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Greek Debt Crisis – This Is Real

For several months now the Greek government and the European Union have been doing this dance. On one hand, Greece is hopelessly in debt. On the other hand, the European Union has been imposing draconian sanctions which make it nearly impossible for Greeks to live a normal European life. Something has to give. It is unclear exactly what will happen to the US Economy as a result of this crisis. (Krugman lays out his thoughts here.)

From the New York Times:

Prime Minister Alexis Tsipras announced Sunday night that Greece’s banks would be closed as of Monday, as the fallout from ruptured debt negotiations with the nation’s creditors began inflicting pain on ordinary people while raising alarm in Washington, Brussels and Berlin.

The emergency measures escalated the confused and unpredictable state of a crisis that some analysts say could ripple through global financial markets and undercut European unity. Most Asian markets opened lower on Monday.

(more…)

By |2015-06-29T07:10:28-04:00June 28th, 2015|Economy, Foreign Affairs|Comments Off on Greek Debt Crisis – This Is Real

Why Occupy will succeed

At the core of the #Occupy movement is the belief that the people of the United States are being poorly represented. We work hard but have little to show for it at the end of the day. Many of us want to work but can’t find a job. We look to Congress to help and they spend days reading the Constitution and passing a resolution reaffirming that our country’s motto is In God We Trust. #Occupy is about the American people. It is about an ancient idea that we the people have the power to change our circumstances. A couple of days ago Markos posted 10 stories about Americans moving their money in spite of the fact that their banks tried to stop them.

From DK:

The bank said “You’ll be back.”
Even when banks don’t call the police, they whine to their customers like jilted boyfriends:

At Wells Fargo, my sister walked up to the teller and politely asked to close her account. The teller said, “No problem.” She pulled up her account and saw the balance and told her that due to the amount she had to speak with the branch manager. The branch manager came out. He was probably 30 years old and was very arrogant. He asked my sister why she wanted to close her account and my sister told him she thought Wells Fargo was part of the problem with the economy. He went thru some talking points about why she shouldn’t move her money, but my sister didn’t back down. When he asked her where she was going she told him that she would be banking at the North Carolina State Employees Credit Union. She isn’t a state employee, but anyone can join if you are related to a state employee. It turns out her husband is. Anyway, the bankster told her “You’ll be back. Credit unions can’t provide the services you need.” We’ll see about that. She withdrew over $200k from Wells Fargo. [Emphasis added]

“Management is nervous”
In the midst of begging customers not to leave, every once in a while banks can let it slip just how scared they are:

The manager was pleasant enough and very direct. After introducing herself she flat out asked “What can we do to change your mind?” “We don’t want to see you go” she emphasized. This opened a door for me to further explain my decision to leave the bank and why I was doing it. Amazingly, it did not fall on deaf ears. She indicated that understood where I was coming from and actually showed genuine surprise at some of the facts I provided her about the less than consumer friendly policies and machinations of her employer. She did make some feeble counter-arguments and repeatedly asked me if I would change my mind (with a hint of desperation!). I stood firm and by the end of our conversation she asked if I would be willing to put it all in writing so she could send it up the chain.
She shared that management is nervous, they are seeing money leaking out of the bank and realize that they have made mistakes. She even hinted that there has been high-level discussion on reversing the new fess since there has been so much consumer push-back. [Emphasis added]

The fees were reversed soon after this was posted.

They’re offering cash for customers to open up accounts
It’s silly to argue that they don’t want cash deposits, yet they’re offering cold, hard cash for those who will, well, deposit cash.

There’s a lot of fine print involved, but basically, they will pay me $200 to move my checking account to them provided that:
1) I make one bill payment through the account each month
2) The account has a balance of $10,000 as of 1/20/2012
3) I wait ’till April for the $200 (giving me about 4% interest on my $10k)
4) I don’t close my credit card account
5) I don’t violate of any of their nit-picky procedures in the fine print
6) They don’t decide to simply screw me and not pay up: “Bank of America may change or terminate this offer before this date without notice…”

Well! I had been told that banks didn’t need deposits. I guess that’s not true, otherwise why would they be running (cough, cough) to sign me up – and offering cold hard cash as well?

They’re pretending it’s no big deal
You know there’s something happening when they’re circulating talking points.

In a truly random set of circumstances I found myself stopping by three separate Wells Fargo locations yesterday […]
[Branch 1:] While we were making small talk, I casually asked, “So, how many people closed out accounts this weekend?”

The cashier said, “Oh it was just two or three people. Not many at all.” […]

[Wells Fargo embedded in Whole Foods:] While chatting it up, I asked, “So, how many people closed out their accounts here on Saturday? “

The Teller said, “Just two or three people closed their accounts. Only two said it was because of Bank Transfer Day.” […]

[Branch 2:] I was talking to Mr. Branch Manager2 while I was getting the passport, I casually said, “So, how many people closed their accounts on Saturday?”

Mr. Branch Manager2 said, “Oh, it was just 2 or 3 people. They had very small amounts of money with us.” […]

Was there a corporate wide memo with talking points? I don’t have any proof but it does make me wonder how only “…2 or 3 people” closed their accounts at three different Wells Fargo…

They’ll fight tooth and nail for empty accounts
It doesn’t even matter if a checking account is in use. They’ll do everything possible to keep people from closing them.

I didn’t even know he was talking with BoA, but when he had repeated the entire chain of circumstances for the fourth or fifth time, to the same person, getting louder each time, I knew something was definitely screwy. I mean, this is an account that had never held any actual balance. Had never had any checks written. For years. And never would.
Why the hell would a bank want to keep it open?

Eventually my schedule caught up with me and I had to leave, with Ed still bellowing the same story into the phone over and over. I was able to come back an hour or so later, after he was finally off the phone, and asked if that happened to be BoA.

Well, yes, of course it was.

More at DK.

By |2011-11-18T10:51:00-04:00November 18th, 2011|Domestic Issues|Comments Off on Why Occupy will succeed

Wednesday Morning News Roundup (Updated – 7 biggest lies on the economy)

Rick Perry is proving what most of us from Texas (who aren’t an ultra-conservative Republican) have thought. Perry simply isn’t that impressive. He has tanked in debates. In one debate after another he has simply been awful. A college transcript littered with Cs and Ds may be a clue that he wouldn’t be that good at debating.

Very interesting “Girl Project.” A researcher asked 5,000 girls ages 13 – 18 what they thought (guys, pay attention!!) She gave them a camera and followed them for two years. Interestingly, these teenagers weren’t much different than girls 30 – 50 years ago. They were all about relationships (love) and the future. They weren’t about sex. A new book has all of the details – Please Read (if at all possible): The Girl Project

Foreclosures are declining – maybe.

Obama’s jobs bill appears to have died in the Senate yesterday. Eric Cantor in the House declared it dead several days ago. So, with unemployment at 9.1%, what are Republicans going to do to help the American people? Nothing? The President’s jobs bill wasn’t some radical progressive wish list. I wish it were. Instead, it was the same middle of the road approach in which he took both liberal and conservative ideas and threw them into this job’s plan. Congress has basically said no. Americans shouldn’t take no for an answer. We need jobs. We need jobs now. I don’t care if the jobs come from private companies or from the government. I don’t care. We need to put people back to work – NOW!!

The unofficial list of banks that are in trouble has declined to 983. Calculated Risk explains.

Robert Reich tackles the seven biggest economic lies. These are great. Please watch the video:

By |2011-10-12T07:57:21-04:00October 12th, 2011|Economy, General, Party Politics|Comments Off on Wednesday Morning News Roundup (Updated – 7 biggest lies on the economy)
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