CJJ

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.

Financials Watch: AIG Brouhaha Distracts from Other Improprieties

Who are you all going to vote for when people start listening to you and we're all poor and destitute. Not because of any of the obvious corruption of the day, but because you "Free Market" champions "right the economy" by setting it back about 100 years and lead us to a 40% unemployment rate in the spirit of cleaning things up???

If this occurs it will be a classic case of the retaliator pays the price. Coming to power under such tense and terrible circumstances and then totally blowing what is left will lead to physical harm. Maybe that's why the people touting this crap ARE NOT running for office. They are very good at writing blogs and posts, but most don't have the balls or fortitude to go into office.

You are the same type of people who whine about high gas prices but then say energy reform is too expensive once gas prices go back down.
You are the same type of people who whine about the exponential health care costs of the country but say that its too expensive and complex to fix healthcare.

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.