For the last few days I've been watching the ruling class complain that rich people are an endangered species because Obama is redistributing the wealth. They are ranting that extending unemployment benefits will turn the county socialist.
Give a listen to Republicant Congresswoman Michelle Bachmann:
Then this morning insult to injury as the robber barons continue to squeeze the little guy.
This morning this report from Associated Press
For hundreds of thousands of workers losing their jobs during the recession, there's a new twist to their financial pain: Even when they're collecting unemployment benefits, they're paying the bank just to get the money — or even to call customer service to complain about it.
Thirty states have struck such deals with banks that include Citigroup Inc., Bank of America Corp., JP Morgan Chase and US Bancorp, an Associated Press review of the agreements found. All the programs carry fees, and in several states the unemployed have no choice but to use the debit cards. Some banks even charge overdraft fees of up to $20 — even though they could decline charges for more than what's on the card.
Report from Associated Press
That's kicking you when you're down. Add to that the tantrums being thrown by so called business "experts" (who NEVER Saw this coming and haven't a clue how to dig our way out) who think that main street should not "benefit from their bad judgement>" HUH pot...kettle.
Listen to this typical rant from CNBC's Santelli...
If the banks were doing their job and taking the hit for their bad judgement - instead of asking the taxpayers to cover their losses - none of this would be necessary. But they took their bonus checks and deposited them in their Swiss bank accounts. They took our money and gave a party and bought garbage cans.
They hold our economy hostage. It's extortion. Unless we keep paying them, they will bankrupt the nation. So when we try to keep families from living on the street. When we try to give little kids a safe place to sleep at night. When we dont' punish people who were victims of predatory lenders, they cry and should and have a frigging hissy fit.
I wrote this letter to my Senators a year ago. I thought it needed a second chance.
You know why people loved Jesse James? Because they hated the bankers. The bankers were the bad guys. They were the ones who took your money, took your home and took your farm. Nobody liked the bankers. After the bank failures during the depression, when banks closed their doors and families were financially destroyed, it got even worse. We knew that our money was safer in the mattress or buried in a can in the back yard. But slowly they seduced us, coaxed us to come back in. They told us how men would come in the night and kill us to get the money from the mattress. They plied us with toasters and free checking. Our money would be safer in a checking account. We didn’t need to carry around all that filthy cash. A neat little checkbook would record our transactions. The bankers could be trusted now or so they told us. Then they introduced those little plastic cards. Such a convenience those little cards. Then they told us stories about grandmothers who were mugged for their Social Security checks. So we were happy with direct deposit to keep Granny safe. And those automatic bill pay options sounded so reassuring. Just another way to make sure Granny never lost her telephone service. Just looking out for us they told us.
We thought we were dealing with George Bailey (It’s a Wonderful Life.) We were sure that George would use his honeymoon money before he’d let us lose our money. We were deceived. We’ve been dealing with Mr. Potter the whole time. We’re dealing with people who learned their business ethics in the telemarketing world. We’re dealing with "Son of Enron."
So what does that mean for Granny? It means that the bank will processes unauthorized charges routinely. Then they bury Granny in "overdraft charges." When she tries to talk to those friendly bankers, she’s treated like a criminal and charged additional fees until she can cover the overdrafts. She can try to correct the problem with the business that made the unauthorized charges. But she has no way of ever recovering the overdraft fees. She’s trapped. It’s worse than dealing with a loan shark. You have no recourse. Either pay up or you will never get another checking account. You get blacklisted by the banks. Tony Soprano runs the banks.
I speak from personal knowledge. I'm the Granny. I currently have overdraft charges for unauthorized transactions. Unfortunately, it isn’t the first time. And I’m not the only one. I’ve heard of several people, elderly people with direct deposit of their Social Security check, who have had the same problem. I also know of several younger people who have their paychecks deposited. Their problem seems to be that the automatic monthly payments are processed before the automatic monthly paycheck is credited.
I’m an old bean counter. You know the type. I spent years with ink stained fingers from carefully recording transactions in a ledger. I know that the order of things is just as important as the amount. An incorrect date can do more damage than an inverted amount. I was a consciousness bookkeeper. These new banking people have changed the rules. They post the withdrawals before they post the deposits. That’s wrong. They tell me it doesn’t matter, but at some point someone will look and say "you were overdrawn all these days." I’m sure there’ll be an additional charge for that.
There’s a lot of attention being paid to those "Payday Loan" organizations. Lots of people being outraged at the interest charged. I think it’s the bankers who are most concerned. Payday loans are a better deal and a more honest one. Their charges are upfront and not hidden. The same is not true for banks. If you calculate the amount charged for one "overdraft" caused by either an unauthorized debit or the delayed posting of a deposit – simply being short a single dollar can cost you at least thirty dollars and up to several hundred. When that happens, who do you call? Who watches the bankers?
I was also concerned, especially at a time when identity fraud is becoming a problem, about the bank’s attitude towards the unauthorized charges. One Customer Service Rep told me that they couldn't possibly reverse the charges because that's how banks make money. If he's right then the banks are being rewarded for its own incompetence. They profit from not protecting the customers money. It seems that the Enron model is the business model for all business. In the old days, you build a good business on solid business principles and by having loyal satisfied customers. The stock price of those solid businesses would increases. No, that's not how it's done now. They plump up the bottom line any way they can just to plump up the stock prices. Eventually the bottom will fall out. But by then, the bankers, along with Enron, WorldCom and others, will be building their 50 million dollar mansions in Florida. If they worry about legal or financial repercussions – they simply give a hefty donation to the right party.
The fox has been in the hen house too long. Its’ time someone protected the consumers and not the bankers. Please, remember those of us who actually have to live on what we earn.
As for me, I’m putting the money back in the mattress. At least when they come to steal it – they’ll have to do it face to face.
Moral hazard? That would mean that all of us who have bank accounts don't keep our money in a bank that would punish the victim. That we look at the executives of these banks and decide if we want to support them. Maybe we should support smaller banks or credit unions. Maybe these big bloated parasitic banks Should fail. In this economy - the customer rules. Money talks.
Or better yet, let all those who are losing their houses move in with the wizards of wall street. That's the correct moral hazard.
Where do you find the Baily Building and Loan?
Find a Credit Union<a</p>