| |
  
|
||||||||||
It's Bull That Credit Is Unavailable
Submitted by sheldonwaxman on Tue, 09/30/2008 - 12:33
in
Today I received 4 credit card invites. Last month I didn't receive any. So, there may have been a crunch before, bur cheap credit is readily available now. Pure lies about the economy are coming from D.C. » |
|
|||||||||
The Daily Paul is a community website with no official affiliation with Ron Paul or his Presidential Committee. The content of posts and comments on the Daily Paul represent the opinions of the original poster, and are not endorsed, approved, or otherwise representative of the opinions of the Daily Paul, its owner, site moderators or Ron Paul. This site may contain adult language and adult concepts. If you are offended by such content, or feel you may be offended by such content, point your browser to a different site IMMEDIATELY. For more, read the Full Disclaimer
© 2007 - 2011 by The Daily Paul. Not paid for by, nor officially affiliated in any way with Ron Paul. | General Site Disclaimer | DMCA Disclaimer | Advertise here
I receive 5 offers a week
no "credit crunch" here
if i was really balsy..
..didn't have family, could risk and didn't have responsibility and could disappear....
I'd max out every credit card I could, take out a huge home equity loan, buy gold and silver and split.
but i guess i should do it the hard way.....pay down debt, save, and buy gold and silver in small pieces.
I just would really like to stick it to them.........
It's all bull
The beauty of the free market is that it self-corrects. If no one is lending then someone else will step in and start lending at higher interest (lending is really a no-risk activity with fractional reserve banking since for every actual deposit you have, you only need one guy in ten to actually pay you back and you've made back your principle + profit--since banks make money out of thin air, you could lose on 1,000's of loans and mitigate it with one big loan or thousands more tiny loans--and the whole time, the actual money is the bank isn't even at risk as long as 1/10 guys pays you back--but since it's a perpetual cycle, you just keep giving more and more loans and it increases the bubble). Once someone steps in, then everyone else will step in too to compete. Crisis averted. But not really, because banks giving loans on fractional reserve are exactly why we have such runaway inflation.
If you're a greedy bank, just keep giving loans and every time someone makes a deposit or pays you back, give even more loans on that money...etc. etc...and you end up loaning out so much money that there's not enough money in existence to ever you back (that's when your bank goes under).
If we leave it alone it will just be a typical business cycle. As with animals in nature, first you have massive population growth, then the food runs out and animals start to starve and the population falls really low, but then the food starts to grow again and the population starts to grow again. Rinse, repeat.
I don't use a credit card, must really piss them off.
Seems to me that if we want to take power away from the elite who benefit from the Federal government, then people need to stop holding and investing in T-bills and become their own bank. An investment in T-bills empowers the elitists controlling the Federal government. Withdrawling our investment is their biggest fear. Holding onto T-bills locks up dollars as they say. I suggest investing in something other than T-bills such as physical food, supplies, silver and gold. These items, if purchased locally, stimulate the local economy and the individual is empowered. But, what the hell do I know?
grant
crunch, crunch, crunch
There certainly wasn't a "credit crunch" for the military-industrial complex when they recently put an additional $1 Trillion dollar lien on the American people with the help of their "bipartisan" Congressional and Federal Reserve enablers in the name of "national defense" and a foreign policy that makes us less safe.
----
Support H.R. 6594 to give 9/11 First Responders (heroes) the help that they need and deserve. Watch "Dust to Dust" and "Dust to Deceit" to learn about the ongoing 9/11 Holocaust.
----
"...a nation that is afraid to let its people judge the truth and falsehood in an open market is a nation that is afraid of its people." -John F. Kennedy
When you hear that Credit is
When you hear that Credit is unavailable, what is being referred to is that of large credit. Corp's often require loans of 100's of millions of dollars to continue operations. If you look at most of the economy duing times like now, most Corp's are reporting a loss. They contiue to operate in in atmosphere of loss by borrowing, and then in good times repaying. (or at least that's how it is suppose to work...) But if we have a reccession and Corp are losing money and the Banks are unwilling to lend 100 million to keep the Corp going, then they are forced to fold.
That being said, did you apply for the cards, because really the Credit industry does not approve all those "pre approved" offers they send to people in the mail.
----------------------------------------------------------
"Ehhh, What's ups Doc?" B.Bunny "Scwewy Wabbit!"E. Fudd
People's Awareness Coalition: Deprogramming Sequence
I own a corporation
I've never had to borrow money to pay the bills, if I did, then the business wouldn't be viable. I have borrowed to expand, but not expanding wouldn't have put me into bankruptcy. Only overspending and or overborrowing will do that.
I got two CC offers yesterday
14 and 15%, they went in the trash
We had a credit card UP our
We had a credit card UP our limit today! I have to just laugh at that cuz we pay it off monthly anyway, and it gets nowhere near the exorbitant amount they had us before or now!
yes, the problem is that
bank won't loan to each other, but gladly to us at 20% on credit cards. If that continues, fewer banks will be able to lend. They portray it as main street being stiffed for credit, when the current prob is really that banks don' t trust each other and are hoarding cash...as we all are. I believe in the long run that good borrowers will find good loans for good purposes, but things could get a little gummy (potentially really ugly, dont underestimate it) for awhile as the bad lenders fade away like the wicked witch of the west, taking anyone they can down with them.
Banks still loan to each other... they just increased the rate..
What they are really complaining about is the disappearance of "EASY credit" -- I have friends and relatives who own companies which rely on lines of credit for their payroll, etc. They are experiencing NOTHING UNUSUAL.
Yes, they may have problems with a few invoices being out past 90 days with specific customers, but they have the choice of factoring those; and tightening or locking down the accounts of those companies. (I had to do that back in the late 80's with several of my customers... it was my choice whether *I* wanted my company to serve as the "bank" for those customers -- getting an increased LOC {at a higher rate} to pay my own company's expenses in order to continue doing work for them, with payment delayed; or whether I would choose to stop providing services until they cleared their accounts.)
Credit is nearly always available; provided you have collateral and a solid set of books & assets to underwrite them (remember it is YOU who are actually creating the credit, NOT the bank) -- but the rate you have to pay may be more than you want to risk; as it will potentially cut into or even eliminate your profit (in which case, why bother?)
What is NOT always available (and IMHO should not be) is "E-Z Credit" handed over to speculators who have no real assets and at sweetheart rates. It is this which has dried up, mainly because people have found out that such credit extended in the past (and the assets underlying them) has been squandered away in a binge of leveraged baloney.
yes, good borrowers
and good purposes are a good banking opportunity, yesterday, today and tomorrow. Much of the commercial banking in this land is done by institutions that did not venture too far into mortgage banking lala land. I think much of the problem is concentrated in a relatively few large banks and investing institutions that, while there would be collateral damage, should be alllowed to fend for themselves to the greatest extent possible.
absolutely...
when you have a product you've sold in the millions and those millions of customers find out that their product wasn't what it was sold to be, they'll entice you to buy more for less and give special perks to get it off of their shelves.
I received one
with these incentives:
$30,000 possible credit limit
INTRO PURCHASE RATE: 0% APR UNTIL DEC 2009
INTRO TRANSFER RATE: 0% APR UNTIL DEC 2009
CREDIT LINE: UP TO $30,000
FEES: NO ANNUAL FEE AND NO TRANSFER FEES
REWARDS: NO HASSLE MILES
From Capital One!
And I don't have a job! After one ear, 12.99% APR
Required 3% minimum payment per month
I qualified for a $15,000 line of credit.
Now, will someone tell me why I should not transfer the income tax I owe the feds to this account to save me 23-24% interest from the govt: That includes penalty plus interest.
They set me up on a monthly payment plan...
Even if it slows down for a
Even if it slows down for a year or two it always comes back..They always want to make money off of interest!!
Why doesn't someone point that out. Yeah...take it away, but then you won't make any money either. Haha!!
I had one yesterday
I haven't seen any slowdown in the credit card offers that come in the mail at all.
2 new offers
food freedom,one seed at a time.
I just got 2 new offers and my son got one,also.