It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
The overdraft industry, which started only 16 years ago, has grown to nearly $40 billion. It's one of the banking industry's biggest honeypots. How? Well, many people don't realize that you can incur more than one overdraft fee in a single day, or that many banks deliberately reorder purchases to ensure that you pay the maximum number of fees. And while the Fed finally ruled that come July consumers must opt in to overdraft protection, it didn't address the central flaw: Overdraft fees are essentially a form of loan sharking. Consider that the average overdraft amount is $17 and is paid back in five days. With the typical overdraft fee now around $35, this works out to nearly $2 in fees for every $1 borrowed, an effective annual percentage rate of more than 10,000 percent. Not even the Mafia has a vig like that.
Originally posted by drew hempel
reply to post by GreenBicMan
O.K. GreenBicMan -- I've had numerous discussions with you. Congratulations you finally got a sell for your automated prediction program. Seriously considering Wall St has recovered due to a massive bailout by the future taxpayers of the U.S. (considering 2/3rds of corporations pay no income taxes).... Well the best way to make money is to kiss up to Wall St. So what you're doing makes sense!
I often thought that myself -- yeah the next job I'm going to have is at a bank -- I mean go where the money is right? haha. One of my coworkers actually did that. But I'm too pissed at the banks for holding back on their VISA transactions so they can slam people with overdraft fees!! It's a $40 billion profit a year -- milking the poor with ATM overdraft fees since the banks change the transaction processing times. I actually discovered this on my own and asked a banker about it -- not accusing anyone -- just sincerely trying to figure out why the transaction would just disappear from my record and then reappear right when my account could trigger an overdraft fee. I had thought it was processed already and didn't understand what had happened. It said it was processed! haha.
topdocumentaryfilms.com...
This documentary MAXED OUT exposes this bank scam.
motherjones.com...
The overdraft industry, which started only 16 years ago, has grown to nearly $40 billion. It's one of the banking industry's biggest honeypots. How? Well, many people don't realize that you can incur more than one overdraft fee in a single day, or that many banks deliberately reorder purchases to ensure that you pay the maximum number of fees. And while the Fed finally ruled that come July consumers must opt in to overdraft protection, it didn't address the central flaw: Overdraft fees are essentially a form of loan sharking. Consider that the average overdraft amount is $17 and is paid back in five days. With the typical overdraft fee now around $35, this works out to nearly $2 in fees for every $1 borrowed, an effective annual percentage rate of more than 10,000 percent. Not even the Mafia has a vig like that.
Originally posted by GreenBicMan
Owe 41,000 to what? What the hell are you talking about?
The estimated population of the United States is 308,259,624 so each citizen's share of this debt is $41,797.01.
Originally posted by GreenBicMan
Originally posted by drew hempel
reply to post by GreenBicMan
Kiss up to Wall St.? You mean working my ass off to better myself? I like the terms you use.
motherjones.com...
...a staff of virtuoso traders and brilliant mathematicians, $10 million worth of fancy engineering workstations, and an initial capitalization somewhere north of $1 billion.... The Dow Jones average might get all the attention, but Wall Street pros know two things: The market for debt is far larger than the market for equities, and it provides far more fertile ground for mathematical manipulation and epic profits. But clever mathematics alone isn't enough to make Gatsbyesque fortunes. For that, you need to use leverage. You need to borrow other people's money. Lots of it.
Originally posted by GreenBicMan
reply to post by drew hempel
Dude.. come on.
So since our debt is at this level we all owe 41,000 to big ben right?
Maybe they should have, because 2012 also is the beginning of a three-year period in which more than $700 billion in risky, high-yield corporate debt begins to come due, an extraordinary surge that some analysts fear could overload the debt markets. With huge bills about to hit corporations and the federal government around the same time, the worry is that some companies will have trouble getting new loans, spurring defaults and a wave of bankruptcies. The United States government alone will need to borrow nearly $2 trillion in 2012, to bridge the projected budget deficit for that year and to refinance existing debt.
Originally posted by GreenBicMan
reply to post by drew hempel
You need a lesson in what margin and leverage is.
Next in line are companies with investment-grade credit ratings. They must refinance $1.2 trillion in loans between 2012 and 2014, including $526 billion in 2012. Finally, there is the looming rollover of commercial mortgage-backed securities, which will double in the next three years, hitting $59.7 billion in 2012.
Originally posted by GreenBicMan
[
Kiss up to Wall St.?
But in 1980, after the great financial deregulation of the Reagan era began, his charts show a sudden discontinuity—while households, corporations, and commercial banks grew another tenfold between 1980 and 2008, the securities sector grew nearly a hundredfold. This was the financialization of America, as Wall Street evolved from providing financial services to creating products—junk bonds, credit default swaps, subprime loan securitization, collateralized debt obligations—designed to allow Wall Street itself to prosper. By the height of the credit bubble between 2000 and 2007, the financial industry earned a staggering 40 percent of all corporate profits recorded in the United States, four times what they earned in 1980. Over the same period, average pay on Wall Street doubled, while bonuses at the top sextupled.
Originally posted by TheCoffinman
The CEO of Boeing succinctly summarized a recent study by Northwestern University's Center for Labor Market Studies regarding unemployment rates for different income brackets:
THE STUDY WAS BY THE NORTHEASTERN UNIVERSTITY -- Northwestern is in Evanston, north of Chicago. Northeastern is in Boston.
A recent study by The Center for Labor Market Studies at Northeastern University in Boston highlights the consequences in a pretty dramatic way. The Center analyzed the labor conditions faced by income-grouped U.S. households during the fourth quarter of 2009. In the face of one of the worst economic environments in memory, those in the highest income groups had nearly full employment levels, with just a 3.2 percent unemployment rate for households with over $150,000 in income and a 4 percent rate in the next-highest income group of $100,000-plus. The two lowest-income groups -- under $12,500 and under $20,000 annually -- faced unemployment rates of 30.8 percent and 19.1 percent, respectively.
Originally posted by GreenBicMan
Kiss up to Wall St.? You mean working my ass off to better myself? I like the terms you use.
But I will agree that banks are notorious for overdrafts where they wont deposit your funds for one day and then hit you with the fees. I've been victim to that about 100 times as well. Quite costly indeed.
Cash is king.
Unemployment rate (%)↓ Afghanistan Afghanistan 40.00
*UN commissioner warns of Afghan starvation threat guardian.co.uk, Sunday 14 October 2001 14.04 BST United Nations human rights commissioner Mary Robinson has called for a pause in the US-led bombing of Afghanistan to allow food aid into the country and prevent a "Rwanda-style" humanitarian disaster. The former Irish president said that otherwise America and its allies could preside over the deaths from starvation of millions of people in Afghanistan.
Originally posted by drew hempel
Obviously Afghanistan is full of complainers -- I say we O-Bomba them!
en.wikipedia.org...
Unemployment rate (%)↓ Afghanistan Afghanistan 40.00
This site is dedicated to informing people about the ongoing, US Alliance-imposed Afghan Holocaust and Afghan Genocide that as of December is associated with post-2001 violent and non-violent avoidable deaths totalling 4.5 million and Afghan and Pashtun refugees totalling 5-6 million – an Afghan Holocaust and an Afghan Genocide as defined by Article 2 of the UN Geneva Convention