Economic Forecast

No economic incentive package will make enough of a difference to affect the long term well being of the working class poor. The problem is so far beyond what a tax rebate will help. Why? Because the only industries left in this country are money lending or credit reporting. Think I am wrong? Watch day time television and count the advertisements for credit reporting and/or short term loans, which by the way – you should only use responsibly.

The banks have the poor in a stranglehold and once you are behind you cannot get ahead.

Bounce a check and watch the bank fees multiply by magic until all the money you thought you had is gone. This is done by computer ordering of the way checks come into a bank – they deduct the biggest check (or debit) first – then – bingo – that five dollar charge for diapers just cost you another forty bucks in late fees. Add a couple more charges for gas, food and forty buck add on for each of them. Now, not only are you broke – you are in debt. The bank has emptied your account and if you can’t pay their usurious charges they report you to check systems.

Bingo – you are blacklisted.

Now you cannot get a checking account anywhere. In the meantime you can’t pay your bills on time and the late fees (on top of the higher interest rates you already pay because of your credit rating) also increase exponentially. But it doesn’t stop there – now your credit is bad and the car insurance companies use this as an excuse to charge you more for your insurance.

It is a wonder there aren’t more economic suicides.

Wake up Washington – the terrorism we should be fighting is the repeated rape of the working class.

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4 Comments (+add yours?)

  1. Christopher Barzak
    Jan 26, 2008 @ 14:14:38

    Right on.

    Reply

  2. pamajama
    Feb 12, 2008 @ 14:33:44

    This same thing happened to me before I closed out my last individual bank account. They allowed me to take an overdraft out with a mac card, never realizing I was in arrears. Then the charges began to multiply.

    I went into their office like a wacked out nut job and told them that what they were doing was tantamount to a criminal act, consumer gouging, etc.

    I had been in the bank the week before with my daughter’s second grade class, having our pictures taken with Santa.

    It was rather embarrassing.

    Reply

  3. fivehusbands
    Feb 12, 2008 @ 14:45:15

    The same thing happened to my son – he went into the bank, upset, when he left he knocked over a plastic display sign.

    The bank manager called the police, went into his bank account, got his social security number and had him arrested for knocking over the plastic sign.

    I switched to a credit union – unfortunately, he can’t – he can’t satisfy the fees.

    My head hurts sometimes when I think about this stuff.

    Reply

  4. Trackback: Lightning Strikes Twice « Five Husbands

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