“If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and the corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” Thomas Jefferson
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Credit Card Banks Getting Stingy
by Wendell Sherk, Missouri Bankruptcy Attorney
Did you notice your mailbox had slightly less junk mail lately? Fewer credit card offers with tighter terms? And the mail you get is a little scarier? Rates and fees going up, while credit lines are going down? Blame the credit crunch. The Wall Street Journal reported today that credit offers by direct mail are [...]
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Making a deal with the Devil: Bush and the banks could freeze adjustable mortgage rates
by Chip Parker, Jacksonville Bankruptcy Attorney
I know. Your first question is, “Which one’s the Devil?” Good question, considering Bush’s second term is being sponsored by the banking industry. In any event, according to AP Reporter Martin Crutsinger, an agreement between the Bush administration and some of the country’s biggest banks to freeze adjustable interest rates is close. Using a something-is-better-than-nothing [...]
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Banks Prefer To Ignore Inconvenient Rules
by Wendell Sherk, Missouri Bankruptcy Attorney
In 1993 accountants changed the rules for lenders to try to protect us all from another savings & loan disaster. But bankers were not concerned. Now they would like us all to forget the rules so they can use “better” numbers in their books. It turns out that the banks never really thought they could [...]
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Banks Will Loan You Free Money, But Be Careful!
by Chip Parker, Jacksonville Bankruptcy Attorney
In my line of work as a bankruptcy attorney, I have grown to distrust credit card companies. I never opened those teaser envelopes with offers of cheap credit. I used only one card, and I paid it off every month. I married a certified public accountant a couple of years ago, and I have been [...]
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Banks complain about consumer protection
by Chip Parker, Jacksonville Bankruptcy Attorney
Banks needs to quit crying. The latest is the news that JP Morgan Chase and Bank of America, together with two private equity firms, have struck a deal to buy the largest student loan corporation, SLM Corp., commonly known as Sallie Mae. However, the parties warn that the buyout is in jeopardy because of pending [...]
