I been busy trying to hold on to my job and working longer than ever, and also staying quiet to see how this new stimulus plan will work out. But I see that BANKS cannot watch themselves.
If you are unemployed and collecting benefits you may now have to pay banksfees to get your money? Shame. Shame.
Read more:
http://finance.yahoo.com/news/Jobless-hit-with-bank-fees-on-apf-14426971.html
For hundreds of thousands of workers losing their jobs during the recession, there's a new twist to their financial pain: Even as they're collecting unemployment benefits, they're paying bank fees just to get access to their money.
Thirty states have struck such deals with banks that include Citigroup Inc., Bank of America Corp., JPMorgan Chase and US Bancorp, an Associated Press review of the agreements found. All the programs carry fees, and in several states the unemployed have no choice but to use the debit cards. Some banks even charge overdraft fees of up to $20 -- even though they could decline charges for more than what's on the card.
"It's a racket. It's a scam," said Rachel Davis, a 38-year-old dental technician from St. Louis who was laid off in October. Davis was given a MasterCard issued through Central Bank of Jefferson City and recently paid $6 to make two $40 withdrawals
Saturday, February 21, 2009
Wednesday, February 4, 2009
Congratulations Pres. Obama for showing leadership
I have been quiet on President Obama's actions regarding the bailout, government money and the Stimulus package being discussed in Senate.
But I feel that Pres. Obama took the right action today in limiting the pay of executives at banks that have received tax payer money. Right on!
Now, I would like him to have a serious talk with Nancy Pelosi and wake her up to the reality that most of us think that the stimilus package approved the House needs to be reworked.
From CNN 2/3/2009:
Pledging to take "the air out of golden parachutes," President Obama announced Wednesday [2/4/2009] that executives of companies receiving federal bailout money will have their pay capped at $500,000 under a revised financial compensation plan.
$500,000 will be the limit on executive salaries at companies receiving tax dollars, President Obama said.
Last year's "shameful" handout of $18 billion in Wall Street bonuses "is exactly the kind of disregard for the costs and consequences of their actions that brought about this crisis: a culture of narrow self-interest and short-term gain at the expense of everything else," Obama said to reporters at the White House
http://www.cnn.com/2009/POLITICS/02/04/obama.executive.pay/index.html
But I feel that Pres. Obama took the right action today in limiting the pay of executives at banks that have received tax payer money. Right on!
Now, I would like him to have a serious talk with Nancy Pelosi and wake her up to the reality that most of us think that the stimilus package approved the House needs to be reworked.
From CNN 2/3/2009:
Pledging to take "the air out of golden parachutes," President Obama announced Wednesday [2/4/2009] that executives of companies receiving federal bailout money will have their pay capped at $500,000 under a revised financial compensation plan.
$500,000 will be the limit on executive salaries at companies receiving tax dollars, President Obama said.
Last year's "shameful" handout of $18 billion in Wall Street bonuses "is exactly the kind of disregard for the costs and consequences of their actions that brought about this crisis: a culture of narrow self-interest and short-term gain at the expense of everything else," Obama said to reporters at the White House
http://www.cnn.com/2009/POLITICS/02/04/obama.executive.pay/index.html
Why I continue to blog on DoBanksCare.com
I started DoBanksCare.com to express the frustration I have been seeing with the credit & financial crises since late 2006, and with the bailouts approved by Congress, President Bush and now President Obama since around October 2008.
As a former real estate and mortgage broker I know firsthand what I and my customers having been going through: underwater mortgages, non responsive banks, bad credit, high and adjustable interest rates. And with no one to help us get out of this mess.
Since November 2008, our government has given billions of dollars to banks and other institutions and what have we received? I thought then, I argued then, that we are acting too fast and without much thought. I wrote my Congress representatives (Senators Feinstein & Boxer, and Congresswoman Pelosi). But the responses where that they knew what was best.
But the economy has not gotten better. I have writing the CEO’s and Presidents of Bank of America, Wachovia (now Wells Fargo), Washington Mutual (now Chase), telling them what my former customers are going through and that a reasonable mortgage relief/buyback program is needed. But they tell me that they have no power to do so.
And all this time, they get more and more money from us.
I hope they realize that when a bank forecloses on your house, that that just begins the next nightmare of renting. Most landlords will get a credit report on the potential renter and will then not rent to them due to the foreclosure which has ruined their credit.
As a former real estate and mortgage broker I know firsthand what I and my customers having been going through: underwater mortgages, non responsive banks, bad credit, high and adjustable interest rates. And with no one to help us get out of this mess.
Since November 2008, our government has given billions of dollars to banks and other institutions and what have we received? I thought then, I argued then, that we are acting too fast and without much thought. I wrote my Congress representatives (Senators Feinstein & Boxer, and Congresswoman Pelosi). But the responses where that they knew what was best.
But the economy has not gotten better. I have writing the CEO’s and Presidents of Bank of America, Wachovia (now Wells Fargo), Washington Mutual (now Chase), telling them what my former customers are going through and that a reasonable mortgage relief/buyback program is needed. But they tell me that they have no power to do so.
And all this time, they get more and more money from us.
I hope they realize that when a bank forecloses on your house, that that just begins the next nightmare of renting. Most landlords will get a credit report on the potential renter and will then not rent to them due to the foreclosure which has ruined their credit.
Thursday, January 1, 2009
What happend to the $2 Trillion Bail Out Money
I had wanted to write this during the last week of December, but I was pretty busy.
The Federal Reserve Bank has refused to make public where the bail out money has gone, who's gotten the money, and what is has been used for.
In October/November I wrote Senator Feinstein opposing the bail out and I got a nice letter essentially telling me that they knew best and she was supporting the bail out.
Well, it did not work. But at least the the Governmnet and Banks should let us know what happened to the money.
Businessweek (Dec 29, 2008/Jan 5, 2009, Pp. 024-025 ) has an article how much money the banks have received and the Federal Bank's decision to not disclose who's received the money and for what reasons. For more info read http://www.bloomberg.com/apps/news?pid=20601109&sid=aGvwttDayiiM&refer=home
The Federal Reserve Bank has refused to make public where the bail out money has gone, who's gotten the money, and what is has been used for.
In October/November I wrote Senator Feinstein opposing the bail out and I got a nice letter essentially telling me that they knew best and she was supporting the bail out.
Well, it did not work. But at least the the Governmnet and Banks should let us know what happened to the money.
Businessweek (Dec 29, 2008/Jan 5, 2009, Pp. 024-025 ) has an article how much money the banks have received and the Federal Bank's decision to not disclose who's received the money and for what reasons. For more info read http://www.bloomberg.com/apps/news?pid=20601109&sid=aGvwttDayiiM&refer=home
Welcome to 2009
Happy New Years everyone. Although 2008 was rough and 2009 looks difficult too we have to remain optimistic, persistent and with hope and faith that we will make it through 2009.
Goals for 2009:
1. Find ways to cut costs:
--do you need all services from Cable, DSL?
2. What about your gym dues. Are really using the gym? If not cancel it.
3. Don't eat out as often
4. Invest in your IRA/ROTH/401k/Sep IRA upto the your company's match.
5. Network and stay in touch to find a new job if you get laid off.
6. CUT CREDIT CARD USE.
And write your Senator/Congressmember at the Federal/State level and force the banks to be accountable since they are living at our expense now.
Goals for 2009:
1. Find ways to cut costs:
--do you need all services from Cable, DSL?
2. What about your gym dues. Are really using the gym? If not cancel it.
3. Don't eat out as often
4. Invest in your IRA/ROTH/401k/Sep IRA upto the your company's match.
5. Network and stay in touch to find a new job if you get laid off.
6. CUT CREDIT CARD USE.
And write your Senator/Congressmember at the Federal/State level and force the banks to be accountable since they are living at our expense now.
Monday, December 15, 2008
Federal Rserves votes on 12/18/08 on new credit card rules
Fed to Vote on Sweeping Credit Card Rule Changes:
Rules changes will ban retroactive rate hikes...
The Federal Reserve is expected to vote this week to codify changes in credit card rules that would give consumers a much-requested break.
The rules package, set for a vote on Thursday, would stop credit card companies from retroactively raising interest rates on balances any time they want, and require a longer payment window before consumers can be charged late fees..
More info see: http://www.consumeraffairs.com/news04/2008/12/credit_cards_fed.html
Rules changes will ban retroactive rate hikes...
The Federal Reserve is expected to vote this week to codify changes in credit card rules that would give consumers a much-requested break.
The rules package, set for a vote on Thursday, would stop credit card companies from retroactively raising interest rates on balances any time they want, and require a longer payment window before consumers can be charged late fees..
More info see: http://www.consumeraffairs.com/news04/2008/12/credit_cards_fed.html
Say No To Gift Cards
Why would anyone buy a gift card? It just doesn't make sense.
If you don't want to, to have time for, to care to buy a gift, then buy a nice greeting card and put the money it and send it.
Reasons to buy gift cards as gifts
1. The company may go broke by the time you try to use it.
2. The fees, time constraints may eat up the value of it.
3. They are a nuisance for the receiver to try to use and remember to use.
4. Show you by at least buying a nice greeting card.
5. Stop feeding the Credit Beasts!
If you don't want to, to have time for, to care to buy a gift, then buy a nice greeting card and put the money it and send it.
Reasons to buy gift cards as gifts
1. The company may go broke by the time you try to use it.
2. The fees, time constraints may eat up the value of it.
3. They are a nuisance for the receiver to try to use and remember to use.
4. Show you by at least buying a nice greeting card.
5. Stop feeding the Credit Beasts!
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