Just An Average Joe
Do you think the banks who loaned money to losers who don't work and pay their bills, and the #$%*@ twits who put the I-Won in power, are dealing with the same daily pain and anguish those of us who knew better are?If not yet, I REALLY REALLY hope their time is coming soon!...Utter BULLSHIT is what it is!
Freddie: I worked in banking for 30 years. Nearly everyone I have worked with are out of jobs or will be soon. If you don't think the bankers felt this horrible economic tsunami a long time ago, it's because you don't know any bankers.Banks are like every other industry and even individuals, when the government makes it attractive to make money, that will affect their behavior. When Freddie Mac and Fannie Mae incented the banks to lend to those people who were not credit-worthy, then the banks will start lending to people they shouldn't.I know, I watched it happen. The problem with the bailout was that the government forced some banks to take it, even when they didn't need or want it. Chase is the perfect example. They were very solvent, they were making money, but the government forced them to take the bailout with all the restrictions that came with it.Jamie Dimond, Chairman was placed under the same restrictions as those that ran their banks into the tank. They were not allowed to pay back the money until the government "proved" their point by bringing him and others in front of Congress to shout the "Big Bad Bankers" theory.The bankers are not your enemy. The corruption of Freddie Mac, Fannie Mae and the federal government is. When they changed the tax code years ago to not allow credit card interest as a tax deduction, but home equity loans were still deductible, people flocked to home equity loans. You get what you incent. Whether through pay incentives or tax breaks. Banks are no different.
Rita:Thank you for your calm, reasoned comment. (Mine was anything but. I let my temper get away from me.)I do recall reading something about this, and that Barack Obama was one of the lawyers (for Chase?) who helped make this happen. I didn't know if it was true at the time, but it WAS one of many things that helped convince me that I did NOT want this man as POTUS.
Geez Freddie, what finally convinced me was the "clinging to their guns and religion" comment. I remember going into work the next day and saying I now wanted someone in the White House LESS than I wanted Hillary Clinton, which up until then I didn't think was possible.
Thanks Rita. I (was) in Information Technology at a bank, at least to the end of this month.HB: Shouldn't there be a goldfish bowl somewhere in that picture?
yw Cappy. Good luck in your job search. Hopefully with your IT background, you can more easily transition to a non-financial industry. I know so many people that have been so ingrained into the industry (like the secondary marketing guys, the LO's, processors, underwriters) that it's virtually impossible to switch industries.I was extremely lucky when my company (mortgage) went bankrupt 3 years ago to land a contract job in a growing retail business. I'll leave a comment on your blog to ask more about your background to see if I can give you any IT leads.
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