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photostill · 15-09-12, 23:15

The racket the banks set up for debt reads as this. You can't have credit for a loan unless you are already in debt. If you have paid off your debt, then you don't have recent proof of credit in a few short years.

Banks get their money for nearly no cost in interest from the Feds, yet they are charging usury rates since they got the laws changed. You can't use savings accounts for much, the loss due to inflation is greater than the interest you would make off the money setting there.

Banks got bailed out. They were to honor some requirements as a result of that and either those banks pulled out of the TARP agreement, just prior to time to pay the benefits to the CEOs and senior management. Yet the ones left holding the bag are the taxpayer and the ones that got loans. They were supposed to have their loans renegotiated to reflect the underwater part which all have both failed to do and have resisted any attempts to refinance under those conditions. They'll refinance but at higher rates. This is the reason why the economy crashed in the US and part of the reason for the Euro's problems.

Until the government wakes up to reality that it is the Average Joe that powers the economy and he needs the money to spend to make it all better, not much is going to change. The banks and Wall Street make money, not by selling some tangible for a profit but by getting others money by hook or crook.

I don't have much of a high opinion on them.

15-09-12, 23:15	#4
photostill The Enigma Join Date: Apr 2012 Posts: 9,977 Thanks: 3,009 Thanked 1,524 Times in 928 Posts	Re: More Americans opting out of banking system The racket the banks set up for debt reads as this. You can't have credit for a loan unless you are already in debt. If you have paid off your debt, then you don't have recent proof of credit in a few short years. Banks get their money for nearly no cost in interest from the Feds, yet they are charging usury rates since they got the laws changed. You can't use savings accounts for much, the loss due to inflation is greater than the interest you would make off the money setting there. Banks got bailed out. They were to honor some requirements as a result of that and either those banks pulled out of the TARP agreement, just prior to time to pay the benefits to the CEOs and senior management. Yet the ones left holding the bag are the taxpayer and the ones that got loans. They were supposed to have their loans renegotiated to reflect the underwater part which all have both failed to do and have resisted any attempts to refinance under those conditions. They'll refinance but at higher rates. This is the reason why the economy crashed in the US and part of the reason for the Euro's problems. Until the government wakes up to reality that it is the Average Joe that powers the economy and he needs the money to spend to make it all better, not much is going to change. The banks and Wall Street make money, not by selling some tangible for a profit but by getting others money by hook or crook. I don't have much of a high opinion on them. __________________ You can help this site, by clicking on the link below to buy a Premium Account. & Thank you for helping us. Click;