CJJ

Will New Credit Card Regulation Lengthen the Recession?

Please refrain from all the bit**ing and moaning about credit cards and credit scores. People act like other people actually care about their sob stories...Be happy you are out of debt.

The articles idea that this is a good thing at the wrong time. There's a reason the Constitution hasn't been updated more than a few times in 300+ years...there is a reason there are bubbles and will continue to be so. People don't make tough choices when things are good. You don't stop playing blackjack when you are on a roll.
That also doesn't mean you don't do the right thing just because its a little later than you should have.

You don't stick to stupidity just because you've been sticking to it for a long time.

Expecting the 'Better than Expected' from GE, Google and JPMorgan

Moron...the rules went back to what they were. Moron...

Where were you calling out the bank earnings back then.

I don't understand how people don't understand the market is just as dysfunctional at bottoms as it is tops. I guess its useless to argure...the world is ending anyway.

On Apr 15 09:40 PM Repsonsible Citizen wrote:

> Well they Sure Outa report Better Numbers , the Rules were changed
> last month so they Will Show much better Numbers but its all Smoke
> and Mirrows thats the Goverments specialty and theyve made it Very
> easy for the Banks to do it do !

Credit Card Crunch: Creating a New Generation of Subprime

A few quick hits:
-Credit scores are a load of crap. If you don't think they are going to be changed as a result of this recession/depression you are stupid.
-The fact people are whining about dormant cards being closed is assanine. Again to the above credit scores will be adjusted in the near future so keeping lines of credit open is not a "good thing".
-Credit card companies are hiking their rates because they can and the rules are going to change soon. I agree its a bad move from the credit card users view but it helps the issuer bottom line.
-What exactly is the problem with scaling available credit back 50% if its utilization is under 20%? How do you not see that as a good thing? This still leaves over 50% non used balance.
-Cetin nails it on the head, MOST people have small balances and much of increased savings is going to paying off credit.
-People who do have large balances on many credit cards are criminals. Not sure why we are crying about them.

There are mountains of problems out there, not sure why I repeatedly have to read about this molehill. Isn't the whole goal here to allow credit for creditworthy people? Much of the complaints come from people who have been gaming the system and see their days numbered.

The Escalator of Life Is Going Down (Part 2)

Yes stop paying your taxes. Great plan. On top of that take your money out of all banks(even good ones) to create bank runs. Take your guns(which we know, we know, you just have for protection) and go outside and just start picking off people at random.

Blame it on the Constitution.

The founding fathers of the nation would be appalled at the bitching and moaning everyone is engaged in. Its hard to tell if anyone actually gives a damn or would rather just complain endlessly until the end of time.

Seems to me the solutions of today would not have led to people coming to the US and fighting the US Revolutionary War. Instead the bloggers would have just whined about the situation and worked with the Brits they opposed to destroy religion instead of fighting for it.

The Escalator of Life Is Going Down (Part 2)

You're out to shout and whine your opinion as loud as possible. Please compare the times to the fall of Rome and impress us with your populist crap.
Can we get your thoughts on global warming, religion, terrorism, peak oil, peak water and all the other BS the pundits of the world are cramming down our throats?
I just want to know how I should feel about the issues since Mr. James Quinn in the Blogosphere has it all figured out.

The Escalator of Life Is Going Down (Part 2)

Can't wait until the blogosphere saves the world. And I thought the Government was full of self loving, never wrong attitudes.

I went to your website and read your "solutions". What a crock.
A few of the highlights:
"Stop buying things"
"Contribute into your 401k until it hurts. Picture yourself handing out yellow smiley stickers at the age of 80 in a Wal-Mart as motivation. "

Why don't you describe why anyone would contribute to a 401k if they aren't going to buy things, in turn those not having jobs to make money to have a 401k. What is everyone going to do for a living? Please tell me they will all be "making things of value". Yes, the economy will improve when everyone stops buying things and starts producing things. Brilliant.

Why is "not spending" now some higher calling. If you make a lot or money or spend it you're evil. That is BS.

How about you call it how it is, spend what you can afford. Spending more than you can afford is the problem, not spending.

Can't wait until we have a society like Japan where people are afraid to spend money.

Keep on promoting your self-loathing, pay for our misdeeds agenda.

Why Friday Was Such a Critical Day for Bank Stocks

Joel, Don't you know that people who are up on the economy are the "smartest people in the world". Those people who don't spend their days studying it are the "sheeple" and deserve to suffer for being so stupid as to actually living their lives day to day.

So many "smart" people all analyzing, studying and speculating about what amounts to a large gambling parlor. Problem is right now people are much more into complaining and pointing fingers and grabbing big headlines about the problems than actually fixing anything.

Its hard to be optimistic that these problems will be fixed without them being so far beyond broken it will make billions of people poorer.

On Feb 22 12:46 PM Joel87 wrote:

> If the companies were to be dropped from the DJIA. It would cause
> great panic from people unfamiliar with the matter causing bank runs
> and prices to go down further

Why Friday Was Such a Critical Day for Bank Stocks

The US debt is large...but be smart enough to realize it is not nearly to crisis stage yet...neither in real, perceived not historical measures. To get to Iceland stage, the deficit would need to quadruple.

I think the most important question is at what point to people let themselves be talked into acting so irrationally as to have a run on the banks. The US could guarantee every deposit in a US bank up to 250,000 without breaking a sweat, however, at this point in time its not exactly the type of thing that would help.

Its always reassuring to see that people are outwardly hoping all of this stuff happens. I guess deep down having guns to shoot at cans and animals really isn't good enough, they are looking forward to when they have an excuse to blow away some people as they guard their forest hideout and gold coins.


On Feb 22 12:25 PM mr freddo wrote:

> With bank equity holders running for the exists, or already long
> gone, my question is, when do depositors get squeamish and start
> a run on these banks? I'm surprised it hasn't happened yet and I
> assume it is because people feel safe with the FDIC insuring each
> account up to $250,000.
>
> At some point, the US Government guarantee will be questioned, as
> national debt skyrockets to umpteen trillions of dollars. Then the
> run will begin and banks will be closed for a "bank holiday."

Why Friday Was Such a Critical Day for Bank Stocks

All of these banks are in the same boat. They are all the same.
Really their ability to make it depends on the degree of the downturn. By not giving a clear message on how they will keep banks private, the government is allowing people to continue bring the stocks down(can't blame people for that). Outside of external information, people have no more information about banks than they did 6 months ago. To blindly say that JPMC is safe and the others are not is silly. In this case they are all together. You can throw GS and Morgan in there too.

2009's House of Pain: Consumer Loans and Credit Card Debt

Credit card companies are raising rates because legislation is going into effect in 2010 making these actions illegal. They are trying to get the money while they can.
While I think raising rates, especially on already created balances is a crappy thing to do...These banks are there to server the shareholder...Remember capitalism? So this serves to create profit and no one is forced to have a credit card, no matter what your excuse may be.
So if you're for capitalism, you should be less than willing to criticize banks for this.

Also, credit card debt/person is a drop in the bucket compared to the nation's other problems. Credit will contract to individuals over the near term...and in the end they'll have more money due to savings and not paying interest on their credit cards. Also credit will be better right sized for those who can use it.
If they start to charge people who pay their balance every month those people will not use credit, it is that easy.
Soon your "credit" score won't be as important because less people will use credit and there will be less credit.
Like most things today, it won't change overnight but these are obvious screweed up things that will be addressed in time.

S&P Set for 50%+ Gains? Not So Fast, UBS

Yes, the banks will be rich and the people in the country will be poor. All signs point to this and every conspiracy theorist will tell you this is a coordinated plan(not sure if conspircacy theorists now think the rich people of the world are working together or if its still just in the US).

Also many people everyone is heralding in these times, Rogers, Skiff, etc. are extremely rich people. Rich people don't really want everyone to be poor, it is messy for business and makes them real targets to be killed. They merely want to be richer. If you listen all the whining and clamoring for bailouts, it is coming loudest and biggest from the rich. They are scared to death to lose any of the 100s of times worth of money more than the average joe.