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Bank of America to Some Small Businesses : pay your loan in full NOW

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posted on Jan, 3 2012 @ 02:49 PM
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The failure of BofA will deal a serious blow to the entire economy
reply to post by TheRedneck
 



They need to fail, Our government has propped them up to long. It is none of our governments business to intrude on the free market. They need to be accountable and fail. Those associated with them to date is their own fault.
My tax dollars should never be apart of their solution!




posted on Jan, 3 2012 @ 02:51 PM
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Small businesses shouldn't be intimidated, I'm not, and I have a small business. I have had SBA loans, BOA loans, Wells-Fargo, etc, etc,. I paid over 40k a month on note payments when the economy was rolling! Just on note payments. Then I had payroll, COGS, utilities, etc, etc.
There are loans, and there are loans. Some don't have to be paid back, some do. Some may say, what? Are you a deadbeat? And I have to laugh, because they do not know the nature of "money".
BOA doesn't loan money. I know it. They know it. The scheme was to expand the economy, and their power base utilizing fictitious money, and it didn't work. So, screw them.
What happened is this. These critters don't really work, they play with fake money. In a number of ways, they made themselves rich SELLING the productivity of people...getting paid TODAY, the profits of TOMORROW. They put so many business in debt that the business can't expand, and have a hard time being profitable. They used Leverage Buyouts for example, to put a whole lot of businesses in the U.S. under such a debt load that they can't compete with the foreign companies, like many in China, that don't have these criminals to deal with.
Look up Kohlberg, Kravis, and Roberts...KKR., and read the book, "Barbarians at the Gate". It laid it all out.
They made billions destroying companies. These people, mostly Jews, destroyed the U.S. That is a fact.



posted on Jan, 3 2012 @ 04:22 PM
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We need less government regulations. Regulations are what is thwarting the economy. If we didn't regulate the banks - competition would ferret out the bad ones.

Vote RON PAUL



posted on Jan, 3 2012 @ 04:33 PM
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reply to post by mblahnikluver
 


I know exactly what you mean! I went to cash a check from them one time- it wasn't a small amount, 6k, and they didn't want to cash their own check. They called it in and verified it with their security department and the issuer but then still insisted that I be fingerprinted.

I cursed them every which way but loose that day and that's still how I feel about them.
With ink on my fingers, I detest them.

They tried to bully me into putting the 6k into an account with THEM.
edit on 3-1-2012 by hadriana because: (no reason given)



posted on Jan, 3 2012 @ 04:48 PM
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Originally posted by spyder550
We need less government regulations. Regulations are what is thwarting the economy. If we didn't regulate the banks - competition would ferret out the bad ones.

Vote RON PAUL


This may destroy BOA regardless of regulations. You can bet their small business customer base will begin to fade now.



posted on Jan, 3 2012 @ 05:17 PM
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Originally posted by spyder550
We need less government regulations. Regulations are what is thwarting the economy. If we didn't regulate the banks - competition would ferret out the bad ones.

Vote RON PAUL


Where have you been? Deregulation caused this mess. The "free market" is a fantasy. The wealthy and powerful have to be reigned in, otherwise they will squeeze us for every drop of blood we have. Look at history, power corrupts and absolute power corrupts absolutely. That, my friend, is just the way it is. Yes, "free market" looks good on paper, but like every other "ideal", it becomes tainted with a thing called "human nature".

Edit- I'm not going to change my text above, but I do want to clarify that deregulation was merely one large factor among many that caused the "Global Financial Crisis"; it was not the sole cause.
edit on 3-1-2012 by DragonTattooz because: (no reason given)



posted on Jan, 3 2012 @ 07:22 PM
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Originally posted by DragonTattooz
Please, please let the revolution come. Please. I am so sick of these traitors. It makes me feel like I live in the Twilight Zone; it's just surreal what we allow these big businesses to get away with. I seriously hope that I live to see that day that these "Titans of Industry", and their politician tools, are strung up and hung by the neck until they are dead.


Its coming don't worry. I have friends that are ready, this systems time is up and it will be taken down and the criminals that have enslaved us will die.



posted on Jan, 3 2012 @ 07:36 PM
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Originally posted by LoneGunMan

Originally posted by DragonTattooz
Please, please let the revolution come. Please. I am so sick of these traitors. It makes me feel like I live in the Twilight Zone; it's just surreal what we allow these big businesses to get away with. I seriously hope that I live to see that day that these "Titans of Industry", and their politician tools, are strung up and hung by the neck until they are dead.


Its coming don't worry. I have friends that are ready, this systems time is up and it will be taken down and the criminals that have enslaved us will die.


You know, as much as I would like to see this whole system of corruption fall down under its own weight, I am still not 100% certain it will happen yet.

Guess I have just been too optimistic before and got burned. We'll see. BOA certainly seems to be on track to get it's just deserts.



posted on Jan, 3 2012 @ 07:59 PM
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There is a video about this out there somewhere. (can't remember the name). This is one of those things that started the great depression back in the day. Banks called in all of their loans (paid in full) leading bank customers to believe that the bank was going out of business. Customers pulled their money from the banks. Closing banks accross the nation. Banks closed their doors loans were called in businesses closed their doors and American Jobs went out the window.

This is how banks restructured themselves to become what they are today. Just something to point out. My awesome fear mongering at work. Go Me!!!



posted on Jan, 3 2012 @ 07:59 PM
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There is a video about this out there somewhere. (can't remember the name). This is one of those things that started the great depression back in the day. Banks called in all of their loans (paid in full) leading bank customers to believe that the bank was going out of business. Customers pulled their money from the banks. Closing banks accross the nation. Banks closed their doors loans were called in businesses closed their doors and American Jobs went out the window.

This is how banks restructured themselves to become what they are today. Just something to point out. My awesome fear mongering at work. Go Me!!!



posted on Jan, 3 2012 @ 08:07 PM
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reply to post by macman
 


My thoughts exactly.

If your the kind of person that will support BoA with your business, then you deserve to be butthurt by them.
There is absolutely no excuse for a reasonable person to choose BoA over local credit unions.

if your play their game with them, expect to be taken advantage of.



posted on Jan, 3 2012 @ 08:14 PM
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Small business owners need to fight them them all the way!

I was doing my paperwork for my mortgage investigation today and I'm so exhausted, but I know it's worth it. They have to be put in their place. The mental exhaustion from getting all the information together and typing out my answers and copying/referencing the proper paperwork makes me believe that I'd feel better/less exhausted after doing 9 rounds with a BOA CEO, but I also know that this is what they bet on, too. They know that people won't have the time nor the energy to do what's needed to fight them -- especially small business owners because they have so many other responsibilities.

So, I'll say it again. Keep fighting! Don't let them win! Keep telling yourself that you'll feel so good when it's finally done and they get theirs!!!



posted on Jan, 3 2012 @ 08:18 PM
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reply to post by DragonTattooz
 


Deregulation didn't cause this mess. It certainly played a part in the rise and fall of the National Banks ... BUT ... if we simply tossed them aside like the trash they are, Regional Banks would have filled the void. The biggest lie ever told was that our economy needs these mega-banks .. WE DON'T.

Regulation stifles economic growth. Saving failed corporations exacerbates the stifling of economic growth. It's a noose around the neck of the economy.



posted on Jan, 3 2012 @ 08:38 PM
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I feel sorry for those people but anyone that has any thing at all to do with Bank of America is asking if not begging for trouble. If you are dumb enough to deal with Bank of America then you will get what you get it is that simple.



posted on Jan, 3 2012 @ 09:31 PM
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Good by Bank of America.

Its time the government cuts there strings and lets BOA die.

Or the taxpayers will have to bail out BOA just because of these practices.

The day BOA goes to the government claiming they are in trouble because they are losing business because they have driven away all there customers away they should be taken over and sold by the courts.

Back in the 1970s when i was in the navy if you want to do business with a bank at overseas bases all you had was BOA.
The day i got out of the navy in 1974 was the last day i ever dealt with BOA and that was to take all my money out and never come back.

Now with the internet service members and veterans now have the USAA bank that was started by military members and serves the military and veterans,



posted on Jan, 3 2012 @ 09:51 PM
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reply to post by hadriana
 


This is precisely why businesses need to keep as much cash on hand as they can. In my shop we count ahead, but we keep enough on hand in the event something happens, but we already own all the assets in which we have from the counters to the actual inventory- the only written guarantees we owe is rent.

As for your family, I quite understand, I was unable to get BofA (originally it was another company that went belly up) to refinance my home before I lost my job and they are always telling me that they will refi it now through loans, but there is no guarantee that they will not still take it even after all of that. I have watched my credit drop like a rock- not from my own fault by 100 pts- but caused by others who did not pay when this all started. All the Banks are guilty and everyone one of them should have to pay.
Its too bad we all depend on our debit cards or e-payments so much that we can not just drop them and cut off the banks from making a buck on me or you.
edit on 3-1-2012 by ShadowMaster because: correction to content



posted on Jan, 3 2012 @ 11:19 PM
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Not sure if someone mentioned this, but didn't this same exact thing happen right before the crash in 08'? I seem to remember rumors floating around mid summer of 08' about banks calling in loans on small business' and on some real estate.



posted on Jan, 4 2012 @ 10:33 AM
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Originally posted by Rockpuck
reply to post by DragonTattooz

Regulation stifles economic growth. Saving failed corporations exacerbates the stifling of economic growth. It's a noose around the neck of the economy.


And, while that may be true, deregualtion leads to a "too big to fail" scenario, and monopolies. I'll take a little "growth stifling" over absolute corruption and bailouts any day, thank you very much.



posted on Jan, 4 2012 @ 11:39 AM
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Sorry if you don't want to take my word for it - I've Googled, but can't find anything now - but this was scheduled to happen 2 or 3 years ago. I remember reading an article about it then, which I posted on another forum, and it was due to happen while Bush was in power. The author was saying this would result in many small businesses closing down on the spot. When the predicted date passed without incident, I just thought it was another BS article. It appears the planned date was just wrong, or the plan was delayed for some reason.



posted on Jan, 4 2012 @ 11:48 AM
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"Regulation" is not necessarily a four-letter word.

The Federal government has a duty to encourage fair trade, not just between itself and other nations, but between the people in interstate commerce. The key word there is to encourage, not to control. A regulation may do either or both.

There is nothing wrong, and much right, about government verifying accuracy of gasoline pumps, requiring clear labeling of food ingredients, demanding compliance with legal contractual obligations, or even setting standards of quality. There is, however, much wrong and little right with enforcing business decisions which should be market-driven. Those are the regulations that need to be checked.

In the case of banks, the amount of power they hold over the general economy, by virtue of their very existence, is awesome. A bank can decide arbitrarily who gets a loan and therefore who can own a home or who can start a business. As long as this decision is objective, i.e. based on hard facts and observations, it is a good thing. But when it becomes subjective, i.e. based on personal opinion and agenda, then it is both a bad and dangerous thing. Regulation is the best method to control such power and transfer it from a financial institution accountable to no one but its stockholders to a government that is (theoretically) accountable to the general public.

But regulation can easily go too far. If the intent of regulation is to provide a means of ensuring fairness and equality, then the obviously best method to do this is to place the power to regulate in the hands of those most accountable to the public. In the case of the banking industry above, this would be the Federal government. But in the case of small business, the most effective organization to do this is the people themselves.

This is the theory behind the 'free market': not total absolution from any requirement for fair and equitable behavior. Who can better control the actions of the local business than the local people? They have direct and immediate control, via their spending habits, on whether or not that business succeeds or fails. Customers also have the ability to offer feedback and even negotiate with businesses. There may be a conventional wisdom that a business has fast and fixed rules - this may even be true for larger businesses where control is centralized in another area - but the fact is that a business that is not responsive to the needs and wishes of its customer base will fail. Don't like the price? You have every right to make an offer, but of course the business has every right to refuse it. If you refuse to pay the price, the business loses a sale and you lose the purchase. If the business accepts the offer, it makes a profit and you get the price you wanted. There is incentive there for both parties to negotiate, as long as the final negotiation is in the best interests of both.

So what does this have to do with regulation of banks? Regulating leverage ratios is fine, as it is an internal operation by the bank that is invisible to most customers, but regulating such things as extra charges, obvious to customers, is not in the best interests of the economy. We just recently saw customers change the mind of BoA on this very thing, when they were deciding to charge for debit card access to funds. Regulations that require all loans to be disclosed in a standard fashion is a good thing, as it promotes fairness and equality where the average person may not be able to understand all the fine print and deceptive wording. Regulations that define what an interest rate or repayment schedule must be are better left between the customer and the bank.

Point is, deregulation is not a good thing by itself, nor is over-regulation. There's a middle ground where the economy can run wide open and yet people still can be protected against predatory lending.

TheRedneck



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