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The banksters are at it again ? screwing over the poor

by Thom Hartmann posted Apr 11 2012 4:44PM
As banks have once again returned to making pre-recession profits – thanks mostly to their taxpayer bailout – they’re once again preying on the poor with subprime lending.  A new report by Experian shows that credit cards lender handed out 1.1 million new credit cards to people with damaged credit in December of last year.  That’s 12% jump from just one year ago.

The banks prefer those with low credit because they can jack up interest rates as high 29% - and charge endless over-the-limit and late fees.  Every year – banks make tens of billions of dollars on just fees – not interest payments.  Targeting the poor to maximize fee income is not responsible banking – it’s predatory banking. 

And today, banking makes up nearly a quarter of our entire economy.  That means an entire quarter of our economy now depends on screwing over poor Americans.  We need to break up the power on Wall Street – and create an economy with a strong manufacturing base that can once again support a middle class.


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Topics : Business_Finance
04/11/2012 4:47PM
The banksters are at it again – screwing over the poor
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