The Banking industry is laughing all the way to the ......bank? http://news.yahoo.com/s/bw/20060901/bs_bw/b4000001 Do yourself a big favor and read this article if you are in anyway considering a new mortgage. http://www.bcsalliance.com/creditcard_profits.html Yes these are the most profitable industries legalized loan sharks is what it is. Read how these record profits are being obtained and the mumbo jumbo legal jargon in the fine print that says they can bump up your rates if your late on a payment. http://www.businessweek.com/magazine/content/05_18/b3931085_mz020.htm Banks you want to talk about banks? lol Banking industry profits sore above that of Oil industry profits. I'm still looking for the figures and might come across them again. Until then read this and see what you think about the tactics being used. Do you have over draft protection? Now with Americans leveraging their mortgages to the max to pay off dept and feel more comfortable buying that new ridiculous priced car. Waiting for the next pay day chomping at the bit to buy that next product. Overly anxiously buying it on yet more credit afforded to them via "Capital One" (how do you suppose they pay for the commercials much less the four times a week credit applications they send you in the mail? All the while recording record industry profits?) Missing their payment by a day or to then seeing their rate go through the roof. All the while trying to float a check before a holiday weekend only to see it hit their banking institution amazingly within hours instead of days. How long will the insanity last? Well it’s pretty damn profitable, why don't you follow the money trail and then see who is in the banking institutions back pocket? While you’re at it Try doing more research and go back a few years to the savings and loan scandals of the eighties. Who played a corrupted market then and scammed millions out of innocent but gullible citizens then? Any one remembers Whitewater? But those asshole Oil companies we really need to get proactive and vote someone in to rein them in don't we? What a ship of gullible fools we have these days.
Want proof of that? Look at all the people with Title loans on their cars, with 50% interest of more. and the people who have credit cards with no idea how much interest they are being charged. and the people who are thinking as we speak of actually using the new 50 year mortgages. and the people who screw up their credit by not paying their bills on time even when they have the money, and then have to "rent to own" to simply furnish a house they don't even own. Yikes. Barry
I just keep wondering when such a large percentage of the population is leveraged sooo very far out on their credit. What happens to the economy in general when rates jump up? I just hope it doesnt fall like a house of cards. As for those who make bad decisions and then take responsibility for having made them... Thats cool. Most however will look for someone to point the finger at other than themselves.
