Another Example of Coporate Greed gone wild!

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Originally Posted By: kb01
You'd think at a certain point state usury laws or anti-loan shark laws would kick in.


If the CC home office is South Dakota, there are no usury laws. Citibank invented this circa 1980. NY thought, no way are they going to pack up... but they did!
 
Originally Posted By: cven
I will agree nobody is forcing them to borrow the money but If you want to talk about greed.... this is greed.

http://www.epi.org/economic_snapshots/entry/webfeatures_snapshots_20060621/


I agree with you, but it's the options for what to do about it that are risky. Does it anger me that the wage gap in this country is at an all time disparity? You betcha!

But do you want the government to do something about it, something big enough to really "redistribute" things? I DON'T! That has historically NOT helped the common man and further enriched the totalitarians.
 
Originally Posted By: Bill in Utah
Originally Posted By: kb01
You'd think at a certain point state usury laws or anti-loan shark laws would kick in.


How about being responsible and not needing SUBPRIME loans?
whistle.gif



Well, lets go one better ..prohibit subprime lending and let them figure it out on their own. Cast them to the wilderness. Forsake them to their own means ..lead them not into temptation ..and they will, one way or another (or not) deliver themselves where ever they deserve to be.

..but it wouldn't keep Best Buy in business ..so we can't have that.
 
Things like these penalize the people who can least afford it. The people here who praise the bank for their 80% APR loans should stop and think that one day it's possible that they may end up being in need for a loan and all they can get is an 80% APR loan, or a 600% payday loan.

The way things are set in this country, most of us are just one step from this.
 
Do the CEO's in the above link really work harder than a short order cook slaving away all day at a hot stove and making yummy food for us? Or any of 1,000's of jobs that are out there? I don't think so. Many of these so called worthy people helped their companies lose millions and billion of dollars because of their greedy and shady dealings. Greed has taken over all common sense in this country what what is fair and right.

reasonable profit=good
Excessive profit=greed

You can force people to do what is right or penalize them for wrong doings. But you shouldn't have to.
 
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So why wouldn't tacking say a 5% bad credit surcharge onto the regular rate be penalty and profit enough? (Example: 12% goes to 17%)
 
Although I think it is a free market and that it is as much a borrower's fault for signing up with something like this. There should be a legal limit on how high interest rate can be. Loan shark should be illegal no matter what you believe.

Didn't the US cap it at around 30% or 40% max?
 
Originally Posted By: ZZman
So why wouldn't tacking say a 5% bad credit surcharge onto the regular rate be penalty and profit enough? (Example: 12% goes to 17%)


It's more complicated than we have time or room to manage here. Our economy depends upon credit. We haven't had the ability to afford ourselves for a long time. Therefore you have to have some form of credit "caste system" the poorer your population gets. There is no such thing as "real" drippings to sustain them with. It's a managed offloading of debt to others at this point.
 
Originally Posted By: CivicFan
Things like these penalize the people who can least afford it. The people here who praise the bank for their 80% APR loans should stop and think that one day it's possible that they may end up being in need for a loan and all they can get is an 80% APR loan, or a 600% payday loan.

The way things are set in this country, most of us are just one step from this.


So we outlaw these types of loans. What is going to fill the void? Loan sharks?
 
Originally Posted By: Pablo
You don't like it? Don't borrow money from them. Problem solved.


We can say the same about a lot of other stuff as well, like housing that doesn't follow code or vehicle that doesn't pass safety standard, or even high crime rate in certain neighborhood.

Don't like the high crime rate? Don't live there.

Unfortunately, you can't assume people always make rational decisions or people take the safe path due to desperation, or they are simply misled by sales people, or identity theft.
 
Originally Posted By: CivicFan
Things like these penalize the people who can least afford it. The people here who praise the bank for their 80% APR loans should stop and think that one day it's possible that they may end up being in need for a loan and all they can get is an 80% APR loan, or a 600% payday loan.

The way things are set in this country, most of us are just one step from this.



I'm tired of bailing out the people (in my subdivision even) who shouldn't have bought that 3500 square foot house but did because the government made the banks lend money to people who could barely afford to buy the Lexuses (Lexi?) sitting in their driveway.

I'm tired of eating the costs for the people who just had to get that 45" plasma TV on credit because their servicable 36" TV was "too small" and they didn't want to have the DTV box on top for the digital signals, which by the way, I ALSO bought for them thanks to the government.

The list could go on and on, but bottom line is that I'm tired of supporting people who refuse to live within their means and expect me to pitch in for them.

Please see my previous post to understand why it appears that I have a 4"x4" deck post up my backside when it comes to this topic.
 
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Originally Posted By: opus1

The list could go on and on, but bottom line is that I'm tired of supporting people who refuse to live within their means and expect me to pitch in for them.


What blows my mind are the people who make excuses for this stuff. I'm sorry, but if you're over the age of 18, it's time to start acting like an adult and taking responsibility for your actions.
 
Originally Posted By: CivicFan
Things like these penalize the people who can least afford it.


That's the whole point. If you can't afford it, don't buy the new shiny trinket. If someone requires a law to keep them from stepping into a hole, then the hole just gets bigger.
 
Originally Posted By: ZZman
Do the CEO's in the above link really work harder than a short order cook slaving away all day at a hot stove and making yummy food for us?


Sounds like to me that you've not spent much time getting a Masters degree or further in education. (which I'm sure your short order cook above did in your example)

The CEO is a CEO for a reason. He has done the work before GETTING the position of CEO. They have SPENT more time and hours than the "cook" getting somewhere with a payoff.

The cook just complains instead of improving himself.

It is easy to whine. A lot harder to work.
 
Originally Posted By: brianl703
Originally Posted By: opus1

The list could go on and on, but bottom line is that I'm tired of supporting people who refuse to live within their means and expect me to pitch in for them.


What blows my mind are the people who make excuses for this stuff. I'm sorry, but if you're over the age of 18, it's time to start acting like an adult and taking responsibility for your actions.

THANK YOU!
 
Originally Posted By: brianl703
Originally Posted By: opus1

The list could go on and on, but bottom line is that I'm tired of supporting people who refuse to live within their means and expect me to pitch in for them.


What blows my mind are the people who make excuses for this stuff. I'm sorry, but if you're over the age of 18, it's time to start acting like an adult and taking responsibility for your actions.



That a sword that cuts both ways. Don't feed the fool in his folly and then ALSO blame him for the assured consequences.

There's enough losers to have these visions of "stupid" people ..but there is absolutely no action required to fall victim to the PT Barnum's that ran with the gold and left US with the bill. Did I make poor decisions that make my $$ tank and my taxes, water & sewer and school costs run away since they're anchored and I'm ..without participating in any lame brain scheme (since even a bumpkin simpleton like myself saw the 100% FLAWED PHYSICS) just lost a sizable part of my life toil? Who ended up with that? Who is standing taller in the evolution.

Without those losers ..there wouldn't have been the party that you thought was REAL to begin with. It's only when the bill came due that you need to blame someone ..and it's typical another victim.
 
Originally Posted By: Bill in Utah
Originally Posted By: kb01
You'd think at a certain point state usury laws or anti-loan shark laws would kick in.


How about being responsible and not needing SUBPRIME loans?
whistle.gif



I think that would be ideal. I personally don't use credit cards, outside of keeping them active and immediately paying them off for the sake of my FICO score.

However, I can't imagine ever taking advantage of another human being because he's either incredibly desperate or just naive. Outside of the moral ramifications, these kind of horrendous loans will come back and haunt all of us. If somebody is that desperate, odds are there's an entire financial house of cards under him, just waiting to collapse.
 
Originally Posted By: Gary Allan
Did I make poor decisions that make my $$ tank and my taxes, water & sewer and school costs run away


Did you vote?
 
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