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Tuesday, February 2, 2010

The Problem With America's Debt - Glenn Beck - FOXNews.com - Gasp, Glenn Beck compares China to Chase Bank, makes no sense.


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Glenn Beck does not understand the real damage that consumer debt is creating. He thinks we would be "better off" owing Chase Bank rather than China. This is just nuts. We would be better off incentivizing the consumer credit card debt by removing the interest rate charges for any consumer who is committed to PAYING DOWN THEIR CREDIT CARD DEBT.

Everybody wins, even the Chinese. But Glenn Beck falls short with his analysis. The alleged tea bagger could not bring himself to admit that national banks have destroyed local economies.

I will give some credit to Glenn Beck for spotlighting that the Barack Obama is holding on to part of the stimulus money so that the democrats can use it just before the next set of elections this fall to seed Wall Street and possibly electrify regions of the country with stimulus money.

But Glenn Beck loses the credit, and then some, when he has the gall to say consumers would be better off owing Chase Bank rather than China.

6 comments:

  1. I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.

    Alena

    http://grantsforeducation.info

    ReplyDelete
  2. Hi Alessandro,

    I just spotted this article about people putting STICKERS on Credit Card locations. I don't care about anyone else than Chase as I still consider them the worst raising the minimum payments 150% on 1 million of their best customers.

    http://www.huffingtonpost.com/2010/02/08/credit-card-protester-sti_n_453497.html

    Maybe you could whip up a sticker or two that we could print off on sticky paper with the flyer?

    Thanks!

    Friends don't let Friends use Chase Bank.

    Gerry

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  3. Owe Chase, or Chinese, it's all got the same effect. The problem with big banks is they sacrifice the small ones to grow larger, and we pay for their bailouts. I'm curious how Chase is different from Citi, or even BOA? If we want to stick it to the big banks, then money has to be transferred to small banks or credit unions. Pick a safe one not on the FDIC watch list.

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  4. Chase Bank is different because Chase actually forced their most trustworthy, never late on their payments customers who had low interest rate deals already in place, to pay 5% a month of what they owed from the 2% that they were paying.

    This instantly raised monthly minimum payments an additional 150% above and beyond what the customer was already paying.

    Additionally, Chase actually lobbied the credit card reform bill act to not have to reveal to the consumer that they could at least get a five year pay off deal that was actually a fair compromise. I believe this could lead to the biggest lawsuit in the history of the banks. Any customer who was not notified of the 5 year pay off alternative but was eligible for it should be part of a class action lawsuit against Chase.

    Ironically, I may have made advocated a similar pay down program for credit card customers in one of my blogs or credit card websites, but I certainly would never have advocated that Chase bank could get away with a change in terms without notifying their customers of the 5 year pay off program.

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  5. Additionally, the problem with the national banks is they are not investing locally anymore to the degree they used to, and those investments got leveraged into unsustainable derivatives deals.

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  6. The sticker idea is interesting. I think it might be considered defacing bank property however.

    ReplyDelete