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... for obvious reasons, I will now go by the name "Bank of America."

JoltinJoe wrote:... for obvious reasons, I will now go by the name "Bank of America."

Looking for a handout?

JoltinJoe wrote:... for obvious reasons, I will now go by the name "Bank of America."

why? you're not a loser. 5/3 sounds more fitting for you!

dbackjon wrote:

JoltinJoe wrote:... for obvious reasons, I will now go by the name "Bank of America."

Looking for a handout?

Yup.

I was just paying my BOA VISA today. I was thinking about sending them a note that they've already received my payment ... thank you.

JoltinJoe wrote:

dbackjon wrote: Looking for a handout?

Yup.

I was just paying my BOA VISA today. I was thinking about sending them a note that they've already received my payment ... thank you.

Payment sent - c/o I.R.S.

Please apply funds to my balance.

Thanks.

Taxpayer who took it in the shorts.

dbackjon wrote:

JoltinJoe wrote: Yup.

I was just paying my BOA VISA today. I was thinking about sending them a note that they've already received my payment ... thank you.

Payment sent - c/o I.R.S.

Please apply funds to my balance.

Thanks.

Taxpayer who took it in the shorts.

Because it's true ...

Seriously, we see people every day in my office getting screwed by these bailed out banks on their credit cards on interest, late fees and payments ... people that the bank says have been irresponsible with their finances.

So the banks get bailed out so that they can continue to screw their customers ...

Reminds me of a parable ...

“Therefore, the kingdom of heaven is like a king who wanted to settle accounts with his servants. As he began the settlement, a man who owed him ten thousand talents was brought to him. Since he was not able to pay, the master ordered that he and his wife and his children and all that he had be sold to repay the debt.

“The servant fell on his knees before him. ‘Be patient with me,’ he begged, ‘and I will pay back everything.’ The servant’s master took pity on him, canceled the debt and let him go.

“But when that servant went out, he found one of his fellow servants who owed him a hundred denarii. He grabbed him and began to choke him. ‘Pay back what you owe me!’ he demanded.

“His fellow servant fell to his knees and begged him, ‘Be patient with me, and I will pay you back.’

“But he refused. Instead, he went off and had the man thrown into prison until he could pay the debt. When the other servants saw what had happened, they were greatly distressed and went and told their master everything that had happened.

“Then the master called the servant in. ‘You wicked servant,’ he said, ‘I canceled all that debt of yours because you begged me to. Shouldn’t you have had mercy on your fellow servant just as I had on you?’ In anger his master turned him over to the jailers to be tortured, until he should pay back all he owed.

“This is how my heavenly Father will treat each of you unless you forgive your brother from your heart.” (Matt. 18:21-35)

Great parable, JJ. THAT is one Christian teaching that should be applied to the bailout.

Ditto. I've watched banks, lenders and credit card companies screw people over most of my life. They'll bury with 23-121% revolving credit, and by the time the person wakes up and realizes what is happening, it's too late. Mortgage lenders, car loans, and on and on...

...I happened to just come home from meeting with a branch Asst. Mgr. at Wells Fargo who was selling me on moving my merchant accounts to their bank. The VP was a former mortgage broker (...ain't they all... ), so we had a rather lengthy discussion about what's going on. His take on this was interesting, principally, in light of what JJ just said, the banks who had tighter loan qualifications have survived, and now are the ones with the latitude to lend during this recapitalization. Recognizing their position, they're pushing loans like there's no tomorrow. The only thing he and I disagreed on was the tightening of the merchant LOC's, which many younger/expanding businesses need to survive. (...and not like the Chicago situation where the business was getting ready to founder, the bank saw it, smelled the blood in the water and realized the business was holding enough labor legacy debt that the LOC would get wiped out in the bankruptcy, so they shut it down during the paid cycle as a stop gap protection.) With hundreds of billions being pumped back in the financial services industry (sugar daddy recapitalization), the money needs to be flowing back out into the small business sector, and it isn't happening.

I'm hoping that Obama and Congress force regulatory changes which will reguire the capital to move back into industry, but in all reality, I don't think it's going to happen...things will probably end up getting much worse before someone starts yelling at the Fools on the Hill to wakeup.

Good parable, JJ.

Awww, come on there guys! Banks are there to help you and me.