans are too dumb to connect gov't spending to themselves

[smashweights]

Guy on the news tonight talking about banks raising credit card rates even after getting a bailout said "the government already bailed you out, dont ask your customers to." WTF do you think the gov't bailout was? It was YOU (customers AND non-customers like myself who dont give two shits if your bank tanks) AND Obama just said that if banks need more aid, they will get it. What kind of god-awful incentive is that to improve your business practices? This is rediculous. Here's how this will play out:

-Banks get a bailout so now the gov't "cant afford to let them go under"

-banks raise interest rates for whatever reason they want

-people complain about bailout banks raising rates

-banks say they have to

-government "steps in" to give them more money so rates will go down

-banks get more money

-americans end up indirectly paying more to banks in exchange for NO debt reduction!

Business in america is just going to hand itself over to government "control" ala GM without anyone even batting an eye... Any business/bank getting any gov't money should have to provide EQUAL value in debt relief or products to American citizens.

Edited April 14, 2009 by smashweights

[Casper]

That's why we paid off our credit cards. Fuck them.

[smashweights]

That's why we paid off our credit cards. Fuck them.

i've never had a credit card with an interest rate. Have a Best Buy card, but i've never bought anything without 18 months no interest.

[Disclaimer]

That's why we paid off our credit cards. Fuck them.

+1, who carries a balance? I've NEVER carried a balance from month to month. If you can't afford it, you can't afford it. The only reason I have credit cards is the convenience of paying ONE bill a month, rather than several small ones.

But, what I don't understand per the OP's analysis, is why the CC companies would clamp interest rates down on the little people who can't afford shit anyway? The people that can afford to bail them out, don't carry balances.

Also, these are the "big banks" - that's why I bank with the small community credit unions and local banks that have just a few local branches that can support my needs. These banks and credit unions are the glue that's STILL holding this mess still together (thank god) - the ones that are still around AREN'T the greedy "make bad loans to everyone" banks, they weren't able to afford that risk to begin with, and many of them aren't taking bailout money - though the idea of a "community" of people depositing their money in all one place to benefit the other members of the "community" might be too socialist for some on here.

http://www.counterpunch.org/nader02232009.html

http://www.huffingtonpost.com/remar-sutton/bank-who-needs-a-bank-wel_b_175720.html

http://www.boston.com/business/articles/2009/02/13/paying_a_giants_price/

I was trying to find the commentary I saw on Digg a few days/weeks ago on the President of the NCUA or someone of similar status heading a group of credit unions blasting the bailout - but I can't find it anymore.

[that dude]

+1 fuck the cc companies..fucking maggots

[ReconRat]

American Express, dudes and dudettes... Don't believe them when the banks say you won't have any credit rating without loans on credit. Cash is excellent credit.

[Disclaimer]

at the video... but none of that would happen.

And if it did, I'd be all for drug testing to get a loan. If we're going to make welfare recipients do it for free money, why shouldn't we make regular people do it for "free money"? Or, making it take forever and get approvals from 30 different people - if the process was harder, you'd probably have a lot less bad loans.

Kind of like, if you made the driving test harder, you'd have a lot less idiots on the road.

[smashweights]

But, what I don't understand per the OP's analysis, is why the CC companies would clamp interest rates down on the little people who can't afford shit anyway? The people that can afford to bail them out, don't carry balances.

Also, these are the "big banks" - that's why I bank with the small community credit unions and local banks that have just a few local branches that can support my needs.

I was trying to find the commentary I saw on Digg a few days/weeks ago on the President of the NCUA or someone of similar status heading a group of credit unions blasting the bailout - but I can't find it anymore.

No idea why they would clamp down interest on anyone, but that's what the news report was on: CC companies hiking interest rates on many, even good clients, for no reason of their own.

+1 for credit unions. I've always banked with one in Dayton even though I'm now in columbus. And of course the bailout is bullshit. it gives big, mismanaged banks an unfair competitive advantage over responsible banks and credit unions. My CU didnt get bailed out, so I benefited none, or at least completely indirectly, from all that bailout money that came out of my/our taxes.

[DollFace]

I pay off my credit cards every month...and they pay me at the end of the year booya!