Lost your job? Your house under threat of repossession? Had to sell your car because you can't afford to run it anymore? Well stop whining and think yourself lucky because we all have it tough at the moment. Look at Andrew Schiff, the director of marketing for Euro Pacific Capital Inc. whose $350,000 wages means that he is struggling to cover his children's private-school tuition, the rent on his summer house and the upgrade to a 1,800 square foot house from his present pokey 1,200-square-foot one.
'I can’t imagine what I’m going to do' Schiff said 'I’m crammed into 1,200 square feet. I don’t have a dishwasher. We do all our dishes by hand'.
Yes, times are hard for everyone which is why the incoming new head of Barclay's Bank, David Walker, is mulling over the idea of the end of free banking because the banks are struggling, which is why they rip us off.
Walker said that he agrees that customers should pay because 'banks are not charging, it drives them inexorably into this sort of position' with the position being conning billions from the public in the payment protection racket and charging sky-high overdraft fees, all as he explained 'the consequence of not charging for bank accounts'.
I'm not sure what i think about the idea that if banks charged more, they would stop trying to mis-sell other financial products, offering derisory rates of interest, charging us for withdrawing our own money or charging us £25 for a letter. Oh wait, yes i do, its utter bullspit.
Banks are using our money to make money by charging very much more than they ever give us back in interest and to charge us won't make them anymore honest, its just going to make them more money.
The real reason for all these charges and mis-selling is because banks are greedy & dishonest and the customers are being asked to to compensate the banks for their systematic, illegal, foolish and highly risky trading practices which has brought an entire world economy to the brink of collapse.
If Mr Walker and Barclay's feel that free accounts are such a money loser for them, why don't they just make a stand and stop them and charge everyone with a Barclay's account?
I'm sure the massive hit they would take to their finances as masses of customers toddle off to take their overdrafts elsewhere could be covered, and if not they know the taxpayer will cough up for them anyway, because the likes of Barclay's will always win whatever happens and they know it which is why they can threaten us with warnings of 'pay up or we will continue to rip you off' and nobody in any sort of position of power says or does anything.
4 comments:
Lucy, the bankers, the corporations and the politicians are all working together to enjoy the best that life in a capitalist world has to offer.
The loathsome trio need a gullible public to fleece to keep the con going.
The problem is that the trio has just about pushed most of the proles into bankruptcy and thus may have created their own demise!
Time to build the barricades I reckon.
I partially agree with David. As executives of a company, their objective is to increase the wealth of the owners first and foremost. If they can get the government to help them, then so much the better. They are doing their job.
q
Unfortunately the public is gullible david but because the vast majority of employers demand a bank account to pay their employees wages into, they have little choice but to play along.
It's the arrogance that gets up my nose q, that they don't even try and pretend they are not fleecing us anymore, they are now saying it is our own fault and they will carry on doing it unless we pay them more. Sheer arrogance.
it is arrogant. it will backfire eventually.
q
Post a Comment