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Originally posted by FortAnthem
I've been seeing this disgusting TV ad from Citizen's Bank trying to pass off supporting the banks as our patriotic duty or something. Their new slogan is "Good banking is good citizenship".
I love the part where they say, "my savings are another person's mortgage".
They completely fail to mention that your savings make about a half a percent interest if you're lucky, while they charge about 10 times that much interest for the money they borrow out.
Not to mention the fact that, thanks to fractional reserve banking, they get to loan out 10 times more money than they actually have in those savings accounts. They're charging people massive interest to loan them money that they don't even have, that they created out of thin air.
Then they have the gall to pass this whole criminal enterprise off on us as somehow patriotic and wholesome as apple pie. If you believe all of the bull spouted in this ad, you would think that banking was the cornerstone of the American republic.
[edit on 5/14/10 by FortAnthem]
Does that mean that people who are strategically defaulting (a big concern for the banking industry) are a bunch or criminals?
Originally posted by slt63366
Jeez, what do you guys want? Banks to stop lending? No more small business loans, no more student loans, no more car loans, no more mortgages. This thread is ridiculous. Yeah, lets shut down the entire economy and go to an all cash system.
FYI, The going rate for a 1 year CD around here is 1.25-1.5%. A 5 year car loan is going for around 3.5% to 4%. OMG, banks ripping us off!!! I get a kick out of the perception that banks are gouging everyone. Your average Joe has an average balance of a few hundred bucks and in return gets free checks, a free debit card system at every place he shops, a huge ATM network that provides instant access to cash on every corner, brick and mortar locations across the nation with a full staff to tend to all his needs, a free online access system, full protection against any fraud, etc..............And he pays nothing, nada, zilch. All free.
Originally posted by FritosBBQTwist
Fractional reserve banking is not bad - while it can fluctuate, we are much better off through this process than before.
It allows people to continue working their jobs while there is not an instant demand for the good they produce.
If people had to save money up before they could buy one, then the demand would just fall through the roof, and our country would be filled with apartments.