Our Govt, my bank, my money, I'm PO'd

[big bob]

This is a silly place to air your grievance. What the BLEEP does this have to do with guitars.  Call Rush if you've got a beef.    :binkybaby:

As far as I'm concerned =CB= is one of the most helpfull member of the forum, if he is in trouble and want people to give him some strenght, he'll be always welcome as long as I'm here...

+1 I think CB is one of the jems of the forum.
we should all be able to squawk about what ever in the off topic forum.
I have never heard of a bank account that only gives yearly reports, and would never agree to one. further more the bank bailouts were designed and implemented by the Bush administration. SO blame DICK Cheney..
I get tired of people blaming Obama for the cheap shit junk that bush did.
If you are mad I understand, but do some checking before you lash out at "the other party" You should be mad at BUsh, not Obama

 

[-CB-]

Bob, the information sheet that our buds, at JPM/Chase had... had the big O's name right at the top in the first paragraph.  It was meant as a sales job for their policy.

I'll put the blame on it where it sits.  Bush didn't do bank bailouts, the Oman started that.

 

[-CB-]

Let me qualify that last post... the Oman didn't start the bank bailouts... they been around as long as the FDIC has been around.

What the Oman did, was sign the papers that said the banks are expected to shaft the customers, with those papers courtesy of our friends - the US Congress.  There was a Presidential directive there too.  I go back next Friday, gonna see if I can grab a copy of that BS form they showed me.

 

[OzziePete]

Hey =CB= it sucks that you didn't get the interest you were hoping for.

But the bailouts that happened, didn't they start under Bush in the transitory period (I believe Obama was consulted but legally he didnlt have much say in the way those original bailouts were done)? And weren't they essential to keeping the US economy somehow treading water while it could deal with the bad debts that were coming out of every orifice of every lender? And what would have been the ramifications if there had been no Govt. bailout?

Maybe you could consider investing the sum of money involved in an Australian Bank?  :sign13:  We are much much safer than yours........ but our fees and charges come from a textbook written in Wall St.! :icon_thumright:

 

[whyachi]

So, not sure if understand... you lost ALL money on this account?

No... they WANTED to take it, and could have.  Instead, I lost all the interest on the money, and that interest would have been enough to easily pay for a new guitar from Warmoth parts, and still have some money left over.

As far as Obama goes - it was HIS imperative on the bailouts, his imperative on the stimulus, and his signature on everything.  He's not fully to blame, but he's in the drivers seat.  The liberal maniac, tax and spend Congress is to blame.  

The pen is mightier than the sword, and the vote is mightier than either, but I'm keepin' my sword close, and wont mind if there's some eye-goo on my pen either.

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[zogoibi]

For a board that supposedly is interested in solid wood; this skimpy politicization of a multi-faceted topic is a flimsy VENEER of actual information.  This isn't a soundboard for your misdirected discontent--off topic or not.  The first round of bailouts proceeded  nearly eighteen months ago; yet you decide to point a lazy finger in a clumsily convenient direction.  Our present dilemma has roots which reach further into an uncomfortable and maybe inconvenient past.  Your brush makes a too broad fecal smear.  You are responsible for your fortune; check up on its status on more than a yearly basis, especially in times of turmoil.  Be ever vigilant citizen.  Whine elsewhere and lets hear about your last shellac job instead; stick to what you know.

 

[whyachi]

For a board that supposedly is interested in solid wood; this skimpy politicization of a multi-faceted topic is a flimsy VENEER of actual information.  This isn't a soundboard for your misdirected discontent--off topic or not.  The first round of bailouts proceeded  nearly eighteen months ago; yet you decide to point a lazy finger in a clumsily convenient direction.  Our present dilemma has roots which reach further into an uncomfortable and maybe inconvenient past.  Your brush makes a too broad fecal smear.  You are responsible for your fortune; check up on its status on more than a yearly basis, especially in times of turmoil.  Be ever vigilant citizen.  Whine elsewhere and lets hear about your last shellac job instead; stick to what you know.

This would be the reason for my previous post.

 

[yyz2112]

This is a silly place to air your grievance. What the BLEEP does this have to do with guitars.  Call Rush if you've got a beef.    :binkybaby:

I don't think they can do anything about it, they're Canadian.

 

[kboman]

I'm with knucklehead and zogoibi here. I like you CB and you have posted many interesting and/or funny threads, but as a forum we have proven many times that we simply can't handle political and religious topics. They have always gotten out of hand and ruined the mood of the forum for weeks.

Expressing sympathy when someone's mother has died or just when their car has broken down is an easy and a human thing to do: don't compare it to political grievances, which is based on personal opinion rather than common humanity.

 

[baskruit]

I'm with knucklehead and zogoibi here. I like you CB and you have posted many interesting and/or funny threads, but as a forum we have proven many times that we simply can't handle political and religious topics. They have always gotten out of hand and ruined the mood of the forum for weeks.

Expressing sympathy when someone's mother has died or just when their car has broken down is an easy and a human thing to do: don't compare it to political grievances, which is based on personal opinion rather than common humanity.

Well said.
And to add to that: I've never ever seen people convince others of their opinions and beliefs in threads like these. It's utterly useless and a waste of energy.

 

[Super Turbo Deluxe Custom]

... how on earth can this happen in the USofA

The USSA?

 

[Justinginn]

Seemed pretty calm to me until people started yelling at CB for posting anything...  :help:
I mean maybe we'll have a Conservative vs. Liberal war but I'd rather that than a "talk about politics" vs. "not talk about politics" war. Whatever. I'll stay out of it anyway but let's not get ugly trying to keep things from getting ugly.  :icon_thumright:

 

[Dan025]

cb be glad you don't live in new york the socialist revolution in apparent here.

the money system in this country has been designed to screw us all for a long time, unfortunately you got screwed more this year. do to inflation interest isn't interest at all, it is compensation for the depreciation of our money. but the interest rates for savings are less than inflation so you are essentially bleeding money, if you dont use banks you are bleeding more money, if you invest you may make money but you risk burning your money. fact is that it's not right and we are all victim too it but some are more victim than others. i'd love to talk opinions and politics but it is too controversial for the board, like debating religion.

i know what you intended you were pissed, wanted too share like many do in off topic, they shouldn't have the right to do what they did that should be universally understood, there should be outrage, but the questions of was it bush or obama or congress of what have you are inevitable. i dont like obama, never did, i'm conservative but i didn't like bush either, or clinton, too young to have had a valid opinion on bush senior or regan.

 

[-CB-]

... how on earth can this happen in the USofA

The USSA?

Consider that "stolen" I like it

 

[-CB-]

Hey folks, dont fight over crap I post.

I'm just venting my frustration over what the situation is.  It has its cause, and hell... if I was more on the ball with it, I'd have partially avoided, but not completely.

BTW, the account that had yearly statements was some kind of conversion from what was considered a "passbook" account where you actually had to have "the little book" to put money in or out.  This whole thing was started on about two grand in the 70's and sat and grew and grew... thanks to its supposed higher rate of yield (it was great there for a long while) and compound interest.  Except for tax time, I hardly ever remembered the money, because it took care of itself - based on the account it was in.  The takeover / bailout / policy of the FDIC etc... changed all that.  And so, I'll just take the remaining principle, and wipe my feet as I exit the place.

 

[tfarny]

Just facts less hyperventilating:

The bank bailouts were orchestrated by both the outgoing Bush and the incoming Obama admins and were designed to prevent a repeat of the bank runs that preceded and partly caused the great depression, before there was FDIC and any effective regulation. For the 70 years between the establishment of effective financial regulations by FDR and the dismantling of such regulations mainly under Clinton with the enthusiastic support of Reps in Congress, we basically avoided the financial panics that had been a regular feature of American life in the 19th century - CB you would have lost your entire account at Wamu had there been no gov regs mandating reserves, deposit insurance, etc.

Without effective oversight by government, the financial system naturally works in a boom and bust cycle like we've seen with the recent housing mess - the top bankers profit from both boom and bust, the more instability the more profit. You don't need a tinfoil hat to see that, just a library card and a few history books people. HAD there been effective regulation and oversight of bank activities in the last 15 years, a lot of the ridiculous debt that caused the 08 financial crisis would never have been allowed on books. Without that bank bailout, the economy would have literally ground to a halt - interbank lending had basically ceased, meaning cash flows between banks that allow businesses to do things like, oh, meet payrolls, were not happening. Imagine no housing loans, no car loans, contraction of credit 10x worse than we actually saw. I'm not expert enough to judge the fine details of the aspect of the bailout that cost you a year's interest, but presenting it as an "Obama money grab" only allows you to be mad at someone you are already predisposed to dislike, and is unfair. Looking at the big picture, Obama had no part in any of what caused the panic and necessitated the bailout, and I'm sure that he had zero personal input in the fine print of it, given all the things that a new prez has on his plate. He has proposed a bunch of new financial regulations that are designed to prevent this sort of thing in the future. The irony is that you're probably against those regulations, and support the very politicians who are most in the pocket of the bankers who have been screwing us all.

What we need is not less government; we've had that for a while and, notice, it doesn't exactly benefit the average joe. Less government is what caused the whole financial crisis that started this post. What we need is effective and smart government that handles the things that only government can handle, whether or not Obama is up to the challenge, somehow I doubt that Sarah Palin (!) is likely to be the head of such a government. Enjoy your weekend!

 

[Watershed]

Anyone interested in getting behind "evil banks" would probably enjoy watching a documentary called "The Money Masters".
http://en.wikipedia.org/wiki/Userrius_2/The_Money_Masters
You can find it on You Tube, it's long and low budget.

The biggest thing that this points out is that the Federal Reserve ("the Fed") is NOT a part of the Government, as seems to be widely believed.
http://en.wikipedia.org/wiki/Federal_Reserve_System
Yes, the Government can appoint some of the highest level employees, but that's it.
I think the blame starts with Woodrow Wilson.
The Federal Reserve Act was created in 1913, and sure didn't stop the Great Depression of the 30's.

Frankly, it appears to me that both Bush and Obama were/are in the pockets of the Big Banks, who control our monetary policy.
It appears the only "Change" we saw was one party rule.

I think another huge problem with the system (financial) is that few if any politicians really understand it.
The vast majority of our politicians are lawyers.  The do not teach economics in law school.
Why is this a problem?  Well, how are you going to effectively regulate something you don't understand?
Ahh, you get lobbyists.  But what pays for the lobbyists?  Hmmm.......

This is definitely a money grab CB, and it definitely sucks, and I would be furious too.
I'm afraid we have yet to see Obama's money grab though.

 

[SlingBass]

What we need is not less government; we've had that for a while and, notice, it doesn't exactly benefit the average joe. Less government is what caused the whole financial crisis that started this post. What we need is effective and smart government that handles the things that only government can handle, whether or not Obama is up to the challenge, somehow I doubt that Sarah Palin (!) is likely to be the head of such a government. Enjoy your weekend!

*I* believe we've had "less" (less quality) government for some time now - "more" of that same quality will be the final nail in the coffin.  Accountability has gone the way of the Dodo.  Isn't "smart government" the same oxymoron as "Central Intelligence Agency"?  We, the people, have no one to blame but ourselves for our complacency and short sighted thinking.  When the sabre rattleing is over, and all is said and done - we'll have allowed this country to slip to 3rd world status.  The pointing of fingers is silly (and embarrassing) - it's time to buck up and BE pro-active in your own destiny (and it ain't the Tea Party)   :binkybaby:

 

[jackthehack]

I'd had an account for years at WaMu, and the transition to Chase went without any issues/hiccups at all for me.

You should NEVER leave any sizable amount of money in what sounds like a passbook savings acct. completely idle for a long period of time:

1.) There are any number of better "parking places" for the money, many FDIC insured as well and offering higher rates of interest/return.
2.) Irrespective of the "bailout", many states have statewide banking laws that allow either the bank or the state treasurer to confiscate "idle/abandoned" checking/savings accounts that have had no activity for X period of time. In the state of Texas, for example, they periodically publish lists in newspapers, with a time limit to contact the bank before any funds therein poof-disappear!

It's not about Obama. per se, they're ALL whores of the highest magnitude, every last one of them Democrat/Republican/whatever. They all pimp for the banks and screw the people.

 

[Lucky #7]

tfarny,

We do need less government.  I agree that we could use smarter and more effective government as well, but when has either party ever proved they were up to that task.  They're all so concerned with getting themselves reelected or shoving through things they've decided have to happen that they can't possibly do smarter and more effective.  The colossal spending we saw under Bush in his last few months and its continuation under Obama is going to hurt us far worse than anything else will in the long run.  Obama's already raised the debt ceiling twice and basically discarded his promise of cutting the deficit in half.  I believe Bush raised it once before as well.  I might agree that we could use some more government if I thought there was a shot that they could handle it, but their track record gives zero indication that is the case.