I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] 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, (Attributed)
3rd president of US (1743 - 1826)
Kinda sad when you really think about it. Especially in today's world! Your thoughts?
I've said before that our liberties may have more to fear from "Big Business" than from "Big Government". I don't really believe in the caricature of evil CEO's with master plans of dominion, but the nature of the beast is not revealed within one person or one company. It is a pattern that emerges as a result of the collective operating in a certain manner.
And banks are a large part of that. BoA robbed me with four $35 overdraft fees in a single day. It was my fault, but the ensuing domino effect over an $8 mistake led to $140 worth of fees and the overdraft fees are what caused the other overdraft fees. We're talking about $2 purchases with the debit card throughout a work day. BoA refused to overturn a single one even though I caught the mistake that same day and asked nicely, then not so nicely. I say I'd leave them, but first off, they could care less about their customers, especially one of my lowly caliber. Secondly, every other bank out there is the same so I have no other recourse other than to switch back to my Credit Union, but they have only a couple of locations in my entire region and charge similar fees all the time as soon as they get the chance, too.
Hehe. Keep distracted. I'm afraid you'll start mailing bombs to the liberals first.
But, yeah, overdraft protection is the way to go. Having to pay for it is not a problem, either. I just think it borders on criminal the amount these fees are. The fact that they are driving profits right now for banks speaks volumes.
And I missed doone's post. I have seen numbers and comparative illustrations before. This might just be an indicator of how ingratiated the financial institutions are with the government?
Oh no. Now I sound like....like...a libertarian! Gah!
When I really thought about this for about a second, it made me mad, only because the logic here is completely inadequate.
1. Quoting Jefferson and implying the statement relates to our modern day financial system is like quoting Plato on the need for a good fresh water supply system. Though the underlying issues are exactly the same, the financial system we have now has few substantial similiarities with that of the financial system of Jefferson's time.
2. any time you're talking about a nation's infrastructure (from finance, to water, to the sewer), you're always going to be talking about a system that, if manipulated to the disadvantage of the nation that is serviced by it, would be much more dangerous to a nation's liberty than a standing army. this is a fundamental reason why an invading force seeks to cut off water, food, military supplies, for example. and why al qaeda tried (at least symbolically) to cut off our financial system.
3. one of the biggest causes of the current financial crisis is that the government (the SEC specifically, and various presidential administrations in general) failed to provide the proper government oversight. Though the crisis was not caused by one or two simple things, it can be said that a lack of proper government intervention was a most significant causes of the whole crisis. Saying that we could help the system by giving the government more control is like handing a drowning person a frosty mug of beer. (Yum! but inappropriate for the context.)
4. currently, and as of most of the 20th century, the US financial system has been under the tight grip of the government, which is an attempt to control inflation and deflation. This is simply more detail from 1) above. read up on the federal reserve system, specifically about how it controls money supply and about how every bank is tightly regulated and controlled.
i work in the backbone of the us financial system... thus, i've a vested interest in this topic, as i think we all should have.
It's been time and past for a new party for years. The two we have now range in their actions from well-intentioned but ineffective to actively harmful. Neither of them base their actions on reality, instead ignoring any data that contradicts their preconceived positions and trumpeting anything that can be made to support their agendas.