This Time I'm Taking Names!
Of course there are reasons why the House appeared to becaving yesterday with regard to capping executive pay, imposing penalties and ending bonuses for banks that have, like thieves, taken our money and run. There are reasons why the White House capping of executive pay isn't retroactive. There are political trade offs to consider, we're told.
But if this is how it's going to have to go down in order to get the stimulus bill passed, then I'm taking names and never putting a cent into those banks. And that's what all of us should do.
We're not a shame society, but rather a pass the blame society. So while these monsters of greed are soaking up the sun on distant beaches and drinking champagne on their yachts this summer, no amount of guilt-tripping them is likely to pay dividends.
The only thing we can do is be more vigilant about where we put any money we're left with by the time they're quite through tearing away or pillaging our homes. Unlike our senators and representatives in congress, we don't have to compromise on this issue. And we don't have to vote them back into office.
It truly galls me when I read that some bank big shot wants to pay off the TARP load quickly because banks don't want the government in their business. They don't mind taking our money, just our having a say in it.
And then there's the claim that it's somehow unfair - if you can believe it - unfair to retroactively impose limits on how banks spend the money we've loaned them, as they should have been advised of those limits when they took our money. These are the same guys who were ordering $50 million corporate jets and planning to take their buddies to the Bahamas. And they want to talk about fair!
This is insanity! Why don't we stimulate the economy by taking back the loans, taking back the bonuses, and building windmills along the east and west coasts, high in the Rockies and along the Great Lakes - and wherever else the wind blows? It beats giving it to selfish people who don't care about making fellow Americans homeless. Why don't we put people back in their homes by paying off parts of their loans or requiring that these greedy bankers do so instead? In fact, why don't we send Americans on shopping sprees to stimulate the economy? Why not? It doesn't seem as ludicrous as what we've been doing?
Why don't we feed hungry children? Now that's a down payment that would pay back double or triple.
I'm not going to forget this - no matter how things turn out. OK, let's have the stimulus bill pass. But let's be clear that it's on the back of cowards who would rather make Democrats look bad, or who themselves are Democrats and don't want to rock the boat.
No, I'm not going to forget this one.
Dr. Reardon also blogs at bardscove.
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If ever there was a description of "pharisee", the bankers of this world would probably best fit a present-day description. I don't think that just the Republicans should be called to account, however; where are the Democrats allowing this "stimulus" bill to drop so many progressive and stimulative measures it? Education, the states real bug-a-boo, especially with the increased "special education" prescriptions are in dire need, and health care beyond children would certainly benefit this nation
Can I say it again? CAMPAIGN FINANCE REFORM-no more private money in politics. NONE!! All campaigns at all levels of government financed by public money. Everyone gets the same amount from the same pot. Until this happens, our 'representatives' will continue to work for whoever pays them the most. Period!
Great point, how come we can give BILLIONS to the bankers, but we cannot afford a few BILLION to have real fair elections???
Like others above, I, too keep my paultry sum in my CREDIT UNION...ha
Here's a thought, instead of emailing and writing your senators and congressperson, run against the SOBs in the next election. Don't send your money to Obama, send it to the Libertarians or the Green party and strip the ReBums and Democrooks of their exclusive right to rip us off. I'm thinking of forgoing tax payments this year and hiring Bernie Madoff's lawyer to defend me while I do everything in my power to start a tax revolt - total non-violent refusal to pay. Tell your boss along with all the others in your business or department that you want to work as an independent contractor so they can't get their hands on any withholding and then simply don't make any estimated payments to anyone - feds, state, or city. Its time to let these birds know that we've had enough. Another idea is join a union. I've been screwed over for 42 years as an engineer in big construction with no O/T, and other abusive tactics by big biz - time to start organizing the engineers who design all the "shovel-ready" projects. Join the AFL-CIO Building Trades Union of your choice. Sic semper tyranis!
If everyone in America did as you suggest and pulled their money from the big banks and put it into local banks and credit unions, what would happen to the Citis, BofA's and Wells Fargos of the world? Fun to think to think about...
Even more fun to DO it. Stop thinking. Act, for God's sake!
I already have. It was a sad day when I quit my once local bank of 49 years. But I did it and the pall in the bank amongst the front line clerks was very heavy. I expect it was the day some of the dates on the pink slips were THAT day. And the bank that took it over is one of these biggies that ought to be let to just fail.
The easiest solution is to go to your local credit union and deposit your funds. Every since Wachovia has taken over First Union, I have never remained with a bank Even dealing with First Union was a stretch since they tried to charge a fee for withdrawing money through the debit service of purchasing other items at a store. However, every since I have been with Coastal Federal Credit Union, I haven't had a problem. If an ATM (itself) doesn't charges a fee, I don't get penalized. I don't pay a fee for using my checking account each month. Even if you overdraft your checking account, the most you get is a $5.00 penalty with money withdrawn from your savings to cover the amount. However, the most that I have ever had to pay was for the checks. However, almost all of my bills are paid electronically (so far I have gone three years without having to purchase another box). You can even get a higher interest rate for CD's and perhaps money market accounts than what you would attain at some of the banks that have grown stingier over the past five-ten years.
You get the same services that you get at banks with less hassle.
If you want to hurt these banks, here's what you do:
1) get a credit card from one (or more) of them that pays rewards. I like Chase Freedom, it pays 1% on everything, plus up to an additional $12/month if you spend enough in certain categories (grocery store, gas station, prescriptions, vet, etc). But there are plenty of other options available.
2) pay your bill in full every month, so you never have to pay whatever high rate of interest they try to charge you. To be on the safe side, set up automatic payments from your checking account, so you don't accidentally forget some month.
The credit card companies will still make some money off of your purchases, but not an awful lot after you get those bonus awards. Those are there just to suck you in. If you carry a balance, it's like throwing the rewards away. So you have to make sure that you don't charge more than you can afford. But if you're spending money buying gas or at the grocery store anyway, you may as well get some cash back while you're at it.
small correction to your idea with the reward cards; The credit card companies do NOT pay for the rewards but the merchant you buy your merchandise from. I've a small business and accept all major credit cards, but have a tier with different percentage points I have to pay to the bank/cc.
the highest tier (some are almost 5%) is for reward cards/points. This fee reduces my income,
as I can't incorporate it into my cost; and if I would - you as the customer would actually pay for it - with a higher price for the item you are buying.
All I can say is - do not use reward cards - pay cash.
I have a bank account with chase and several credit cards. If I use the credit, the next day I pay it completely off. But now chase has decided to nickel and dime me: $9 for one and a $25 yearly fee for the other. They do indeed want your to spend on the credit cards but also allow them to attach a usuarios percentage on as interest. I also have an account with a very good credit union and getting more and more convinced that they can provide banking without the pain.
Thank you, Dr. Reardon! Within days of CitiBank going back to the well and asking for additional TARP money, I received a note from them about my account, ... a Sears Master Card if I recall. I could accept by default, or opt out of a 26% standard rate, or 30% default rate on that card. My "standard" Sears card was actually issued by CitiBank as well, ... and I closed that the same week. I opted out of one, and closed the other account on principle.
CNBC had an online article in the following week that one of the worst things you can do for your credit score is to close an account, particularly if you have no balance owed. That is when it occurred to me that the three credit reporting agencies work, in essence, for the banks. They score a "chump" higher than someone who refuses usurious interests rates? Essentially they rate as a better risk, a person who accepts whatever lending terms are offered, ... or changed at the sole discretion of the banks.
Time to step off the credit merry-go-round, America. We must not only spend, but borrow, wisely. In particular, it seems we need to select our banking institutions upon both present and PAST businesses practices, looking back to when America needed them and their forebearance the most.
Kathleen. Please publish your list. Thanks for all you do.
See Kathleen Reardon's Profile
Joe: Here's a useful article that names names. Hope that's helpful. Kathleen
http://www
Thank you Kathleen, you are on my list of favorites and I get an email everytime you post.
Yes Please name names. If we ever get a rope we want to know who goes first. ( Well we all know The Bushes and Chenneys)
I have to say I was a little disapointed when Obama cut thier pay to half a mil. If I ever knowingly set out to destroy the economy of America in the name of so called free trade, please give me a half a million bucks and a get out of jail free pass.
No trust will ever be restored unless there are consequences for KNOWINGLY DESTROYING THE AMERICAN ECONOMY.
I totally agree with this article. Those guys sat in congress yesterday lambasting the ceo's and then are too cowardly to stand up for what's right because it's politically expedient. Well if paulson can write a tax break into the 1st tarp after it's passed and it doesn't need any other authorization, then Geithner can write a law stating hard restrictions on these banks and bankers.
Way back when this whole tarp thing started I advocated everyone pulling money out of banks and plunking it into the credit unions. Credit unions are the perfect vehicle for your money. They are safe, they are local and offer much better service for their customers and they also give you advantages of better rates when you have more accounts and services with them. Most of all they are not for profit. every member is a shareholder.
Everyone, get to your credit union Now.
Fat cats take off in their corporate jets sipping champagne as sleek attendants cater to their wishes. These Masters of the Universe heap scorn on the average man while they grease the wheels of justice with their ill-gotten wealth.
There is one business party in the US - it is called the bipartite facade of the two-party system. The financiers control both branches. Since Andrew Jackson was president, the bankers have taken over our democratic system with their money.
The house of Morgan and the Rockefeller interests with their European backers have always viewed the American system as a threat to their elitist oligarcy. It has been easy to find politicians who needed the campaign contributions who would vote in the necessary legislation. Usually, a scare is needed here and there to insure prompt legislation without hearings to find facts.
I'm with you. Until we hit these thieves where it hurts they just won't get it. The other problem is that Congress has no incentive to move quickly on this as they are guaranteed their jobs, salaries, free health care, free haircuts and lunches, cars and drivers, all on our dime. Even the millionaires in the Senate get all the goodies.
I would dearly love to see Obama impose a copay for their health insurance and prescriptions just like the rest of us (with insurance) have to face. And no dental or optical either. Cut the free hair cuts and lunches (and free gym). They can pay for those things themselves. Then, maybe they will start to work faster.
we have the best s.ena.te money can BUY---
Thank you, Kathleen, for making this call to action publicly. I've already started my list!
We need about 100 million people screaming this in the streets and calling our so called leaders and tell them WE ARE NOT GOING TO TAKE IT ANYMORE.
Sadly, today the idiot Rush Limbaugh(king of Corporate media and paid 38 million to send out their talking points) was UPSET that a Democrat in Congress yesterday asked which Corporate Kingpins had Corporate Jets. Rush went on to tell his 18 million dittoheads that Democrats are trying to kill off the private jet industry and the jobs associated. WTF!! INSANITY. He is the leader of the RNC,and there are thousands of Rush wannabe radio hosts that repeat the (corporate)fool's words.
Not one person that called in made the point that these companies are being bailed out by taxpayers and we have a right to have a say.
Get this. Rush's product is the dittoheads he creates and spoon-feeds talking points and voting orders to. They pay him hundreds of millions of dollars for delivering them. It's not hard to follow this money. Except for the dittoheads. They will never get it. If they did, they would stop listening to him.
I have hope. Many are defecting.
If you understand this, you can perhaps enlighten a few more.
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