Bank Notes

Has anyone else seen discussion of this issue on broadcast news?

Here are the outstanding accounts with the top ten credit card banks. Imagine increasing the interest rates on such totals, by 3%, 6%, 10%. Discover, number 6 with $48.9-billion in outstanding balances, for instance, in January will increase its rates by a minimum, for those who pay on time, of 1%. They say themselves that those people are lucky, the other increases are much greater. Their spokespeople say that they are being forced by legislation to increase them. Really? Just couldn't produce what bill that was from though. If you know, please post it on the blog.

This is how some of these guys are making record profits and why they are getting billions in bonuses. Increasing the monkey on the back of of the American consumer.

Top 15 U.S. general purpose card issuers based on outstandings as of June 30, 2009
1. Chase - $165.87 bil.
2. Bank of America - $150.82 bil.
3. Citi - $102.54 bil.
4. American Express - $78.16 bil.
5. Capital One - $55.46 bil.
6. Discover - $48.90 bil.
7. Wells Fargo - $30.89 bil.
8. HSBC - $26.09 bil.
9. U.S. Bank - $20.17 bil.
10. USAA Savings
(Source: Nilson Report, August 2009)

CREDIT CARD DEBT IN AMERICA IS ABOUT 899-BILLION, DOWN FROM THE PEAK IN SEPTEMBER 2008 AT $975-BILLION. THE DECREASE WAS MOSLTY DUE TO WIPING DEFAULTED ACCOUNTS OFF OF THE BOOKS. APPROACHING ONE TRILLION DOLLARS?

If these debtors refused to further participate, this house of cards would collapse.

I think I will go back and reread Remini on Andrew Jackson.