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Do you think it selfish of me to want the banks to back off

their obnoxious fees, cut down on the interest rates they add on us tax payers, and simply do it to say: "Hey, thanks for bailing us out."

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Anonymous

Asked by Anonymous at 10:35 AM on Apr. 8, 2009 in Politics & Current Events

Answers (13)
  • No but they need those fees now to stay in business because they're all insolvent. American Express became a bank so they could get bailout money and they'll probably need another bailout since their defaults are going up. I'm sure credit card companies will be raising interest rates even more soon.
    smalltowngal

    Answer by smalltowngal at 10:43 AM on Apr. 8, 2009

  • My MIL who was a VP at Bank of A. Levy at the time told dh, before I met him, "Deregulation will destroy the financial industry". She is a very smart lady.


    My dad put it like this, deregulation is like taking out all the stop lights/signs and expecting traffic to run smoothly. Sure, some will do the right thing but way too many won't.

    Anonymous

    Answer by Anonymous at 10:48 AM on Apr. 8, 2009

  • Find a different bank. I pay no fees on my accounts. I am annoyed that Obama wants to tax me more heavily because we do well. We already pay in over 35 percent after Federal, State, City, FICA, State Disability and Social Security. Add the money we spend on taxes for utilities and anything we buy we are giving much more than 30 percent of our hard earned money to taxes. The banks are the least of my worries since I choose my bank and chose one that does not charge me a thing unless I do something stupid and spend more than I have. I have never done that but many do then get mad at the bank.

    Anonymous

    Answer by Anonymous at 10:54 AM on Apr. 8, 2009

  • Banks should back off? Huh? I have a free checking account. They do pay interest on savings. They are lowering mortgage rates. Not too bad....
    The thing is, the problem lies in DEREGULATION which happened thanks to good old Ronnie Reagan. The financial institutions went bananas. Now they need help because they gave too many loans to people who couldn't make their mortgage payments. Its just that simple. Maybe this new administration will call for banking and finance regulations to keep them solvent.
    Lindalu2

    Answer by Lindalu2 at 11:08 AM on Apr. 8, 2009

  • I don't know what the answer is... Deregulation did a lot of damage. There is too much greed.

    As for the high taxes that you pay in, Anon:54, I'm sorry. I know that paying higher taxes sucks. No matter which way you slice it, though, it just makes sense that people who make more pay higher taxes. The country needs money. For defense, education, social security, etc.

    If a couple is making $30,000 per year, they obviously cannot afford to pay any more in taxes without taking food off of their table. If a couple makes $300,000 in taxes, they can afford to pay a little more.

    Personally, I think the highest tax rates amount should be for those who make like 500,000 per year and more.
    Cavalrybaby02

    Answer by Cavalrybaby02 at 11:17 AM on Apr. 8, 2009

  • You do realize that even the top 5% of the country that make the most money CANNOT pay enough in taxes to support the other 95% of the country, don;t you?! Even if the highest income earners gave every penny of their profits to the government, it STILL wouldn't be enough!!!

    You have to remember that the truly wealthy DON'T have a taxable INCOME...they GROW their money, they INHERIT their money/property/holdings, they tie up as much cash flow as possible in INVESTMENTS--like property (why do you think multi-millionaires own several houses, heavily invest in stocks and bonds?!), and then write off the rest in CHARITABLE contributions (including wings of hospitals, schools/colleges, etc.).

    I support FLAT TAX (on income)!
    LoriKeet

    Answer by LoriKeet at 11:33 AM on Apr. 8, 2009

  • I agree with lorikeet.
    lovinangels

    Answer by lovinangels at 11:45 AM on Apr. 8, 2009

  • I agree that deregulation was one of the worst things that happened to the financial industry. It caused things like the savings and loan debacle, and it has a huge hand in the failure of the international banking system which contributed to the world economy failure. It also contributed to the reckless loans and credit system that over-loaned, over-priced houses, and reckless accounting. The practices used are basically fraudulent but "legal" in the fact that there isn't an actual law against them. You cannot rely on a small number of individuals to control our money without making sure they are held accountable.
    stacymomof2

    Answer by stacymomof2 at 11:52 AM on Apr. 8, 2009

  • Shop around for a better bank. That's what I did decades ago when my monthly checking fee went from $7 to $13. I ended up with NO monthly fees. My bank is financially sound and decent interest rates for the current conditions. The customer service people are incredibly friendly and actually know what they are doing - I know, die of shock!

    And did you know that lots of the banks that received bailout money didn't even ask for it? And now are trying to return it but the government won't take it back?
    kaycee14

    Answer by kaycee14 at 11:58 AM on Apr. 8, 2009

  • Love my credit union. I have a mortgage at a really small bank where my FIL was on the board of directors. They weren't involved in all the banking BS the bigger banks did.
    mancosmomma

    Answer by mancosmomma at 12:12 PM on Apr. 8, 2009

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