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A place to discuss anything... except credit cards!
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popamode72
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Postby popamode72 » Wed Nov 26, 2014 10:55 pm

whit wrote:in general yes

but it depends on how you sell it and if there's a reasonable basis behind what you're doing

the same people who you think sees you as a number, is following procedures that makes them in COMPLIANCE with the federal government because, the fed stepped in when people were complaining that the banks were lending them money they had no business lending (re: banks didn't do their due diligence and that's why people rarely get 300k or 100k limit on credit cards, why personal line of credit pretty much phased out) etc

don't get me wrong, the banks were all in favor of lending because they do make
the money from the fees or interest collected if not both

banks don't want to parent you, they don't want to really say hey, you aren't making enough to afford this so sorry, reject!!!

but they're now made to because before they would have more lax policy in terms of lending

but some couldn't handle this responsibility and than in turn this is what happens when parties can't solve manners amongst themselves, the government gets involved

you know banks don't really want to foreclose, they do so to protect their assets and profits yes, but they make more when you pay them interest for the life of the loans than to have to cut short and sell it and recoup that way

and even refis are great because it betters the chance that you finish the loan and guess what, they get to charge you for it!

but it's never you're just a number

banks and cc understand there is a lot of competition out there like member says

however, no bank or cc would bend the line so much they would get in trouble, it's like going to one bank (wells) and than another and see that (citi) has the same rate abouts and you go to (chase) and than (bofa) and it's like, the same thing almost!!

because underlying it all, they are subjected to the same rules, now a smaller bank that doesn't have as much in assets like a community bank or credit unions, can offer more because they don't have as strict requirements/reserves based on their size


That makes quite a lot of sense there. That's why Credit CARD Act was even signed into law in the first place several years ago and why there's much more emphasis on the banks making sure that people have enough assets before issuing them credit, and that especially goes for younger people trying to establish their credit. I think the last thing anyone wants is a whole repeat of the Financial Crisis of '08.
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djrez4
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Postby djrez4 » Thu Nov 27, 2014 9:37 am

popamode72 wrote:I think the last thing anyone wants is a whole repeat of the Financial Crisis of '08.


The big banks came out bigger, stronger, richer, and with a heavier stranglehold on the American economy after the crisis. Why wouldn't they want another one?
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popamode72
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Postby popamode72 » Thu Nov 27, 2014 9:50 am

djrez4 wrote:The big banks came out bigger, stronger, richer, and with a heavier stranglehold on the American economy after the crisis. Why wouldn't they want another one?


By anyone, I really should have said the consumer. Good point.
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whit
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Postby whit » Thu Nov 27, 2014 6:37 pm

djrez4 wrote:The big banks came out bigger, stronger, richer, and with a heavier stranglehold on the American economy after the crisis. Why wouldn't they want another one?


Errrr not really

They had to regroup, there's an emphasis on investment because how else can they recoup fees lost? Why do you think debit card cash back went away?

You need to understand only the big ones could take that kind of hit AND they paid big..hell, I stocked up on bofa stock because it hit almost towards the penny stock category (I ain't no trump) butttttttttttttt I knew they would bounce back because

Big banks can take the hit but they won't go away, not really..who else can finance some of the bigger corporations out there? Bofa has been around so long and have grown themselves big enough that they can handle the corporate accounts and if they went away. Who would take up the slack?

If Jpmorgan went away, who would have brought the bear on wall st, the wamu, whose practices (mind you chase didn't own it then) were so bad that they went under..and than the government married the bunch in a shotgun marriage and daddy went back and claimed $$ and set an example a few years later.

Long stories really but I think it's funny people think big banks left unscathed.. they took a shot to the knees and have rehabilitated but they're not the same.

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Nov 27, 2014 7:27 pm

whit,

Have the big banks gotten bigger and more powerful? Yes.

"The share of industry assets held by the top 10 banking organizations rose from 19 percent as late as 1990 to 56 percent at the end of 2013."

https://www.fdic.gov/bank/analytical/quarterly/2014_vol8_2/article.pdf Page 36

It was 32% in 2008, and 40% in 2011.

http://thinkprogress.org/economy/2011/10/07/338887/1-facts-biggest-banks/

In a sense, the banks did take a hit because shareholders were heavily diluted. The anger is directed more at the bankers, who didn't suffer nearly as much. Bonuses are still high, the crooks still have their jobs or got golden parachutes, and the big banks have more money and influence. Instead of the crooked bankers going to jail, they negotiated penalties which really only hurt the shareholders while keeping their jobs. In the S&L crisis, there was some serious jail time for criminal bankers.

There are some niches of the market where it helps to have a very large bank present, but syndicates of smaller banks can fulfill similar roles. There is definitely a problem when the banks have so much power that they are more influential with Congress than the regulators are.

Sorry for the multiple mini-edits.
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MB131174
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Postby MB131174 » Thu Nov 27, 2014 7:54 pm

Well to get us back on track - I can't help but think Member for some reason would resemble Jason Alexander.
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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Nov 27, 2014 8:17 pm

MB131174 wrote:Well to get us back on track - I can't help but think Member for some reason would resemble Jason Alexander.


Of Seinfeld or Britney Spears fame? :ppp
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popamode72
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Postby popamode72 » Thu Nov 27, 2014 8:17 pm

CarefulBuilder14 wrote:whit,

Have the big banks gotten bigger and more powerful? Yes.

"The share of industry assets held by the top 10 banking organizations rose from 19 percent as late as 1990 to 56 percent at the end of 2013."

https://www.fdic.gov/bank/analytical/quarterly/2014_vol8_2/article.pdf Page 36

It was 32% in 2008, and 40% in 2011.

http://thinkprogress.org/economy/2011/10/07/338887/1-facts-biggest-banks/

In a sense, the banks did take a hit because shareholders were heavily diluted. The anger is directed more at the bankers, who didn't suffer nearly as much. Bonuses are still high, the crooks still have their jobs or got golden parachutes, and the big banks have more money and influence. Instead of the crooked bankers going to jail, they negotiated penalties which really only hurt the shareholders while keeping their jobs. In the S&L crisis, there was some serious jail time for criminal bankers.

There are some niches of the market where it helps to have a very large bank present, but syndicates of smaller banks can fulfill similar roles. There is definitely a problem when the banks have so much power that they are more influential with Congress than the regulators are.

Sorry for the multiple mini-edits.


+1 as they'd say over at MyFico. I couldn't have said it any better myself. I haven't read Think Progress in a while though.
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MB131174
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Postby MB131174 » Thu Nov 27, 2014 8:28 pm

CarefulBuilder14 wrote:Of Seinfeld or Britney Spears fame? :ppp


seinfeld for sure
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whit
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Postby whit » Thu Nov 27, 2014 8:31 pm

CarefulBuilder14 wrote:whit,

Have the big banks gotten bigger and more powerful? Yes.

"The share of industry assets held by the top 10 banking organizations rose from 19 percent as late as 1990 to 56 percent at the end of 2013."

https://www.fdic.gov/bank/analytical/quarterly/2014_vol8_2/article.pdf Page 36

It was 32% in 2008, and 40% in 2011.

http://thinkprogress.org/economy/2011/10/07/338887/1-facts-biggest-banks/

In a sense, the banks did take a hit because shareholders were heavily diluted. The anger is directed more at the bankers, who didn't suffer nearly as much. Bonuses are still high, the crooks still have their jobs or got golden parachutes, and the big banks have more money and influence. Instead of the crooked bankers going to jail, they negotiated penalties which really only hurt the shareholders while keeping their jobs. In the S&L crisis, there was some serious jail time for criminal bankers.

There are some niches of the market where it helps to have a very large bank present, but syndicates of smaller banks can fulfill similar roles. There is definitely a problem when the banks have so much power that they are more influential with Congress than the regulators are.

Sorry for the multiple mini-edits.


The amount of small banks have shrunk so yes, the banks got "bigger" because the bigger banks have absorbed smaller ones.

I can assure you that bonuses aren't as big as they used to be and banking isn't what it used to be.

has it completely phased out? No, never gonna happen.

Don't forget what I said, banks who are surviving have gotten programs like Citigold, chase private client and Merrill lynch for Bank of America.

theyve had to change their dna and again, regroup to survive.

I wouldn't say they're bigger and better compared to the amount of cash flow they've enjoyed in the past



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