Financial Reforms are Working!

[Soggy in NOLA]

A $7.3 billion loss means they are making money.. or breaking even? Are ya mental there Garth?

 

[VaYank5150]

How are consumers helped if Bank of Amerca gets the hell out of consumer lending because they can't keep losing money?

They're not necessarily losing money. They just no longer can make record-breaking profits at the expense of the consumer.

Do you prefer that there were no regulations and the banks could do whatever they wanted to cheat you? The "losses" they claim to have sustained rather proves that that was exactly what they have been doing.

You said they posted a $7.3 billion loss. How do you conclude that they are not necessarily losing money?

Read the article. Now, IF this institution was doing so well on their own, can you please explain to me why President Bush had to bail them out to the tune of $142.2 billion?

 

[judyd]

A $7.3 billion loss means they are making money.. or breaking even? Are ya mental there Garth?

When a bank does things like raising a customer's rate to 29% when they have one late payment, or changes the payment date, so a customer expects to pay the account on the 10th and finds out too late that the date was changed to the 8th, and as a result suffers a late charge in addition--the bank is going to have a lot of customers completely default on their payments. Many customers completely defaulted on their cards because although they could make the payment of $80 a month--they couldn't sustain the increased payments.

The government said the banks could no longer operate like this.

 

[Revere]

Oops. $7.3B. Worse yet.

Who stays in business continuing to lose money like that?

GM?

 

[Revere]

A $7.3 billion loss means they are making money.. or breaking even? Are ya mental there Garth?

When a bank does things like raising a customer's rate to 29% when they have one late payment, or changes the payment date, so a customer expects to pay the account on the 10th and finds out too late that the date was changed to the 8th, and as a result suffers a late charge in addition--the bank is going to have a lot of customers completely default on their payments. Many customers completely defaulted on their cards because although they could make the payment of $80 a month--they couldn't sustain the increased payments.

The government said the banks could no longer operate like this.

Do you comprehend banks won't operate at all with losses like this?

 

[VaYank5150]

Oops. $7.3B. Worse yet.

Who stays in business continuing to lose money like that?

GM?

Sweet! Let them fail. No more bailouts for Bank of America.

 

[Soggy in NOLA]

A $7.3 billion loss means they are making money.. or breaking even? Are ya mental there Garth?

When a bank does things like raising a customer's rate to 29% when they have one late payment, or changes the payment date, so a customer expects to pay the account on the 10th and finds out too late that the date was changed to the 8th, and as a result suffers a late charge in addition--the bank is going to have a lot of customers completely default on their payments. Many customers completely defaulted on their cards because although they could make the payment of $80 a month--they couldn't sustain the increased payments.

The government said the banks could no longer operate like this.

Uhm, then don't get a credit card that has in the contract that your rates could go up to 29%.. or better , yet, try to pay your bills on time.

Problem solved.

 

[VaYank5150]

A $7.3 billion loss means they are making money.. or breaking even? Are ya mental there Garth?

When a bank does things like raising a customer's rate to 29% when they have one late payment, or changes the payment date, so a customer expects to pay the account on the 10th and finds out too late that the date was changed to the 8th, and as a result suffers a late charge in addition--the bank is going to have a lot of customers completely default on their payments. Many customers completely defaulted on their cards because although they could make the payment of $80 a month--they couldn't sustain the increased payments.

The government said the banks could no longer operate like this.

Uhm, then don't get a credit card that has in the contract that your rates could go up to 29%.. or better , yet, try to pay your bills on time.

Problem solved.

Pay your bills on time? REALLY? You don't have a clue how banks make money off credit cards, do you? You want to shut down Bank of America quicker than shit? Get everyone to pay off their credit card balances fully every single time the statement comes in. You are awesome.

 

[judyd]

A $7.3 billion loss means they are making money.. or breaking even? Are ya mental there Garth?

When a bank does things like raising a customer's rate to 29% when they have one late payment, or changes the payment date, so a customer expects to pay the account on the 10th and finds out too late that the date was changed to the 8th, and as a result suffers a late charge in addition--the bank is going to have a lot of customers completely default on their payments. Many customers completely defaulted on their cards because although they could make the payment of $80 a month--they couldn't sustain the increased payments.

The government said the banks could no longer operate like this.

Uhm, then don't get a credit card that has in the contract that your rates could go up to 29%.. or better , yet, try to pay your bills on time.

Problem solved.

So basically, what you are saying is that you don't believe in truth in lending. The new regulations state that the banks have to provide a firm due date--not move the date around, and they have to have contracts that are not in small print and spell out the requirements in easily understood terms.

 

[Revere]

Oops. $7.3B. Worse yet.

Who stays in business continuing to lose money like that?

GM?

Sweet! Let them fail. No more bailouts for Bank of America.

Government should regulate legal businesses out of business?

 

[VaYank5150]

Oops. $7.3B. Worse yet.

Who stays in business continuing to lose money like that?

GM?

Sweet! Let them fail. No more bailouts for Bank of America.

Government should regulate legal businesses out of business?

Should legal businesses be allowed to borrow money from the American taxpayers to keep their asses above water?

 

[Soggy in NOLA]

When a bank does things like raising a customer's rate to 29% when they have one late payment, or changes the payment date, so a customer expects to pay the account on the 10th and finds out too late that the date was changed to the 8th, and as a result suffers a late charge in addition--the bank is going to have a lot of customers completely default on their payments. Many customers completely defaulted on their cards because although they could make the payment of $80 a month--they couldn't sustain the increased payments.

The government said the banks could no longer operate like this.

Uhm, then don't get a credit card that has in the contract that your rates could go up to 29%.. or better , yet, try to pay your bills on time.

Problem solved.

Pay your bills on time? REALLY? You don't have a clue how banks make money off credit cards, do you? You want to shut down Bank of America quicker than shit? Get everyone to pay off their credit card balances fully every single time the statement comes in. You are awesome.

Yes I am. Looka, I don't give a flying fuck about BOA, never dealt with them. I was only responding to the cries that financial reform is working because BOA lost $7.3 billion. That is an absurd statement. Yes, I know banks make money lending money and charging interest.

I deal with a local NOLA Bank, Whitney, I have a CC, I use it sparingly, and I have no problems... and I never have. Just say'n.

 

[The T]

Oops. $7.3B. Worse yet.

Who stays in business continuing to lose money like that?

GM?

Sweet! Let them fail. No more bailouts for Bank of America.

Government should regulate legal businesses out of business?

That's their Intent.

 

[judyd]

A $7.3 billion loss means they are making money.. or breaking even? Are ya mental there Garth?

When a bank does things like raising a customer's rate to 29% when they have one late payment, or changes the payment date, so a customer expects to pay the account on the 10th and finds out too late that the date was changed to the 8th, and as a result suffers a late charge in addition--the bank is going to have a lot of customers completely default on their payments. Many customers completely defaulted on their cards because although they could make the payment of $80 a month--they couldn't sustain the increased payments.

The government said the banks could no longer operate like this.

Do you comprehend banks won't operate at all with losses like this?

What is your point? Remember when they all went crying to Bush because they were in "trouble", got a huge bailout as a result, and turned around and gain themselves obscene bonuses with taxpayer money?

BOA has a horrible track record for customer relations. Perhaps if they started acting honestly and above-board, some people would come back to them. As it stand now, they are not a great bank. A lot of their customers are by default--because BOA bought their previous bank or bought their mortgage.

 

[Revere]

When a bank does things like raising a customer's rate to 29% when they have one late payment, or changes the payment date, so a customer expects to pay the account on the 10th and finds out too late that the date was changed to the 8th, and as a result suffers a late charge in addition--the bank is going to have a lot of customers completely default on their payments. Many customers completely defaulted on their cards because although they could make the payment of $80 a month--they couldn't sustain the increased payments.

The government said the banks could no longer operate like this.

Do you comprehend banks won't operate at all with losses like this?

What is your point? Remember when they all went crying to Bush because they were in "trouble", got a huge bailout as a result, and turned around and gain themselves obscene bonuses with taxpayer money?

BOA has a horrible track record for customer relations. Perhaps if they started acting honestly and above-board, some people would come back to them. As it stand now, they are not a great bank. A lot of their customers are by default--because BOA bought their previous bank or bought their mortgage.

So what? What good are they if they close?

I'll tell you. More debt dumped on taxpapers.

Happy?

 

[judyd]

Do you comprehend banks won't operate at all with losses like this?

What is your point? Remember when they all went crying to Bush because they were in "trouble", got a huge bailout as a result, and turned around and gain themselves obscene bonuses with taxpayer money?

BOA has a horrible track record for customer relations. Perhaps if they started acting honestly and above-board, some people would come back to them. As it stand now, they are not a great bank. A lot of their customers are by default--because BOA bought their previous bank or bought their mortgage.

So what? What good are they if they close?

I'll tell you. More debt dumped on taxpapers.

Happy?

So, you support allowing them to continue any dirty tricks they can conceive to cheat their customers?

 

[RDD_1210]

How are consumers helped if Bank of Amerca gets the hell out of consumer lending because they can't keep losing money?

This sounds strangely like someone who would be PRO bailout.

 

[Revere]

How long do they stay in business if government forces them to lose money?

 

[RDD_1210]

How long do they stay in business if government forces them to lose money?

How successful is their business model if rules that now are protecting consumers is forcing them to go out of business?

 

[The T]

How long do they stay in business if government forces them to lose money?

Not long at all. It's on purpose and part of the Statist Democrat/Progressive playbook that's been brewing for over 100 years.