I tried leaving the following response to a NY Daily News article about bank stress tests. Their software clumped my multi paragraph response together as if it were one long paragraph. My response was also cut off without alerting me where that cut off point would be before I submitted my response. So, this response is for you, NY Daily News.
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How come there is no "stress test" for the flow of money back from the consumer to the banks? Why is it only about the banks and the amount of money they actually have in "reserve".
Isn't the biggest cash reserve the american worker and how far their weekly paycheck can be stretched?
Instead of helping to maximize the american worker's weekly paycheck, that paycheck is being contracted by boorish methods such as ridiculously high credit card interest rates and the punishment of anyone who has earned low interest rates because they were never late on a payment.
Labeling a low interest credit rate as a toxic asset, we can do better than that, no?
Stealing frequent flyer miles from the most reliable AMEX customers, then reallocating those same miles from AMEX to Citibank so Citibank can make a sweetheart loan deal with American Airlines, we can do better than that, no?
Chase Bank hitting their own best, most reliable, most trustworthy on time payers with an additional 150% monthly minimum payment on top of the payment they are already making, we can do better than that, no?
Telling people the economy is about to recover even though credit card debt is at ONE TRILLION DOLLARS AND CLIMBING, we can do better than that, no?
Until nationwide credit card debt is lowered from the one TRILLION DOLLARS it currently stands at, the economy WILL NOT turn around.
Credit Card Companies should be using incentive based credit card programs to get more cash flow return from those still working and those who still owe them money, rather than punishment based credit card programs that cause real consumer stress, distress and unrest.
Please join my protest against the Credit Card Industry and Chase Bank, http://Daily-Protest.com
Just bookmark my site and help the sites ranking grow. The other thing you can do is put up a Daily-Protest sign in a storefront window, a bulletin board, or a countertop. -Alessandro Machi
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