Chapter 7

Banking and Lending – Ultimate Greed

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, 1802

Somehow, or another, we have all come to work for the banks – not the banks working for us.

Banks are important sources of capital and credit. They safeguard (?) our savings, they finance our cars and homes and children’s education, and have until recently served as models of fiscal responsibility. Until recently.

It is not by accident or malicious intent that bankers are being awarded a chapter in WOAA. They earned it the hard way…stealing and nickle-and-diming us to death a depositor or borrower at a time. It is beyond argument that the banking industry is a major source of our Great Recession. Where is Roosevelt when we need him?

Is it any accident that the industry that has driven so many of us into Chapter 7 bankruptcy is the subject for our Chapter 7? I don’t think so.

Have you had a personal experience of being a ‘sheared sheep’ by a Bankster? People you know? Your company? Co-workers? Family? Friends? We want your story.

The following is a sample (featured) submission:

I am truly amazed at what some banks have become. …(although we agree) lots of really good people working there. Unfortunately, some of the direction from the Board of Director and force from stockholders have driven the customer service venture to one of only profit margins.

I get that stockholders want a return on their investment. I do, too. But, I think the line has been crossed with “creative” financing (mortgage lending) and some of their other tactics.

Guess I just want the “good old days” back, when you didn’t have to take a shower. Not from sweat, but from a lack of ethics!!

And, another thing… Have seen lots of ads from banks asking their customers to use their debit cards as a credit card instead of a debit card. They are even starting to offer reward points if you do.

THE REASON: They (can then) charge the businesses for all charges processed as credit purchases, but can’t charge them to process them as a debit purchase!!

-E.M.H., Oregon/Nevada – retired banker