OK.

[quote=Jennifer Nettles] 

September 16, 2010

We, the citizens of the United States of America, call upon those seeking to represent us in public office to sign the Contract from America and by doing so commit to support each of its agenda items and advocate on behalf of individual liberty, limited government, and economic freedom.

[/quote]+1000 could not agree more!

But you don't understand....Didn't you hear Pres. Owebomba's speech the other day when he said that the economy wasn't his fault??  He said that it took from 2001-2008 to ruin the economy and he has just started to pull us out from the brink of the abyss.......Funny that some people will believe that, but thank God it is fewer and fewer!!!  I agree with you JN or ST.....

The people wanted Hope and Change, but like anything else, our need for instant gratification caused us to buy the first thing to hit the store's shelves. Can anyone say "buyers remorse?"

You really are sheep, aren't you?

Not much deep thinking going on in this thread. I expected better from this group. Everyday, I honestly hope that people aren't this stupid. But, here it is, a thread like this one, stupidity on parade!

Let me ask this: What the group's take on credit card interest rates?

[quote=BondGuy]

You really are sheep, aren't you?

Not much deep thinking going on in this thread. I expected better from this group. Everyday, I honestly hope that people aren't this stupid. But, here it is, a thread like this one, stupidity on parade!

Let me ask this: What the group's take on credit card interest rates?

[/quote] Careful throwing stones from your glass house...

but to respond to your question, credit cards are used for two reasons:

1. Financially responsible people use them to temporarily fund purchases. For the most part interest rates are irrelevant because the card is paid off monthly.

2. Financially irresponsible people use credit cards to live like the "Joneses" They do not care about the interest rate because they want the product no matter what.

So for either group it doesn't matter what the rate is but to group number 2 it matters what the minimum payment will be.

Did Bond Guy ever come clean on his mistaken support for progressivism and the Chicago thugs?

I started my biz on credit cards. In fact, when I graduated college, I charged a couple of suits so I could get a corporate job to pay off my student loans.

My boss was about ten years older than me, and his mom was still buying him dress shirts at Nordstrom's. The guy never had a cent of debt in his life, except his mortgage.

A lot of self-made people have used credit and their wits to build equity and help level the playing field. We never expected progressive leaders of the nanny state to explain the basics of  interest rates and compound interest.

I started my business on credit cards as well.  The interest rates were 0%.  Paid them off by the time the rate was going to go up - to 9%!

The problem isn't the interest rates.  The problem is letting people who can't afford credit, get it. 

High interest rates are supposed to be a curb on demand.  If the pool of borrowers is large, those higher interest rates are supposed to be a check on people NOT applying for credit.  The problem is that the borrowers with bad credit feel like it is free money.  It is a lack of financial education.  As long as that exists, you are going to have high interest rates for people who shouldn't have them.

If you took time out of the equation and asked that person who has bad credit - you can pay $1000 for this big screen tv, or you can pay $10,000 for it, which one do you choose?  I bet they would say $1000.  Unfortunately, people don't understand interest.  And it's never put in to perspective.

Hi, my name is Montel Williams. Would a thousand dollars come in handy right now?

Ah, the rich people speak!

So, none of you need credit? And, when you do, it's only for the short term. I'm not surprised. Meanwhile in the not so wealthy neighborhoods, where people are scraping to make their property tax payments,  your friendly neighborhood bank has fleeced it customers with interest rates that would make a loan shark blush. Charging rates so high, that the wealthiest among us could not pay the money back. They Prey on the poor and get richer for doing so. They sleep at night by putting blame on their victims, calling them dead beats, and fiscally irresponsible. Some of you have called them the same on this thread.  

They then pay millions to politicians to make sure regulation doesn't impede profit.  Want to make it legal to charge 30%? Want to make it impossible to know when a late charge will be incurred? How about when a penalty surcharge is added? Or, the best, change the bankruptcy laws to stop all those deadbeat fraudsters from getting away with it and keep'em on the hook making payments forever? No problem, just write a check to your favorite republican congressman or senator and your fleecing of the poor wildest dreams will come true. And they have.

And, it gets worse, from pawn shops to pay day loans to Western Union. All fleecing the poor. Major money center banks close branches in declining neighborhoods and replacing them with subprime subsitiarys. All bought and paid for at your local Republican Party Headquarters.

And, still, it worse than that - Banks approached the high unemployment states and offered a service - pay the unemployed their benefits with a debit acct accessed via a debit card. This is a good deal for the states, saving them a few hundred thousand dollars a year. But, it is a bad deal for the unemployed. Most banks offer two to four free withdrawals per month, then they charge $1.50 to $3.00 per withdrawal. The average monthly fee, about $60. Wanna check your balance? That's $1.00. Imagine having to pay money to get access to your money? A republican wet dream! Those who can least afford it continue to get fleeced legally.

The people you want to elect are Ok with this. They are Ok with the systematic wealth transference from the poor to the rich. The question is: Are you?

You lost me when you singled out the Republicans. That is preposterous.

On the bright side, virtually all politicians are hastening the fleecing of money from people who don't understand it.

We're getting much closer to dealing with reality in America, and pretending to be the hero of the working man ( the ambassador of progressivism) won't take you very far. We all know your wonks ( Frank, unions, big government) are the other gears in the same machine.

You need to understand that some people do not share your core beliefs about political economics. Honestly do not understand things the same way you do - it's not political, it's economics.

If you want to understand, great. If you want to persuade, use facts and logic. The only things I believe in are God and the market, (family, personal responsibility, charity, doing the right thing, saving the earth, etc.)  and I know you don't believe in at least one of those two.

Lots of politicians can take credit for the demise of (small banking) competition.

I deposited a check on Friday for 24k and they told me it's on hold until October 5th. First time in 15 years, I walk into the local branch of my big bank, don't recognize anyone, and I get a credit hold because the check is over 5k. Wonder if they make any money on the float or if it helps their balance sheet? 

Both the libs and conservatives jumped into the greed of the mortgage crisis. Then you have the bailout. Now, small banks and lending and competition are drying up everywhere.

Don't couch your solutions in little progressive nanny state packages. That's what got us into this mess in the first place. Do you not understand the irony? Enough is enough. Do you not sense the outrage in America?

I saw the clip of the Chrysler guys smoking pot and drinking on their breaks. GM feels they can start contributing to political candidates again. Don't try to convince me you're in it for the "little guy". The little guy is the small business owner out West who is getting screwed by the entires East Coast establishment, and we are angry.

The people you want to elect are Ok with this. They are Ok with the systematic wealth transference from the poor to the rich. The question is: Are you?

Yes. It should be pretty obvious by now that the majority of politicians have done a poor job of protecting the average guy with regard to the transfer from poor to rich.

Just because you get to say who the money gets transferred to ( from rich to poor) - is that what makes you think you are smarter or more moral than fiscal conservatives?

The (imperfect) market does an okay job, and it is a lot less irritating ( and much cheaper and more honest)  than the preppie policy makers and central planners you worship.

Actually, you don't know what i believe. But, that's Ok, for your world to work i've got to fit in a certain box. I get it.

Singling out the repubs is putting blame exactly where it belongs. All, the laws that allow the fleecing of the poor passed under repub leadership or congressional control. The polictical economics of the repubs is to fleece the poor legally.  Has the republican party not been a rock in the road to economic recovery? At who's expense? Not yours! It's all about getting power back in their hands. They don't care if it hurts the common man. The common man is not part of their party. The poor man who's hours have been cut by recession is not part of their party.

Think about this for a moment: Small businessman are bitching about having to provide health care to their employees. You would think small business people would want healthy employees. After-all healthy employees are good for business. More productivity etc, right? So, what's the problem? The problem is the small business owner doesn't want to give any more of his money to his employees. Employees, i might add, who are enriching the businessman. It's much more profitable for the businessman to fire the sick employee and hire a healthy one. You side with those who agree with this thinking. How is that doing the right thing? How, does that square with God?

Insurance companies are allowed to drop those who are seriously ill. Hospitals use loopholes to refuse treatment to the uninsured critically ill. All in the name of profit. Of course, rich as you are this will never happen to you. You side with those who are Ok with this and allow it to happen. You side with those who are paid to make sure it continues. How is that doing the right thing? God Ok with turning away the sick because they can't pay?

You are correct about people being misinformed or uninformed. That people are blaming the current admin for the economy is proof of that. The repubs are playing it for all it's worth. And, so we're clear, what i'm saying is that there hasn't been enough time for recovery. The repubs have done everything they can do to prevent a recovery from happening. The average voter, uniformed, or misinformed, doesn't realize the time it takes to recover. If the economy is in the tank at election time the incumbants get the boot. Witness George Bush in 92. Fact is, then, as it is now, the govt has done what is needed and recovery is on line to take place.

Question: When you pass from this earth and are at the Pearly Gates and St. Peter asks: "Why did you help people who hurt so many of your fellow man?" What's your answer?

so we're clear, what i'm saying is that there hasn't been enough time for recovery. The repubs have done everything they can do to prevent a recovery from happening.

To be clear, I am not a fan of the Repubs or any other professional politicians. I would be in favor of sending local farmers to sit in term, if it wouldn't destroy their business. I can see have career professionals in the military, state department and so on.

Saying that (more) career politicians will help the common man is like saying we should pay people to burn more coal to save the polar ice caps.

When you pass from this earth and are at the Pearly Gates and St. Peter asks: "Why did you help people who hurt so many of your fellow man?" What's your answer?

I tried to keep it local, help people in my community, and not worry too much about the fate of the world.

I care about the earth and our children. Folks should have meaningful work that gives them dignity and allows them to trade goods and services with people in the community.

Your progressive pals have sold out to big business, big government, and (government) unions. If you can't see the corruption, if it doesn't make you sad and feel sick, we have nothing to talk about.

Examples of the sell-out are everywhere: a static education system, union workers smoking pot on the job and resisting drug testing even though they are on the public dollar, career politicians, self serving wealth redistribution ( stick you hand in the pot while it passes).

We probably share a lot of the same caring values toward our fellow man. I can't believe that you support the status quo. Trying to change it without real change defines insanity.

The really funny thing is, you probably think people like me are ignorant. The thing that has changed recently, - maybe you noticed - we don't care what you think about us any more. I'm going to shut up and vote and keep my head down.

With regards to investing, this has inspired me to talk about things like having your own permanent insurance policy, which can't be touched by creditors, where Uncle Sam can't look inside and you'll never pay another penny in taxes (unless they change the laws, be vigilant). I'm more holistic and goals - oriented in my planning, more interested in protecting from the downside and disaster and legacy planning. I hope God approves at the end.

[quote=BondGuy]

Ah, the rich people speak!

So, none of you need credit? And, when you do, it's only for the short term. I'm not surprised. Meanwhile in the not so wealthy neighborhoods, where people are scraping to make their property tax payments,  your friendly neighborhood bank has fleeced it customers with interest rates that would make a loan shark blush. Charging rates so high, that the wealthiest among us could not pay the money back. They Prey on the poor and get richer for doing so. They sleep at night by putting blame on their victims, calling them dead beats, and fiscally irresponsible. Some of you have called them the same on this thread.  

[/quote]

If there is even a chance someone will not be able to pay their property taxes, why in the world would they own the property to start with? Financial ignorance, just as all forms of ignorance, is not a defense it is an excuse.

Just an fyi - As a child, we were dirt poor but we were very happy. I made the same financial mistakes as the people you are grandstanding for. I could of easily filed bankruptcy and started from scratch but I decided to educate myself and slowly pull my way out of that ditch. It was one of the reasons I decided to enter this field.

I hope someday you realize the difference between people looking for a handout and people looking for a hand up. If you truly cared as much as you, and the others with the same poor pitiful lower class attitude, like to sound you would address the REAL underlying concern... education. The public education system does not come close to preparing teenagers for the real world.

Get off your soap box and teach someone Mr. 2mm GDC....

Personal responsibility and regulation to better consumer protection are not mutually exclusive.

There is a difference between selling toys with lead base paint and providing a credit card with OBVIOUS TERMS ATTACHED that only a fool would accept. This is an example of a greedy supplier providing a product to a greedy consumer. There is NO REASON a person MUST have a credit card. I cannot understand why the supplier is at fault?