Gimme a break! These Wall Street fucks can’t have it both ways–they game the system so they can privatize all the profits but “socialize” the losses by screaming “the sky is falling!” when their house of cards starts to collapse and expect the rest of us to bail 'em out.
And what choice do we have? My retirement accounts (and those of about a hundred million other folks) were gonna go up in smoke if somebody didn’t try to put out the fire these greedy pricks started because they needed a second heliport for their beach house in the Hamptons or a hockey rink with a Zamboni garage on their Greenwich estate.
When these SOBs decided to game the system, package bundles of shit for client A and then sell it with a straight face to client B, taking a commission on the sale while actively betting against their own product, and then begging for bailouts so they could hand out multi-million dollar bonuses to the very bastards that created this steaming pile of shit, guess what? I think they’ve made enough money, too!
I appreciate your reply but disagree with the conjecture that the “shit situation” which I and countless others found themselves was “one of personal creation.” I didn’t invest in any collateralized debt obligations or credit default swaps. I own my home free and clear and sure as shit didn’t buy or sell any sub-prime mortgages. I just put my money away in my retirement accounts like my dad, my president and my financial advisor said I should, and spread it around in a half dozen no-load mutual funds comprised of stocks and bonds. Nothing exotic going on here. No get rich quick schemes. In fact, a fairly conservative investment portfolio, by most standards.
A portfolio that got shot to shit when the financial markets exploded and make no mistake about it–these Wall Street fucks lit the fuse. Honest folks (of which I am one) play by the rules and work towards securing their financial future, only to have pricks like these set the whole house on fire, indiscriminately taking down the good and the bad. And we couldn’t try to salvage the “good” without saving the “bad” as well, as they had permeated the entire system with their “toxic” assets.
I’ve got nothing against people making money but I think we should make money by creating wealth, using capital to create tangible assets of proven worth. When it becomes nothing more than a zero-sum game and I can only make money by stealing someone else’s, now that’s a shit situation and one I want no part in creating or perpetuating.
Obama the idiot and his stupid remark aside…while you offer good advice you must have missed most of what HK wrote. It’s not about the card with the most rewards, it’s about a system that is often intricately designed to trip a person up when they either make a simple mistake or even worse are struggling financially.
As a supporter of Capitalism, I can’t imagine wasting one keystroke to defend such blatant, sneaky, greedy crap.
That’s your answer? I’m not talking about myself. I’m talking about the way debit cards are set up…and yeah buddy a lot of people are living check to check in this economy, they don’t need someone trying to screw their accounting up and then hit em with a couple hundred dollar charge. If you’re going to respond at least be knowledgable or you’re gonna sound like an asss.
From back when I was a branch manager 8yrs ago I would hear these stories, and in my experience, most of the time it was younger people trying to do the right thing and the average actual overdrawn amount were for less than 50.00 dollars, but the average ovedraft charges were greater than 300.00 dollars…WTF?
While I think anyone in America should be able to make as much as they can, I’m disinclined to feel sorry for the Goldman Sachs types when they went hat in hand for our money to bail out their shitty deals. I love how defensive they got before Congress when they invited this scrutiny upon themselves. Apparently they failed to take that into consideration along with all the other risks they failed to appreciate.
The problem is companies that issue credit dont want to eat losses. They love to profit, but hate to lose.
If you loan out a shit load of money, and no one pays, you go out of business, and someone either buys your debts hoping for a profit, or lots of people get a free home because their debtor doesnt exist anymore.
That is what should have happened. Instead, that chimp Bush, and the buffoon Obama thought it was a good idea to bail out business entities to which they have strong political ties.
It’s a scam. Our government is overrun with gangsters and crooks.
The very fact that they believe that they can knock on the Treasury door and expect to get funds for losses means we’ve failed pretty hard as a country.
I can’t blame them though, they were flat out told to make more credit available by our federal government. Which implied that the government would back them if that credit went stale. It did, so they asked for the implied protection that was offered.
