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Banks taking OUR money

Thu, 02/05/2009 - 07:47
Annoyance, General

Start lending - like you''re supposed to doing - and do your part to get this economy going. You are the sole reason we''re in this mess. Quit renovating offices, giving fat bonuses and generally squandering the money THAT WE GAVE TO YOU to save your sorry asses.

Unbelievable!

09/08/2010 - 13:31

Um, wasn't it banks lending to people who couldn't repay loans what (partially) caused the mess we're in now?

02/09/2009 - 10:29

The study of human behavior: totally worthwhile.
Statistical psychology at a graduate level: totally challenging.
Undergraduate psych degree: joke.

Come on, I''ve known too many undergrads who switched over to psych because their other major was too difficult, and too many sorority girls getting their MRS to think otherwise at this point.

There simply are easier majors. The drop-out and grade data probably correlates with what we all think. On the other hand, there are simply people whose chosen major comes more easily to them than others, and those people may need to get some loans to make up for the hours they can''t spend working to pay for rent, etc. (Unless they don''t have HOPE, in which case it''s more.) It''s not a bad thing, they just need to be responsible and pay it off soon.

02/08/2009 - 21:50

*patients.

i''d hate for you to think i''m illiterate as well as arrogant and incompetent.

02/08/2009 - 21:48

i was a psych major before i was in pharmacy school. i changed majors because i like to be able to afford food.

and i spend extra time in study groups with other Pharm. D. candidates so we can go into research to develop new pills that improve the quality of life of our patiends.

to me it''s worth the extra time. i guess that''s just a shortcoming of mine...

02/08/2009 - 12:06

not everyone has time to work while in college. i''m in professional school, and most days i''m there from 8 to 5. when i get home i''m doing school related work or studying. there is no such thing as free time for me, and i certainly couldn''t handle a job right now. so no, not ALL people can afford college if they work, especially waiting tables in a college town with a s***eous economy.

although i would venture to say the person who claims it''s possible was a psychology/fashion merchandising/similarly useless and bogusly easy major...

02/08/2009 - 11:10

to 2/7 poster: yes, people can afford college as is... if they work... i paid for my entire college tuition as i went while waiting tables... and i paid for everything else in my life as well: apartment, car, phone, bills, partying, etc.

it wasn''t easy or cheap, either.

02/07/2009 - 01:29

mmm... I don''t get it. I mean, I get it, but ... it seems impossible to do anything without credit and debt - is there anyone who can afford college as is even with a job? or a car?
so inflation begets credit/debt with begets inflation again which... begets people who can''t live without debt?

02/05/2009 - 13:26

you are correct.
do not get any more loans people,
banking is just another form of slavery.

02/05/2009 - 10:51

The cause of recession in the US is inflation of the dollar. The banks are not the sole reason for the recession, and lending will not get this economy going.

Here''s why:

The US gets its money for circulation from the Federal Reserve on a loan.

With each dollar printed, interest comes attached to it. The more money in circulation = the more debt the nation is in. We''ve been in debt since the Federal Reserve Act was put in place and the Gold Standard abolished. The Gold Standard gave paper money value because it was redeemable for its value in gold.

While we were spending money left and right using credit cards, paper money, and loans from banks, the money in circulation was cut back. This forced banks to call in their loans and it snowballed from there.

The money supply should be based on real economic output and not paper wealth (stocks, futures and housing debt). It should be increased when output increases, instead the Fed increased supply based on borrowing (consumer debt) which leads to inflation and massive debt for businesses and consumers.

That is the catch 22. They can not come up with it because that would mean printing more money, and creating more debt.

What can you do about this problem?

If you are an individual, pay off all your debts. Right now. Don''t take out any more loans. Not for a car and not for a house. If you are going to college you better think about working somewhere that will pay it off very soon.

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