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when will the public do something about it?
by basd 
Usury used to be illegal and most of the states have laws against it. But the federal government "pre-empted" those protections and now banks routinely charge outrageous interest rates. While, at the same time, getting free lunch from the public on the bailout end.
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Take for instance, Juniper Bank -- a part of Barclay's which is on the UK dole. Yes, they have a nice teaser rate at about 8%. But, give them an excuse, such as miss the payment deadline by a few hours, and the rate skyrockets permanently to around 28%.
Or JP Morgan Chase, owner of what's left of WAMU. Again, credit card rates in the 28% range.
Most people deal with each other differently in their daily transactions. When we are dealing with people who are struggling financially, we give them a break. Landlords accept a few less dollars one month, waive a late fee or whatever. Professionals discount their bills. People loan relatives and friends money without any particular interest rate and often don't get some or all of the loan back. In other words, normal people regularly assist each other, even when (perhaps especially when) they have no legal obligation to do so.
05/07/09 09:54:03 am, Trackback address for this post
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