The Fed keeps lowering the prime..and yet the banks aren't lowering their rates to their customers..
WTF is up with that? Credit card customers with adjustable rates, of which I am one, aren't seeing their rates go down correspondingly.
They are trying to recoup their losses in the housing market, thats what's up.
Besides, the prime is the lowest it has been in years..so fuck the banks..I hope they take it in the shorts. They are the ones that made the shitty loans. Yet Bush said today that Congress should do more to help people and businesses hurt by the housing slump and credit crunch. Credit is tight because the banks are taking it in the ass right now. A big ole market correction there eh boys? The folks that aren't spending money like they used to are spending it on normal everyday stuff you morons, which have also gone up in price: According to the U.S. Bureau of Labor Statistics, the consumer price index rose 4.1 percent in 2007. Some products, including fuel, saw double-digit price increases. But earnings for wage earners and clerical workers, as measured by the consumer price index, dropped 0.9 percent.
The rich aka the top five percent are the ones who's dividend checks took a big hit lately, which is why they aren't spending money..it's not rocket science for christs sake.
The only businesses really hurt by the 'credit crunch' are the banks and the investors, and they can kiss my ass. Yes, my son is unemployed due to the stall in the new home market, but I don't see why I have to worry about bailing out people that signed for a loan they couldn't pay back, and the lender knew they were in over their heads. My son is young and can go with the flow of the job market. I had to do that when the Challenger crashed. Such is life as a lowly wage-earner.
The price of gas, medication and the cost of food has nothing to do with the fucked-up housing market. That affects me more than anything else. And giving people a few hundred bucks isn't going to kick-start the economy, I don't give a damn what the experts that BushCo listens to say.
Ok, thats my bitch for today..take it or leave it folks. It's what I am thinking about with a small dose of the banks & investors can kiss my ass tossed in for good measure.
