Post by janea64 on Nov 24, 2008 22:09:45 GMT -5
I read today that that the Bush administration has proposed a $20 billion bail-out for CitiGroup.
Who will be next to hold their hand out?
I can understand the Freddie/Fanny bail out, not that I totally agree with it, but I can understand how they got in this mess... but if not for greed, they would not be in this mess. I did not see any belt tightening... just throw money at as to get us by and well take care of it.
But CitiGroup... come on... they have been raping the people for years. The prime lending rate is at an all time low. I have perfect credit (I even got a car loan at the advertised rate that everyone always says no one ever gets). I pay on time and way more that my minimum payment. But yet my interest rate keeps going up and up!
So basically, I'm paying off other peoples bad debts based on their own bad business practices. CitiGroup is a large part of the whole problem. And yes, they are not alone. Discover is even worse, and I'm sure there are companies worse than those two, but these are the two that I have personal dealing with.
It all comes down to greed.
I had all my credit cards paid off a few months ago, but with rising costs, I have had to start accumulating debt again, just to make ends meet.
If they would charge a reasonable rate, that people could actually pay off and raise the minimum payments, less people would default on there loans. And if the credit card companies were not so greedy, There would be far fewer people with the cards or higher credit limits than they could ever pay off at the minimum payment in 3 lifetimes.
And to make matters worse, the credit card companies are making money on both ends. They do not just make money from the obscene interest, they receive money on every transaction.
Since most people use plastic instead of cash these days, the retailers have passed the cost on to the consumer creating inflation and the more they raise prices, since credit cards work on a percentage, we are spending more, so the credit cards are making more.
I know I am not an economics major and I'm sure I am missing something, but if anyone can explain with a bail-out of CitiGroup makes sense, I'm willing to listen.
In my opinion, if CitiGroup goes out of business, a lot of personal debt would be wiped out. That would mean more cash for spending, which is what this country need right now.
Big business has been taking it out of out hides for years due to greed until we have nothing left to give them. They scale back production, lay people off, now there is less money for the masses to buy the products that Big Business is selling.
It all comes down to greed, and the sad part is that the ones who can afford it the least are footing the bill.
Who will be next to hold their hand out?
I can understand the Freddie/Fanny bail out, not that I totally agree with it, but I can understand how they got in this mess... but if not for greed, they would not be in this mess. I did not see any belt tightening... just throw money at as to get us by and well take care of it.
But CitiGroup... come on... they have been raping the people for years. The prime lending rate is at an all time low. I have perfect credit (I even got a car loan at the advertised rate that everyone always says no one ever gets). I pay on time and way more that my minimum payment. But yet my interest rate keeps going up and up!
So basically, I'm paying off other peoples bad debts based on their own bad business practices. CitiGroup is a large part of the whole problem. And yes, they are not alone. Discover is even worse, and I'm sure there are companies worse than those two, but these are the two that I have personal dealing with.
It all comes down to greed.
I had all my credit cards paid off a few months ago, but with rising costs, I have had to start accumulating debt again, just to make ends meet.
If they would charge a reasonable rate, that people could actually pay off and raise the minimum payments, less people would default on there loans. And if the credit card companies were not so greedy, There would be far fewer people with the cards or higher credit limits than they could ever pay off at the minimum payment in 3 lifetimes.
And to make matters worse, the credit card companies are making money on both ends. They do not just make money from the obscene interest, they receive money on every transaction.
Since most people use plastic instead of cash these days, the retailers have passed the cost on to the consumer creating inflation and the more they raise prices, since credit cards work on a percentage, we are spending more, so the credit cards are making more.
I know I am not an economics major and I'm sure I am missing something, but if anyone can explain with a bail-out of CitiGroup makes sense, I'm willing to listen.
In my opinion, if CitiGroup goes out of business, a lot of personal debt would be wiped out. That would mean more cash for spending, which is what this country need right now.
Big business has been taking it out of out hides for years due to greed until we have nothing left to give them. They scale back production, lay people off, now there is less money for the masses to buy the products that Big Business is selling.
It all comes down to greed, and the sad part is that the ones who can afford it the least are footing the bill.