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Teetering on the brink of the new Depression
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handofdave
handofdave
3515 posts

Edited Sep 19, 2008, 10:23
Re: Teetering on the brink of the new Depression
Sep 19, 2008, 10:07
It's not just the obscene bonuses, it's the 'little' things too, like the onerous, ever-mounting fees, the relaxing of usury restraints, the penalties, etc.

My bank upped their fee for overdrafts to 28 dollars per instance this summer. When I asked why the arbitrary hike, the bank officer gave me this incredibly self-serving and nakedly opportunistic response (I'm paraphrasing); "Because all the other banks do it". And then she tells me that this is fair, because 'The bank is using it's money to cover your debt'... but of course, it's not really, it's floating you the $3.04 for a day, then taking that out plus the $28 on the next deposit. So what it really is is a kind of legal loan sharking... probably worse rates than the mob.

What really pisses me off is that the 'Financial Services industry' (industry?) really seems to think that it's the backbone of our economy. Seriously. Not the workers- the farmers, the machinists, etc... but the guys shuffling fake money around the world, usually into their own pockets, and finding ever-more ways to justify a bigger take.
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