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John Zogby, on his new blog: www.zogby.com/blog2/index.php asked the above question that provoked this answer late in the night:
I awake enraged at the carefully planned rape of the American consumer by already bankrupt banks' juggling of payment dates, payment and charge allocations, instant rate explosions, slashing of credit limits, focused on sucking in fees and usurious interest rates the last financial breath of the beleagured consumer with multiple fees, penalties. Is this not theft, is this not fraud?
Last year congress passed an impotent bill mildly limiting a few of the more egregious excesses, and it is to go into effect July 2010! Is this not collusion to defraud between finance industry lobbyists and congress?
I awaken with the resetting of a perspective on the notion to accumulate toxic assets into "bad banks." In reality we need to collect what remain of good assets into "good banks," because most banks are now bad banks with most of what are declared to be asets now worth less - MUCH less. Is THIS not fraud, promulgated and maintained by "wealth-building" capitalists.
I also celebrate the Miracle on the Hudson that epitomized the American spirit of "do what needs to be done" by airline and ferryboat union workers, and wonder what will happen to the millions of equal Americans eager, willing, and capable of working who now will see no trickle down from the bailouts to the zombies.
