My Response to a Wall Street Journal article that quotes Chase Bank personnel.

Was WAMU taken over by Chase Bank using unethical methods and behind the scenes manipulations, thereby causing WAMU stockholders to lose millions of dollars in shares because the WAMU sale price was sooooo soooo low?

I heard from someone who worked for WAMU that "Chase employees" from Texas started showing up in California WAMU branches months before it was taken over by Chase Bank. 

I have a Chase Bank protest blog going as well. http://www.daily-protest.com People are suing Chase Bank from all over the country, not just class action lawsuits but personal lawsuits as well. Many are over the loss of homes and the mishandling of Chase home loans. Chase Bank appears to be rejecting 4 out of every 5 home loan applications, once again, maybe making more money short term by rejecting loans than by approving them.  

There are allegations of appraisers either lowballing or highballing a home owners property depending on which way benefits the bank more. Lowballing a value if it means a smaller home equity loan, high balling the value when it causes the loan to be considered more risky

and therefore set at a higher interest rate.  

Chase bank appears to be profiting by penalizing and defaulting their customers rather than by actually helping them. I keep hoping the FBI will step in, but with George Bush senior being from Texas and having previously run both the FBI and CIA, am I foolish to believe the FBI will investigate Chase bank and the many things they are doing to harm good honest people when it was Texas Chase people that appear to have infiltrated WAMU Bank and in process causing Wamu stockholders to lose most of their stock share value before it became Chase Bank?  

There are no home loan programs currently available for people who have more collateral than the amount of the loan they are requesting, how nutty is that? Our only hope may be to keep posting our complaints on the corporate websites so that eventually people who care may actually step in and do the right thing.  

There are NO incentive based credit card debt paydown programs in an economy that is engulfed with nearly a trillion dollars of consumer credit card debt. Why is it acceptable to keep so many people on the hook with old credit card debt AND actually increasing the debt by charging 20-30% interest rates on it! This is just crazy, or perhaps evil is a more appropriate word.  

Unsecured consumer credit card debt has actually double or even tripled when it is compared to the overall world wealth over the past couple of years. The world's wealth decreased by perhaps as much as 50%, but consumer credit card debt actually increased, huh??? The interest rate on this older credit card debt continues to rise when it should now be frozen at zero percent for those committted to paying down their older credit card debt.

 

Interest free consumer credit card paydown programs, especially for debt that is older than three years, would have an positive effect on our economy, and would already be making a difference. I think Bernanke may turn out to be Madoff II as it appears he has no inclination to do anything but the same old thing. daily-protest.com

Link to Wall Street Journal comments section.

Help Daily-Protest.com grow.CHASE BANK PROTEST-DAY 9. HOW YOU CAN HELP THE DAILY-PROTEST.com CREDIT CARD PROTEST GROW WITHOUT EVEN PROTESTING YOURSELF, AND IT IS FREE.

Judging those who have credit card debt as having been irresponsible doesn't help solve a problem that affects EVERYBODY and the ECONOMY.

A couple of things I find offensive about those who judge others with credit card debt problems is the idea that people were being careless. Credit card debt can take YEARS to fall into and occur to those who made no wasteful purchases. 

The assumption that credit card debt happens overnight or because somebody bought a big screen tv is idiotic. A big screen TV and a monthly cable TV package that results in a person staying home a few extra nights every month will SAVE that person money versus going out to a restaurant and a movie over the course of time.  Reading books may save even more money, but lets not just blame others because they bought something that actually helped create wealth for others.

Using Credit Cards to pay for medical expenses, college education for kids, small business start ups, home repairs, unexpected emergencies, in COMBINATION with high credit card interest rates and a deceptively small two percent monthly minimum payment has led to escalating credit card debt for millions of consumers.  

One of the dirty little credit card industry secrets is that many people could actually pay off their credit card debts if the interest rate wasn't 20% or higher!

Those of you who judge others with credit card debt as being irresponsible may owe your own job to these so called irresponsible people using their credit cards to buy products or services your place of employment or business sells.  

On top of all of that, as house prices escalated a couple of years ago, the ratio of loaning a portion of one's built up equity in a paid off home was a very safe bet, until houses went down in value by 50%. 

Yet credit card debt, the unsecured debt that is supposedly easy to weasel out of, has actually now increased by a huge proportion when compared to the overall value of consumer owned property!

We've had a stock market and housing market value "correction", now it is time for a credit card debt correction as well!

Credit card debt older than three years should have ALL interest fees retroactively waived from the three year mark and older for those who want to pay down their older credit card debt.  

Paying down old credit card debt would be an incredible stimulus package for the ENTIRE economy. Incentive based credit card debt paydown plans are a superior stimulus package program when compared to the punitive based "gotcha trapped" programs the banks and Bernanke have come up with that represent not much more than mobster in suit and tie tactics.

Did the credit card reform bill address the issue of older credit card debt? Answer, no. Time for another credit card reform bill.

Help Daily-Protest.com grow.CHASE BANK PROTEST-DAY 9. HOW YOU CAN HELP THE DAILY-PROTEST.com CREDIT CARD PROTEST GROW WITHOUT EVEN PROTESTING YOURSELF, AND IT IS FREE.