I demand that Hank Paulson and Ben Bernanke stop giving money to banks, right this minute!
The banks are not qualified to handle money. They are the least fiscally sophisticated group on the planet, and when separated from their Hot Shot managers and Creys they have no idea how to run a simple business model. They are so buried up to their eyes in the complexity that they revel in that they can't see the forest for the fucking trees.
"What", you might ask, "is causing this outburst?"
I just received two letters from Citibank. Citibank is the holder of my Master Card account.
Now, a little back ground. In spite of several comments in my recent diaries, I am not "rich". I am, as the result of a lifetime of work and saving, comfortable. I am retired. And, I am frugal, and always have been.
I pay my credit card balance every month, in full. I only use my credit cards for purchases that are simplified by that use such as car rentals, airline tickets, and online purchases. And my credit rating is as high as an individual can get. Having fought for a credit card in my own name when women were not allowed cards without a husband or father's co-signing, I have always valued my credit and the independence it provided.
So. Back to the two letters from Citibank.
The first announced that my credit limit was being lowered by $10,000.
The second announced a substantial increase in my interest rate.
My current balance on this card is zero...
They whine that need cash, right? They need to loosen up the economy by lending and encouraging spending, right? So why the hell would they go out of their way to piss off a customer of over 40 years? A customer who has never had a late payment, never defaulted, never filed for bankruptcy, never screwed anyone out of any debt that she owed?
These guys are just plain stupid. I have cut up the Master Card and I will never deal with Citibank again.
And, "Hey, you Fed Guys", stop giving them money. They have no idea what business model they are operating under. They have no idea what to do with it. And, they can not be trusted to act in a responsible manner.