From the mouth of experience
Gosh, I thought that everybody knew that that's what these banks do. I guess I should get the word out.
The reason why credit card companies(which are owned by banks) extend so much credit to people that can't afford to pay it back is that they want you to get into trouble. They purposely calculate how much money you make, how much you owe and extend credit just over your limit so that you'll be forced to make minimum payments which won't reduce your pricinpal so it's like pure profit for them and it's a lifetime of payment for you--economic slavery.
This is common practice for bankers and lenders. The only time it fails is when they extend too much credit and the borrowers default enmass. Then they go broke like the savings and loan institutions did.
I'm glad this guy wrote that book then. It will wake people up to the fact that capitalism is just that. -ism means the act of practicing something: capitol means money. So capitalism means the act of practicing money or the practice of money(or for the more zen folk--the way of money). People in our country confuse too much capitalism with trade and manufacturing. It's not the same thing. Trade means you have a product and you exchange it for money. Manufacturing implies making a product and selling it for money. Service impies doing something of benefit to somebody else in exchange for money. These are good things.
In a capitalist system you don't need a product. You can juggle money to make money. Problem is there's no production or products being made and the only way to make money practicing "capital" is to lend and charge for lending money. It's the way of the bank. Problem is that if a guy can pay it off immediately there's no profit. So the bankers rig it so that most people are strung along on minimum payments for a life time. This leaves no more money for the guy to buy the products he needs to survive(i.e. computer and EWQL sounds) and so he's got to borrow some more money to survive and it turns into a vicious cycle.
I'm not saying that all banks and all bankers do this and are evil. But I am saying that enough banks and enough bankers do this and it's a huge problem that will sooner or later crush everybody in the world. Unless we fight them.
I've made my mistakes. That's how I figured it out. Then I decided to fight and boy is that painful. If you fight the system the bankers backed by lawyers come after you with both guns blazing. It's a brutal fight. But worth it. But, if you do decided to fight make sure that you buy your cars outright and that you rent instead of own. And also make sure you're a self employed musician because when you tell them that you don't got any money right now. They'll believe you Then tuck your money away so when they call and they say you own the $1,500 right now, then you say, I got $1,000 will that shut you up. They say, yeah. And you've payed them off. You know like the mafia does it. Most banks operate off the same pricipal that mob lenders do. Except your bookie will only brake your legs. Those will heal. But ruin your credit and that doesn't heel for a while. So banks actually do more harm in the area of finance than the mafia, believe it or not.
PS. Why is there no spell check in off topic
I was in awe that we could finally hear it from a horses mouth. These things are so hard to prove on the outside. One suspects it is going on but a sceptic always has the ammuniton of "Well, how do you know? what are your sources?"
To actually hear from a man that has orchestrated these disasters....well, first of all, what balls he has....but then again I could only feel, "Gosh the massive bad karma this guy has made for himself..."
Sometimes, I felt like he was getting choked up a bit. Heck I would too if I contributed to mass world slaughter...and we're not talking indirectly either.
And let me add, that watching the whole hour long interview willl take you thru his experience with
The end was especially breathtaking when he talks of Saudi Arabia and Iraq
Hence the old adage, "When you owe a bank a dollar, you're in trouble. When you owe a bank a million dollars, the bank is in trouble".Originally Posted by josejherring
Just read the article again. Makes me want to cry.
This is what people like dcornutt call liberal blather. I've been going on about it for a while. Yes, we have an empire. It's real, and all that sanctimonious stuff about "spreading liberty" is so shallow. What Clinton did was work it economically. These wonderful neo-con ~~~~~~~s use the military.
Isn't it interesting how the world does nothing about mass murder in oil-less Rwanda or Sudan, but Saddam Hussein is a WMD evildoer.
Only if you bite. I've got astronomic credit limits, but never spend beyond my means and ALWAYS pay off the entire debt each month. The only thing I've ever paid in increments were my cars and my house. And the only thing I owe on right now is the house and it's almost paid off.Originally Posted by josejherring
The problem is that while our country is pulling these tactics, it also takes corrupt leaders of the target countries for the scam to work.
The depressing part is that we simply kill the ones who can't be corrupted.
So, I guess if the credit card companies were the USA, I'd be dead.
You're a wise man robgb.Originally Posted by robgb
Sometimes I feel as if we should remove the flag of the United States of America from our buildings and monuments until such time as we earn the right to fly it again for the meaning that it originally had.
"So what if some parts of life are a crap shoot? Get out there and shoot the crap." -- Neil Peart