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Banks, Credit Unions, and Fees: Oh my!

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  • Handyman
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by pirate View Post
    I don't know how many people worked for those banks at that time but i suspect it wouldn't have helped a whole lot to have our financial structure collapse (not the economy alone) and have several hundred thousand more people out of work too. BAC had over 200k people at that time I believe...so maybe we're talking 5-600 thousand above average jobs with above average benefits.

    When people say we should have just let it collapse I can't tell if they really mean that and have thought through all of the implications or if it is just the phrase of the month/quarter.

    Would it be nice to get 15 people in a room and beat them with a sock full of nails?...always a fun time, but having that anger/spite flow to we should have let most/all of our banking system collapse and possibly be swept up by China or other foreign banks makes me think that frustration is getting the better of people's intellect.
    I thought it through...I know what would have happened. It would have been worth it. What we have now is fraudulent and is the worst of all worlds. At least if the entire thing collapsed we could start over.

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  • Guest's Avatar
    Guest replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by St. Clown View Post
    We shouldn't have bailed out the banks. It was a mistake. The government should have allowed the weak banks to fail and the responsible banks to survive - you know, the market's way of punishing mal-investment and maleficence.

    The other part to that is the banks are paying back their bail outs. Many (perhaps all now) of the larger banks have already repaid their loans in full. In fact, a number of those larger banks tried to refuse the bailout money, but the Federal government forced them to accept it in an effort to stave off a run on the half-dozen or so banks that truly did need the money. In fact, my employer was among those that were not permitted to refuse bailout money.
    Right. So we can bail out the banks but can't give any actual human beings money because that would be Socialism! Funny that people say it was wrong to bail the banks out and somehow use that as reasoning that we can't bail out people. I suppose an individual isn't "too big to fail" but the American people as whole...are they too big to fail?

    And if banks are repaying the bailout money now that they're back on their feet, who is to say individuals won't once they're back on their feet?

    Leave a comment:


  • pirate
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by Handyman View Post
    It died a long time ago. Plus the people cant be trusted to make decisions anymore because the people are uneducated buffoons. These are the people who had minimum wage jobs and got $100k houses and wonder why they cant make their payments.

    But lets not pretend this is just on the people...the banks made a ton of idiotic decisions and they were bailed out as were many other businesses. Since supposedly the banks and corporations are people too, shouldnt everyone have the right to be bailed out just like them? (my guess is this question will **** of Lynah)

    The government should have bailed out the people not the banks. People are dumb they would have spent the money right away which would have at least caused a blip in the economy. The banks are just sitting on the money happy to never lend out a dollar.

    (and no I dont believe in the OWS protest so please dont lump me in with them)

    edit to add: I am in a really bad mood my post is darker than intended but my point stands.
    I don't know how many people worked for those banks at that time but i suspect it wouldn't have helped a whole lot to have our financial structure collapse (not the economy alone) and have several hundred thousand more people out of work too. BAC had over 200k people at that time I believe...so maybe we're talking 5-600 thousand above average jobs with above average benefits.

    When people say we should have just let it collapse I can't tell if they really mean that and have thought through all of the implications or if it is just the phrase of the month/quarter.

    Would it be nice to get 15 people in a room and beat them with a sock full of nails?...always a fun time, but having that anger/spite flow to we should have let most/all of our banking system collapse and possibly be swept up by China or other foreign banks makes me think that frustration is getting the better of people's intellect.

    Leave a comment:


  • Handyman
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    By here do you mean Minnesota? Otherwise I dont follow you.

    Leave a comment:


  • St. Clown
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by Handyman View Post
    You work for Wells Fargo?

    Once they made their dumb decision to bail everyone out they had to cover up which banks needed it. If people knew Goldman, Morgan Stanley, BoA and a few others were basically insolvent the entire system collapses.
    A number of large banks have a presence here. All large banks with a presence here were forced to take money they didn't need except for one, which did need it (B of A has a small presence in this market, mostly ATMs and mortgage sites).

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  • Handyman
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    You work for Wells Fargo?

    Once they made their dumb decision to bail everyone out they had to cover up which banks needed it. If people knew Goldman, Morgan Stanley, BoA and a few others were basically insolvent the entire system collapses.

    Leave a comment:


  • St. Clown
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by Priceless View Post
    We can't bail out people - that would tank the economy.
    But we can bail out banks because that will create jobs!

    And just look at all the jobs that have been created. Why, between a decade of tax cuts and those corporate bailouts, we have more jobs than people!
    We shouldn't have bailed out the banks. It was a mistake. The government should have allowed the weak banks to fail and the responsible banks to survive - you know, the market's way of punishing mal-investment and maleficence.

    The other part to that is the banks are paying back their bail outs. Many (perhaps all now) of the larger banks have already repaid their loans in full. In fact, a number of those larger banks tried to refuse the bailout money, but the Federal government forced them to accept it in an effort to stave off a run on the half-dozen or so banks that truly did need the money. In fact, my employer was among those that were not permitted to refuse bailout money.

    Leave a comment:


  • Handyman
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by Priceless View Post
    We can't bail out people - that would tank the economy.
    But we can bail out banks because that will create jobs!

    And just look at all the jobs that have been created. Why, between a decade of tax cuts and those corporate bailouts, we have more jobs than people!
    Oh you must have moved to India

    Leave a comment:


  • Guest's Avatar
    Guest replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    We can't bail out people - that would tank the economy.
    But we can bail out banks because that will create jobs!

    And just look at all the jobs that have been created. Why, between a decade of tax cuts and those corporate bailouts, we have more jobs than people!

    Leave a comment:


  • St. Clown
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by FlagDUDE08 View Post
    And they can handle it with the public debt as it is now?
    Not really, which is all the more reason to not add more burden to it.

    Leave a comment:


  • Handyman
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by FlagDUDE08 View Post
    What ever happened to people being able to think for themselves, making intelligent decisions to better their lives, and being accountable for bad decisions?
    It died a long time ago. Plus the people cant be trusted to make decisions anymore because the people are uneducated buffoons. These are the people who had minimum wage jobs and got $100k houses and wonder why they cant make their payments.

    But lets not pretend this is just on the people...the banks made a ton of idiotic decisions and they were bailed out as were many other businesses. Since supposedly the banks and corporations are people too, shouldnt everyone have the right to be bailed out just like them? (my guess is this question will **** of Lynah)

    The government should have bailed out the people not the banks. People are dumb they would have spent the money right away which would have at least caused a blip in the economy. The banks are just sitting on the money happy to never lend out a dollar.

    (and no I dont believe in the OWS protest so please dont lump me in with them)

    edit to add: I am in a really bad mood my post is darker than intended but my point stands.
    Last edited by Handyman; 10-11-2011, 10:49 AM.

    Leave a comment:


  • FlagDUDE08
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by St. Clown View Post
    You're not truly reducing anyone's burden by doing this, it's just a transfer from personal debt to public debt. In fact, it would add so much money to the public debt that the government couldn't even pretend to handle the interest rate payments without cutting either the budgets to or cancelling a whole slew of other programs.
    And they can handle it with the public debt as it is now?

    Leave a comment:


  • St. Clown
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by Almington View Post
    I have a Modest Proposal: If the government wanted to actually fix the problem they should just borrow the tillions that it would take to pay off everyones existing first mortgage. Banks win, homeowners win, politicians get reelected, and the housing market and broader economy get saved. Sounds like a win-win to me. The resulting economic boom will allow us to pay off the debt in no time flat.
    You're not truly reducing anyone's burden by doing this, it's just a transfer from personal debt to public debt. In fact, it would add so much money to the public debt that the government couldn't even pretend to handle the interest rate payments without cutting either the budgets to or cancelling a whole slew of other programs.

    ETA: And the creation of so much debt would create so much newly created money in the economy that the dollar would tank even more so than it already has. The subsequent inflation - should the economy ever become healthy again - would be very severe. The inflation would act as a destabilizing force and put us right back to where we started. In fact, a number of economists are worried about this already, after the Fed's Quantitative Easing 2 actions, and that the only reason we're not seeing high inflation at the moment is because both the United States and the European Union are both suffering tough economies at the moment.
    Last edited by St. Clown; 10-11-2011, 10:42 AM.

    Leave a comment:


  • ScoobyDoo
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by FlagDUDE08 View Post
    What ever happened to people being able to think for themselves, making intelligent decisions to better their lives, and being accountable for bad decisions?
    You're describing most of the middle class. The middle class that's left anyway. They did all that and they're still not getting anywhere. Read The Two Income Trap, it's all in there.

    Leave a comment:


  • FlagDUDE08
    replied
    Re: Banks, Credit Unions, and Fees: Oh my!

    Originally posted by LynahFan View Post
    Let me explain to you how this works: you see, the corporations sit there in their... in their corporation buildings, and... and, and see, they're all corporation-y... and they make money.
    You are darn lucky I'm at work, or I would SO recite the speech about d**ks, p***ies and a****les.

    Leave a comment:

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