We must bail out the banks otherwise….

You almost had me believing this President Bush.  You almost had me believing that if we didn’t vote for this bill… the world as we know it would be doomed and nobody would have access to credit for a good long time to come.

Until last night….

Last night,  I went to the bank to cash Eduardo’s stipend for attending class.  While at the bank,  I was offered a credit card.  I declined it saying that 2 was plenty.  But it didn’t end there… oh no…. but we have 0% interest for 12 months on transferred balances…. and that would be useful how?  I don’t carry a balance on my credit card.  The bank employee looked at me oddly and that was the end of his sales pitch.

So tell me why the bank would be pitching me a credit card – with a 0% interest rate no less – if credit was on the verge of drying up??? 

Sadly, Congress believed the doomsayers and today the bailout/rescue bill was passed.

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2 responses to “We must bail out the banks otherwise….

  1. It’s not your local bank that is in trouble. The whole system is in trouble. Thousands of americans took out morgages and didn’t have enough capital to back them up. Sold at inflated prices now worth 30% less left financial institutions in dire straits. Also the speculators in the stock markets created mass losses with panic buy and sell tactics.
    We needed the bail out and we need much better oversight of the system to avoid this from happening again.
     
    Did you check your pention funds lately are they growing or did you just loose 10-15 %.

  2. I was just talking about this with my best friend… we both keep getting credit card offers in the mail.  The person who lived in this house before me keeps getting offers too.  I guess there is this big credit crunch because that is all the news is talking about, but it seems so strange that I can name at least 3 different parties who are still being sent unsolicited pre-approved credit offers.  This with the election a month away.  Makes you wonder, huh?

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