Bank fees = Anti Business

The message sent from the banking industry to businesses and consumers has been received. Their need to feed their bonus machine is more important than allowing businesses and consumers to keep their money and be better capitalized to expand the economy. Consumers and businesses that use their debit cards are now going to pay for a bank executive's bonus instead of paying more for expenses or saving.

The idea that banks will not be able to function or make plenty of money without this fee is a lie. The idea that they are doing this because of restrictions on fees they charge businesses totally and completely validates the argument that they are looking out for their own profits before anyone else's. It is another scheme to protect their bonuses and will as has been the pattern of the last 7-8 years be detrimental to the economy as a whole.

I just hope bank executives remember that they took away money from the economy and individuals in order to receive their bonus. Congratulations.

Another revenue gimmick for Banking Industry

In another move to take away money from business and consumers, the banking industry is about to put on a fee for simply using a debit card. The story is from AP via Yahoo!.

This is just another example of how banks are more in business for themselves than in it to grow business. Ridiculous!!!!!

Moving forward economically one step at a time post 1

This is the beginning post to a series covering the topic of how to move this country's economy forward. Smaller sub-topics such as levels of corporate profits, war budgets, government budgets, consumer spending, and comparing the actions of this generation to the actions of previous generations actions during similar times will be covered.    

Vanity Fair article on Merrill

Here is a Vanity Fair article on Stanley O'Neal, Merrill Lynch's former CEO. It shows the level of intensity that greed can take hold on an ambitious person in a bad way.

Great article on Jamie Dimon

The New York Times has published an article (below) on Jaime Dimon that is worth reading

Jamie Dimon Article

Enjoy!

Best Quarter Ever

I am disheartened by the fact that as the working people (including you and I) of this country are going through tough economic times, corporations and their stockholders (to include me and you through retirement and other holdings) are enjoying record profits.

I guess the question is what do we do about it as citizens and shareholders at the same time?

The New York Times story below spells it out.

Largest Quarter Ever

Happy Thanksgiving!

Bank of America Mortgage Securitization Problem

There is a big problem brewing at Bank of America. It turns out that some mortgages that were thought to be securitized actually were never given to the trustee. The story below from Abigail Field through AOL Daily Finance explains this issue in better detail.

B of A/Countrywide Mortgage Problem