[rarpAcconavox]

Bank fees = BS.

I love it when banks and CC companies list all the "benefits" they give you by owning the card.

OK, fine. How do you get the $$ to PAY for these "benefits"?

The only benefit I want is to be able to put my cash somewhere where I can easily access it.

All we are getting these days are really cheap toasters.

[SpecialOFFER]

Bloomberg speaks out both sides of his mouth. The little mayor went on to say:
“We need the banks. If the banks don’t go out and make loans, we will not come out of our economic problems. We will not have jobs.”

The mayor acknowledged that the banks played a role in the economic downturn, but he insisted, “We always tend to blame the wrong people.”
Uh, sorry, but NO. The banks didn't just play a role. They were the lead actors and have to accept a good deal of the blame for where we now find ourselves. Also to blame are the supporting characters, the supposed financial wizards like Bloomberg and his buddies, who never stepped up to say, Whoa!" as we were marching towards meltdown.

Mike: Who is stopping the banks from making loans now with all that bail-out money they're sitting on? And who is forcing the banks to charge us all for the most minimal of transactions (check your mailbox for new notices with the latest surprise from those who hold your money)? And how much profit did those banks make in the past year?

So, STFU. Mike, I'm talking to you.

Banks failed to retain sufficient capital for a rainy day, they provided loans to sub-prime people or questionable business entities, they priced the credit too cheaply, education and knowledge of simple banking was overlooked, while internal controls on risk were lax and negligent.

The markets were caught up in the frenzy of what was thought to be non-stop economic growth. Shareholders demanded higher returns and entry into risky environments (e.g. buy-to-let in the UK or sub-prime lending in the US), while speculative products that provided no true economic benefit became the rage. Rating agencies didn't understand what they were rating, whilst accountants and lawyers just crossed the t's and dotted the i's. Companies (large and small) undertook risky or debt fuelled acquisitions, and were subsequently rewarded by inflated share prices. Companies that failed to spend their money or take on debt were viewed as short-termist and weak.

Yet the present global economic environment goes far beyond the banks and financial services sector.

Politicians and civil servants over the last twenty years played a part in relaxing, fudging or misunderstanding regulation, subsequently a blur developed between business and government (e.g. Government Sachs). Governments across the globe also saw no reason to reign in the banks when their coffers were overflowing with tax revenues. Politicians eager to get votes, boost economic activity, lower unemployment and increase homeownership encouraged people to obtain credit, while at the same time taking down barriers that previously restricted it (e.g. Clinton & Bush).

The media also went with the trend; failing to unanimously speak out about the splurge on credit, or criticise debt-fuelled businesses. TV channels provided countless programmes on moving up the property ladder or buying holiday/retirement homes. Spain for instance was building at one moment in time more homes than Germany, the UK and France combined, and is presently stuck with 1.5mn+ homes that it may never be able to sell.

Many academics, commentators and economists too were slow to pick up on the signs of a bubble or provide any significant warning signs.

Finally - the remaining roles in this blockbuster go to the general public. Tens of millions around the world gorged on cheap credit to finance their new large house or provide a car for every member of the family. Graduates avoided the old destinations in industry for the high-flying world of finance. Many became dependent on their credit card or overdraft facility to keep up appearances with friends, family and neighbours. Others lacked any savings whatsoever for a rainy day, or failed to diversify their investments and savings and got greedy (e.g. the example of Iceland's Icesave in the UK and Netherlands).

Generally common sense went out the window across the globe and the blame lies with a lot of people from numerous walks of life.


Banks aren't lending too anyone for a couple of reasons:
- Credit criteria has gone to the opposite end of the spectrum; there is no reasonable balance of risk.
- Regulators are seeking ever higher capital requirements; something that should have been enforced well over ten years ago when the environment was more accommodating.
- Banks are being weighed down by politically driven activities; e.g. the fudged takeover of HBOS by Lloyds.
- The interbank market is fubar; there is no trust in lending between banks due to exposure, hence the recent concerns over France's large financial entities.
- Politicians around the world have failed to put to rest speculation and worries over markets; whether it is the Americans playing Russian roulette with default, or Germany and the EU failing to resolve the problem in Greece. Subsequently banks are bracing themselves for potentially gigantic eye-watering losses.

[UnduttRit]

All of that ^ touches on why Mike in particular (who fits all the bills when discussing Politicians, Media-guys, Financial wizards and those who use their position to influence & direct the Unwashed and Indebted Masses) should STFU.

[catermos]

Bank fees = BS.

I love it when banks and CC companies list all the "benefits" they give you by owning the card.

OK, fine. How do you get the $$ to PAY for these "benefits"?

The only benefit I want is to be able to put my cash somewhere where I can easily access it.

All we are getting these days are really cheap toasters.

The problem is that banks no longer need your deposits. With Fed discount rates close to zero, the Fed is practically giving free loans to banks to use for loans, mortgages etc.. Why should they give a damn about your deposits when they can capitalize income generatng assets at little or no cost?

[TubOppomo]

... They know there are very strong feelings among ordinary people about Wall Street and the bailouts: the rage and hatred is intense.” Ross may be right. But even now, the protest remains far too small to be called a mass movement.

This Wednesday at 4:30 PM they might see something bigger, when folks from all around gather at City Hall and then move on to Wall Street:

COMMUNITY/LABOR MARCH TO WALL ST.

[ImapFidaarram]

One idea to get the USA back on track:

It's Time to GET MONEY OUT of politics

http://www.getmoneyout.com/

Bailouts. War. Unemployment. Our government is bought, and we’re angry.

Now, we’re turning our anger into positive action. By signing this petition, you are joining our campaign to get money out of politics. Our politicians won’t do this. But we will. We will become an unrelenting, organized wave advocating a Constitutional amendment to get money out of politics.

As the petition grows, the wave grows. Email, Facebook, Tweet -- GET MONEY OUT. We are using The Dylan Ratigan Show on MSNBC, and our ability to influence other media outlets as a platform to force this issue to the center of the 2012 elections. Join us.

From our former Washington Lobbyist, Jimmy Williams, here is a DRAFT of our Constitutional Amendment for public debate this fall:

"No person, corporation or business entity of any type, domestic or foreign, shall be allowed to contribute money, directly or indirectly, to any candidate for Federal office or to contribute money on behalf of or opposed to any type of campaign for Federal office. Notwithstanding any other provision of law, campaign contributions to candidates for Federal office shall not constitute speech of any kind as guaranteed by the U.S. Constitution or any amendment to the U.S. Constitution. Congress shall set forth a federal holiday for the purposes of voting for candidates for Federal office."

[E4qC1qQ5]

Good luck on that one.

Once a politician is bought, he is hard to set "free" again. And our idiotic electorate will, no matter how strongly they voice their opinion, only vote for who they know and who looks best on TV.

[CKDIWEQ]

How much would you make by depositing $6K into one of Citibank's "pay nothing" low low low interest accounts?

It's cheaper to pay the fee than to loan them your money. They offer little to no return on the forced investment.

lofter1, my name is Mike and I work for Citi. I respect all of you points of view, but want to make sure you have all of the facts about some of the changes Citi announced to banking packages given that there has been much chatter on the social web. There is a banking package where, beginning in November, customers will have to maintain $6,000 in balances. However, you can combine Checking, Savings, CDs, and Money Market accounts to get to a total of $6,000. As long as you maintain $6,000 as an average monthly balance, the monthly service fee is completely waived. For customer who can't maintain $6,000 on average, monthly, or don't want to, we have a Basic Banking Package that will begin charging a $10 monthly fee in Nov (currently $8). With this package, as long as you either maintain $1,500 combined in checking/saving OR make at least one direct deposit and online bill pay, the $10 monthly fee is completely waived.
Other banks will likely be adding monthly debit card fees. We have committed not to do this. In terms of some other account fees like the ones I described above, we tried to implement them in a way to continue to make it easy for customers to have them waived. That's why we think our options are better for customers than what some other banks are doing. We're trying to be flexible.

Again, I respect your views, and just want to make sure you are in touch with all of the facts.

Best wishes,

Mike C, Citi

[nursopoutaras]

Gee, my credit union requires a $25 minimum deposit.

I guess paying $10 a month for someone to hold my money so long as I keep it above $1500 is a deal!

[Arbinknit]

Wowee what a deal!

[spamkillerj]

lofter1, my name is Mike and I work for Citi. I respect all of you points of view, but want to make sure you have all of the facts about some of the changes Citi announced to banking packages given that there has been much chatter on the social web. There is a banking package where, beginning in November, customers will have to maintain $6,000 in balances. However, you can combine Checking, Savings, CDs, and Money Market accounts to get to a total of $6,000. As long as you maintain $6,000 as an average monthly balance, the monthly service fee is completely waived. For customer who can't maintain $6,000 on average, monthly, or don't want to, we have a Basic Banking Package that will begin charging a $10 monthly fee in Nov (currently $8). With this package, as long as you either maintain $1,500 combined in checking/saving OR make at least one direct deposit and online bill pay, the $10 monthly fee is completely waived.
Other banks will likely be adding monthly debit card fees. We have committed not to do this. In terms of some other account fees like the ones I described above, we tried to implement them in a way to continue to make it easy for customers to have them waived. That's why we think our options are better for customers than what some other banks are doing. We're trying to be flexible.

Again, I respect your views, and just want to make sure you are in touch with all of the facts.

Best wishes,

Mike C, Citi

... and that's a good deal?

[unapelosina]

It's just not as bad as the press is making it.

It still SUCKS.

[DrunkMans]

... and that's a good deal?

It is if you work for Citi.

[Gilowero]

To Mr. Citi: You'd be amazed how many people cannot keep $6000, or hell, even $1500 in their bank accounts at all times. More people are living from paycheck to paycheck, and now you want to levy more fees against them? :facepalm:

[Slonopotam845]

Back OT....

It is amazing. On this one tech site people are yelling the typical "get a job hippie!" instead of focusing on the actual message. They seem to think that a degree and "working hard" will solve everything. They are painfully ignorant of the working classes slowly slipping standard of living.

The sheeple on the right focus on the sheeple on the left and neither take it to the shepherd.

[zuhraliyana]

I'll go talk to Mike C [ itibank ] and let y'all know what he says

Meanwhile, down at Zuccotti Park ...

Exclusive: Occupy Wall Street Activist Slams Fox News Producer
In Un-Aired Interview [video]

NEW YORK OBSERVER
By Drew Grant
October 3, 2011

Even if Geraldo Rivera was at the Zuccotti Park yesterday, Fox News has generally been a tad dismissive of the Occupy Wall Street movement. Foxnews.com (as of this writing) has no coverage of this national event on their front page stories. (Hard to imagine for a network that was so gung-ho about the Tea Party!) Red Eye‘s Bill Schulz went out to try to “prank” the protesters. Bill O’Reilly sent a producer minion out with the same mission: to belittle OWS’s cause by cutting up interviews to make people sound stupid.

Well, here is an interview that Fox News filmed, but doesn’t want you to see. The segment was shot on Wednesday for Greta van Susteren‘s show, (though it looks like the same producerfrom this O’Reilly segment questioning Michael Moore‘s anti-capitalist agenda) though the decision was made to leave it on the cutting room floor. The reason should be obvious pretty quickly.



The speaker giving Fox News the buisness is Jesse LaGreca, a vocal member of the Occupy Wall Street protests. This video comes courtesy of Kyle Christopher from OccupyWallSt.org‘s media team.

Now, no news organization is under obligation to air every interview they’ve filmed, especially when it makes them look bad. But you’d think that a “Fair and Balanced” network (that tells an interviewee that they are here to give them fair coverage to get any message they’d like to get out) would try to include at least a couple of opposing viewpoints to Mr. Shulz’s smarmy jokes or O’Reilly’s “infiltration” of the camp.

The ball is in your court, Fox.

TRANSCRIPT of the VID

[oB8LI2kP]

That was good.

[ENCOSEARRALIA]

An email I received:

Dear Readers,

What follows is the first official, collective statement of the protesters in Zuccotti Park:
As we gather together in solidarity to express a feeling of mass injustice, we must not lose sight of what brought us together. We write so that all people who feel wronged by the corporate forces of the world can know that we are your allies.
As one people, united, we acknowledge the reality: that the future of the human race requires the cooperation of its members; that our system must protect our rights, and upon corruption of that system, it is up to the individuals to protect their own rights, and those of their neighbors; that a democratic government derives its just power from the people, but corporations do not seek consent to extract wealth from the people and the Earth; and that no true democracy is attainable when the process is determined by economic power. We come to you at a time when corporations, which place profit over people, self-interest over justice, and oppression over equality, run our governments. We have peaceably assembled here, as is our right, to let these facts be known.

• They have taken our houses through an illegal foreclosure process, despite not having the original mortgage.
• They have taken bailouts from taxpayers with impunity, and continue to give Executives exorbitant bonuses.
• They have perpetuated inequality and discrimination in the workplace based on age, the color of one's skin, sex, gender identity and sexual orientation.
• They have poisoned the food supply through negligence, and undermined the farming system through monopolization.
• They have profited off of the torture, confinement, and cruel treatment of countless animals, and actively hide these practices.
• They have continuously sought to strip employees of the right to negotiate for better pay and safer working conditions.
• They have held students hostage with tens of thousands of dollars of debt on education, which is itself a human right.
• They have consistently outsourced labor and used that outsourcing as leverage to cut workers’ healthcare and pay.
• They have influenced the courts to achieve the same rights as people, with none of the culpability or responsibility.
• They have spent millions of dollars on legal teams that look for ways to get them out of contracts in regards to health insurance.
• They have sold our privacy as a commodity.
• They have used the military and police force to prevent freedom of the press.
• They have deliberately declined to recall faulty products endangering lives in pursuit of profit.
• They determine economic policy, despite the catastrophic failures their policies have produced and continue to produce.
• They have donated large sums of money to politicians, who are responsible for regulating them.
• They continue to block alternate forms of energy to keep us dependent on oil.
• They continue to block generic forms of medicine that could save people’s lives or provide relief in order to protect investments that have already turned a substantial profit.
• They have purposely covered up oil spills, accidents, faulty bookkeeping, and inactive ingredients in pursuit of profit.
• They purposefully keep people misinformed and fearful through their control of the media.
• They have accepted private contracts to murder prisoners even when presented with serious doubts about their guilt.
• They have perpetuated colonialism at home and abroad.
• They have participated in the torture and murder of innocent civilians overseas.
• They continue to create weapons of mass destruction in order to receive government ontracts.*

To the people of the world, We, the New York City General Assembly occupying Wall Street in Liberty Square, urge you to assert your power.
Exercise your right to peaceably assemble; occupy public space; create a process to address the problems we face, and generate solutions accessible to everyone.
To all communities that take action and form groups in the spirit of direct democracy, we offer support, documentation, and all of the resources at our disposal.
Join us and make your voices heard!

[LypeReexy]

• They have profited off of the torture, confinement, and cruel treatment of countless animals, and actively hide these practices.

Too many eggs in one basket.

"They" is making it too vague and easily refutable by individual entities. Combining PETA concerns with Wall Street/Financial sector grievances is not sart and just provides ammunition for counter arguments.

It would be hard to blame BoA for chicken farms......

[gogoleanylinkfo]

Just got back from zpark - what a scene!
Will post pics after I catch my breath...5-O out in FORCE!