Text 5712, 57 rader
Skriven 2007-12-12 06:57:16 av Bob Ackley (1:300/3)
   Kommentar till text 5703 av Dan Ceppa (1:138/666.0)
Ärende: U R dead  F**king right on!
===================================
Replying to a message of Dan Ceppa to John Massey:

 DC> -> On 09 Dec 07  01:45:38, John Massey got back to JOHNJWILSON 
 DC> -> Re: U R dead  F**king right on!

 JM>> Bull, Years ago people were bitching about how there was inequity in
 JM>> the mortgage industry. Complaints that "not enough poor people are
 JM>> able to own a house" because they didn't qualify. The government
 JM>> came in and more or less made Mortgage industry lower the standard.
 JM>> Now the banks are paying for it. Once again if the God Damn
 JM>> government had stayed out of the private market, the US would be
 JM>> better off today. 

 DC> No, John, it's the goddamned moftgage industru's own fault.  They  are
 DC> the ones who created the program.  They are the ones that  made the
 DC> loans.  Now, they want the gvt to bail them out.

And the government should *not* do it.  But it will.

40 years ago most states put in jail those who loaned money at 12% or higher
interest rates.  Then the banks bought the legislatures.

Today the banks charge 25% or more on credit cards and claim that they can't
make money charging less (if they can't, they need to be in another line of
business).  I'm all for reinstating laws that cap interest rates at 12% - and
limit
penalties/fees/charges to one charge, not to exceed $20, per month.

Of course, the banks also issue credit cards to anybody who asks - and often
send
cards (or used to, anyway) to people who hadn't applied for them.  At least one
person
applied for and was issued a credit card for his dog.  Now the banks are
complaining that
some/many of those cards aren't being repaid and they're losing money on
uncollectible
debt.  Well, DUH!  They dug their own hole, let them live in it.

I get several offers a month for new credit cards; I tear them in half,
unopened, half goes
in the trash this week, the other half next week.  I once had seven of the d*mn
things, I'm down to one; the others were all paid off, in full, and closed at
my request.

I've often said that if I were to win a multi-gazillion dollar lottery I'd use
some of the
proceeds to set up my own credit card operation.  12% annual interest, fees
limited as
noted above.  But I'd be picky about who I'd issue the cards to (probably more
picky than
American Express) and therefore should be able to net a reasonable return on my
investment.  Oh yeah, the name on the card - "Louie the Loan-Shark," with an
appropriate logo.


--- FleetStreet 1.19+
 * Origin: Bob's Boneyard, Emerson, Iowa (1:300/3)