Displaying 1,201 To 1,230 Of 10,917 Comments A Radical Economic Solution – Stop Paying Banks For Credit Card Debt Bito, you had smart parents! When I was a kid, I think only people in certain jobs could join credit unions. I’m glad that’s changed. But because they have only been open to the general public for a relatively short time (compared to banks) it will take a while for people to get the idea. And thanks to the banksters, banks are pushing more people to do just that! Another reason more people don’t join is that there are only about 7,000 Credit Union branches vs about 96,000 bank branches. (I posted a link to that somewhere on this thread–if I understood the data correctly.) » Posted By Chernynkaya On October 22, 2011 @ 2:51 pm “Why Credit Unions are a Better Financial Choice for Us All” Great article. » Posted By Chernynkaya On October 22, 2011 @ 1:40 pm I feel better, AdLib! I thought about that question too–why not join a Credit Union? I think this has a lot to do with it: There are 97,952 bank offices in the US and only 7,349 credit unions (if I’m reading this right: http://www.census.gov/compendia/statab/2012/tables/12s1183.pdf)But I think it’s a matter of lack of awareness most of all. That’ll change. » Posted By Chernynkaya On October 21, 2011 @ 5:40 pm Banks call people who pay off their credit cards each month “deadbeats.” For real. They are in the business of collecting interest, not lending. » Posted By Chernynkaya On October 21, 2011 @ 4:22 pm Sue–I had to search through so many posts to find it because I couldn’t remember the title! » Posted By Chernynkaya On October 21, 2011 @ 3:45 pm Not just credit cards either: EDIT: I don’t mean this to use your post to deposit all stories related to it, but some of these just bolster your excellent points so perfectly. (This is my last one.) Did Citi Get a Sweet Deal? Bank Claims SEC Settlement on One CDO Clears It on All Others » Posted By Chernynkaya On October 21, 2011 @ 2:58 pm Javaz and Sue, (Shameless self promotion!) in case you missed this: » Posted By Chernynkaya On October 21, 2011 @ 1:12 pm It’s possible that Suze Orman agrees with you too. (Who knows? It’s perhaps only one step away from thanking Occupy Wall Street.) Suze Orman: “I want to say thank you to the Occupy Wall Street movement” You can read her full statement here: » Posted By Chernynkaya On October 21, 2011 @ 12:29 pm AdLib, this is in part a reply to your replies to me down on the thread, but mostly I just want to say that somehow your post about the banks and credit cards set something off in me (I posted a rant on your OWS-LA post yesterday that was a direct result of this.) What you are suggesting is the kind of direct action that I believe is part and parcel to other kinds of activism–every bit, if not more, effective than street protests and even voting. It’s really like a general strike in its potential effect. I am glad you even included all the references to the religious teachings about usury, because those are very conveniently pushed under the rug when discussions of economics and morality are discussed. More than that, there is a dark side to religious teaching that allow banks to get away with this. That dark side was pointed out by Karl Marx when he wrote about the opiate of the masses. I have no problem with the opiate part–I am a believer and further think that we all need a little opiate in this world. But it is undeniable that religion–or at least the institutions–have served the powerful to keep the masses in line from time immemorial. In the US, it is our Calvinist beginnings which serve to keep us from protesting the banksters and instead blaming ourselves. The sense of guilt we feel, the humiliation at not being “an upright citizen” overwhelm our ability to see how we are being screwed. ChoiceLady’s comment touched on the role of religion too, where she mentions banks which lend according to Sharia. The Right’s hysteria about Sharia suddenly became clear–it’s NOT about Islam–it’s about the prohibition of usury, disguised as nationalism and bigotry. CAn you imagine what would happen if there was an actual national discussion of Sharia and the prohibition on usury? It would automatically show that Christians have that same prohibition, as do Jews–and then, UH OH! What would the religious Right do then? Out entire banking system would be seen as blasphemous. [As an aside, I can’t help but add this about the role of Jews in banking: We too have a prohibition against usury. But in the diaspora and especially in the Middle Ages, Chistiandom also prohibited usury–defined as ANY interest collected from lending. The Kings and royalty of those times however HAD to borrow and they forced all the Jews in their realms to serve as the lenders, even providing them with the initial capital. That’s how the Rothchilds got started, along with that “international cabal of Jewish bankers.” Jews, who cannot charge interest on other Jews were forced to become the worlds’ bankers for a time. http://www.jewishhistory.org/the-rothschilds/ End of history lesson! 🙂 ] » Posted By Chernynkaya On October 21, 2011 @ 11:55 am E’Cat people like your in-laws gall me too! Same thing when I see people at the grocery store, dressed to the nines and with big diamonds using food stamps. But I ask myself if the millions of people who need food stamps should be denied because some game the system. It was the same attitude (Welfare Queens!) that diminished Welfare to its present form, when at this time people desperately need it. Some people definitely live beyond their means but for me it boils down to this: Do I believe that there are more irresponsible people, or more folks who have been extorted and cheated by the banks? If it’s the former, then one should encourage that consumers play by the rules, even if those rules are made by the banks; if the later, I say fight fire with fire. My personal conclusion is that the deck is stacked totally against the responsible consumer. » Posted By Chernynkaya On October 20, 2011 @ 8:48 pm Javaz, I mentioned that concern below too. But it really steams me! That has only recently become a regular practice and I find it another outrage. Since when is it acceptable for a potential employer to look into our private lives like that? What’s next? Will they be able to not only check our credit ratings, but see what we spend? What if an employer decides they don’t want to hire anyone who makes credit card charges at a bar, or towards a political party? I think that for younger people who are trying to establish credit, what AdLib is recommending is problematic. But the bigger issue for me is that they even have the right to use our credit against us! » Posted By Chernynkaya On October 20, 2011 @ 6:54 pm I can’t find any link to this (and the story is at least a year old) but banks look at WHAT you spend money on to raise the interest rate on your credit card too. For example, if you spend money at bars they assume you have the potential for alcoholism, and raise your rate; if you start shopping at discount stores they may decide you have lost your job and are a risk; if you buy porn, if you retread your tires, if you put any kinds of therapy on a credit card–these behaviors are all considered potential risks in your ability to repay the debt and they can raise your interest rates. The credit card companies have algorithms that detect these patterns automatically. Effectively, a computer program is making the “decision” that could result in your paying thousands of dollars more for your mortgage than if you just paid cash for these certain products and activities. » Posted By Chernynkaya On October 20, 2011 @ 4:36 pm Just found this NYT article coincidentally: Households underreport the magnitude of their credit card debts by at least one-third, according to a new study from the Federal Reserve Bank of New York. The difference for the average household is more than $2,000. Only 50 percent of households reported any credit card debt, while credit card companies reported that 76 percent of households owed them money. Even with those changes, however, the average household reports credit card debts of $4,700, while lenders report an average balance per household of $7,134. » Posted By Chernynkaya On October 20, 2011 @ 2:32 pm bito–couldn’t agree more. Their complaints and argument is flawed on many levels. in addition to what you point out, I just love how everyone conveniently forgets that there was hardly ANY support for fixing the system even as the banks were failing–and now the Reptilians want to reverse Dodd-Frank! I get enraged at this amnesia. » Posted By Chernynkaya On October 20, 2011 @ 2:27 pm AdLib–BRAVO!!! Count me in. I already did it. I walked away from a property that was way underwater; I refused to pay a $60,000 medical bill when my insurance cancelled me (by sending back my premium checks after the fact) and those were my only debts. I had no credit card debts at all. You know what happened? Nothing. Oh, I won’t be able to get any credit but I don’t want or need it. I prefer to live as much off the grid as possible. But I realize this is impractical for most people–especially young people who need to establish credit for buying homes and even to get a job! See, that is another “new” thing: The recent demand by potential employers that they check your credit. This is something I believe must be stopped immediately. Our rights and our privacy have been seriously curtailed by these rules. I can maybe see that credit check as necessary if one wants a job handling large amounts of cash, in the same way drug testing is understandable for airline pilots–for the rest of us it is an outrage that sheeple have just accepted. This is something we talked about briefly last weekend: WE should have been bailed out first. But you know, Goldman Sacks recently wrote a paper (to the Fed I think) saying that something needs to be done fast about the declining wages and jobs here. They KNOW that they are about to be whacked by more and more unpaid credit cards soon; they know that this economy cannot sustain their business and that banks are in danger of failing down the road. This is just completely unsustainable. This is not the article I referred to (can’t find it yet) but it speaks to my point about GS: » Posted By Chernynkaya On October 20, 2011 @ 1:40 pm Funk, I have no ideas whatsoever about what to do about rising medical costs. Obama’s plan to restructure hospital rules is a good idea in that regard (and also to improve the level of care). But that is really small potatoes. Our society is just not set up for us to care for our elderly relatives at home without help. And that’s really the only thing I can think of to keep costs down. Besides, it’s also the most humane. Excellent medical care in general has become something that only the wealthy can afford. I think about this a lot–why do Supreme Court Justices seem to live forever? Or look at Dick Cheney for Gawd’s sake! Sure, there are a few uber-rich like Steve Jobs who die young anyway (although his life was no doubt prolonged, I’m sure.) Look at the evil Koch brothers too. They are still kicking and look to last many more years, dammit. My grandmother would say that only the good die young, but we know that all the expensive medical miracles are only for the rich. » Posted By Chernynkaya On October 19, 2011 @ 11:42 am Hey javaz! I always like it when people add news items to my blog and your’s today is a good one. I had no idea about that exception to Perry’s immigration plan. It’s disgustingly elitist. About SCOTUS–I can’t remember where I read it, but I have also heard the the Supremes are NOT immune to public opinion. That is hard to prove, I guess, but I remember reading the piece and it showed instances where they were swayed. In any case, I really think that Occupying the SCOTUS is an awesome idea for an offshoot of OWS. » Posted By Chernynkaya On October 19, 2011 @ 11:32 am Yep, thanks javaz. I will re-post it tomorrow too. » Posted By Chernynkaya On October 18, 2011 @ 6:29 pm bito I’m glad you posted that story. I read it today too and marked it for tomorrow’s DP. It’s priceless and I wish it would be plastered on the front covers of every news outlet! I can dream. » Posted By Chernynkaya On October 18, 2011 @ 6:28 pm Just WOW–what great and thoughtful comments, Funk. I thought those three articles were the best I’ve read in a long time. Bob Cesca completely speaks for me. The articles by Epps and Meyerson reinforce his (and my) position perfectly. And the Kristof piece too–they all reveal to me the conflicting desires of immediate change and progress and the reality of the way things work in our flawed system–a system which even when working well is by its nature incremental. It was designed to be incremental. Maybe that was wise (I think of how the mistake of Prohibition was added to the Constitution too fast) and it is sometimes too creaky–as it is when civil rights or the emergency of our economic downfall take too long for both justice and emergency help to be accomplished. I just couldn’t agree with you more in your analysis of the complaints from the Left. It’s not that I don’t share their goals, it’s that they seem to be offering zero real solutions and are instead counter-productive howls. Sure they are correct in most cases, but they are not merely naive; they are ignorant and immature. And definitely as you say, plain lazy. The thing I really appreciate about those Epps and Meyerson articles is the historical context and this is again where I think the Left has its head up it’s ass. Take FDR– our idol. He was a giant and the right man for the right time. But not only do most people who compare him to Obama forget the different make-up of Congress, the fact that he was of the elite, and any other number of salient facts which allowed him to do what he was able to do, they also forget that he was originally in favor of keeping Prohibition, he was had to be persuaded to join WWII and he turned away a boatload of Jewish refugees from Germany and sent them back, and that Social Security was only for white males when enacted. And only white males in particular industries. He deserves to be beloved, but he was not perfect and when Obama’s HCR is criticized as incremental, imagine if it was as restricted as SS. The same thing applies to the Left’s view of unions. I am a staunch union supporter, but the reminder of George Meany–to say nothing of the racism of the labor movement in it’s history or the right-leanings of many members–bears repeating. Not to tear them down or to tar them, but to get some perspective on how things are and were. And more important, to stop the prevalent binary (and thus lazy) thinking about all the issues that confront us. One thing for sure: the OWS movement has really gotten me thinking and fired up, and had aroused some repressed issues for me. Last night on Maddow I heard Barney Frank talk about Occupy. (I’ll post it tomorrow.) He articulated one part of me which is concerned that this movement won’t translate into vote for the Dems–or votes at all. But there is that other part of me that suddenly feels that all the wonkery and politics are just so much blah, blah, blah. “Shit is fucked up and bullshit” is a sign that is the primal scream and it too speaks to me. I know this above all: If we don’t push back against the Right, shame, SHAME on us. We will deserve to be looked back upon as the stupidest, laziest generation in American history. » Posted By Chernynkaya On October 18, 2011 @ 1:34 pm Murph, I disagree with the author in this and on almost all of her posts, but she is right about Huffington. And you should forgive her for not providing proof for her assertion about this, because she HAS proven it repeatedly over many, many posts. I understand that you have no way of knowing this, as you are new here. She should have probably at least provided links to her previous posts so that people who don’t read PlanetPOV often or who are new can see her backup. Here are some of the many posts about Arianna. After reading them, maybe you’ll change your mind? https://planetpov.com/2011/03/07/ariannas-marie-antoinette-moment/ https://planetpov.com/2010/08/26/the-white-wings-of-icarus-fall-silent/ https://planetpov.com/2010/08/27/some-of-us-on-the-left-are-being-royally-ratfcked/ http://extremeliberal.wordpress.com/2011/02/07/arianna-huffington-pulls-off-an-ingenious-scam/ » Posted By Chernynkaya On October 23, 2011 @ 2:40 pm Excellent comments, Gordonskene–and welcome. I agree. Most people involved in OWS are very aware of what’s going on and the forces who attempt to derail it. I have been to Occupy Los Angeles three times now, and contrary to shallow reporting, it is comprised of many seasoned demonstrators; not at all primarily naive hippies. And I say that as someone who was there in the 1960’s too. I find the “concern” from the author specious. One could say that this concern is another attempt to derail the movement too. » Posted By Chernynkaya On October 23, 2011 @ 11:38 am Yes, Marion. There are always outside agitators in every movement, and Fifth Columns. There are always extreme elements too–those who attach themselves to a movement to press their own agendas even when those agendas are barely recognizable to those of the main goals of the movement. There will always be those who want to co-opt. There will be those who want to use the movement for their platform, and for their own publicity and egos. They take what the established movement has already done and use it, use the openness and generosity of the people who have built the movement, and they give nothing back. But people catch on pretty quickly, and they are–if not banned–seen for who and what they are. The same is true for OWS. And the same is true for web sites. NO ONE is “being had.” » Posted By Chernynkaya On October 23, 2011 @ 11:20 am Foodchain– DITTO, my friend!! 😀 » Posted By Chernynkaya On October 17, 2011 @ 6:02 pm I absolutely love your mugger analogy! And it was indeed a very special treat to see you and your beautiful family there. I like to think we “represent” our home Planet–just as they represent when they attend protests in their home towns. We are quite the activist community, for which I am grateful to you, KQ and Kalima! » Posted By Chernynkaya On October 17, 2011 @ 4:57 pm AdLib: HAHAHAHAHAHAHAHA!!! » Posted By Chernynkaya On October 17, 2011 @ 4:52 pm CL, as you say, who really understands why these movements erupt? I do think they build on each other and it actually doesn’t completely surprise me that it takes so long after things get bad for people to take action. Today I heard that United Teachers LA is joining OWS-LA for a march tomorrow and then they are going to Occupy the LA County dept of ed. That’s what we said: once there is a main movement, specific and related protests spring up and make specific demands. It’s working out great! » Posted By Chernynkaya On October 17, 2011 @ 4:51 pm Intersting article, Food. I had no idea! But now I understand better why that stupid Reuters article–which claimed falsely that Soros was behind OWS–connected the dots with Adbusters. BTW–Reuters recanted. I’m very glad you enjoyed the pix–I showed my husband you comment! » Posted By Chernynkaya On October 16, 2011 @ 8:46 pm I’ve been thinking about the snare drum, and you know? I think it would be a hit! I really do. Maybe not in a drum circle–although it might be–but I think it would be awesome, actually. » Posted By Chernynkaya On October 16, 2011 @ 8:44 pm Khirad, I like Portland–want to move there, and I know it has a Chinatown. What place doesn’t? 😉 » Posted By Chernynkaya On October 16, 2011 @ 8:42 pmComments Posted By Chernynkaya
http://www.dailyfinance.com/2011/10/22/why-credit-unions-are-a-better-financial-choice-for-us-than-big/
‘Gotcha’ Fees Force Customers to Quit Banks
http://moneyland.time.com/2011/10/21/gotcha-fees-force-customers-to-quit-banks/
http://www.propublica.org/article/did-citi-get-a-sweet-deal-banks-says-sec-settlement-on-one-cdo-clears-it-on
https://planetpov.com/2011/01/22/what-is-money-part-2-it%E2%80%99s-human/
Suze Orman — public face of the mainstream/PBS “be smart with your money” crowd, former VP of Prudential Bache Securities.
http://www.americablog.com/2011/10/suze-orman-i-want-to-say-thank-you-to.html
The paper has the discomfiting consequence of raising questions about the accuracy of the Fed’s Survey of Consumer Finances, widely treated as an authoritative source. […]
http://mobile.slate.com/articles/business/moneybox/2011/10/why_wall_street_hates_obama_the_surprisingly_simple_explanation_.html
https://planetpov.com/2009/10/26/arianna_huffington_responds/
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