“Ya See? You Got Greedy”
George: Sure, all right. Tell me the rules.
Jerry: Okay. No calls the next day.
George: (To himself) So you’re havin’ the sex, next day you don’t have to call. That’s pretty good. (Back to Jerry) Go ahead.
Jerry: You ready for the second one?
George: I have tell you, I’m pretty impressed with the first one.
Jerry: Spending the night. Optional.
George: No, you see? You got greedy.
Continuing on my diatribe the other day about the schmucks at Capital One, I am struck by how the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 is classic example of how people who should be smart let their greed blind them to really stupid acts.
I mean, think about it. The whole idea behind the policy was to enrich credit card companies and banks by ensuring that debts couldn’t be paid off without a series of hefty fees and usurious interest rates. It is as if no one considered what would happen if a large mass of customers couldn’t pay those debts. And no one seems to have considered, as I am happy to point out over and over again that when people are shackled to their credit cards, they walk away from their mortgages, which just happen to be owned by the same banks that hold the credit cards.
I mean really, how fucking stupid can a person be? And how did so many stupid people become CEOs of multinational corporations?
CEOs got greedy, and couldn’t see farther than their own compensation packages. And their “friends” in Congress really haven’t turned out to be very good friends at all: indeed by passing this bill, the sycophants supporters of MBNA, Bank of America, Capital One et al, actually hastened and increased their losses.
The banks are still paying for that decision. The surge in foreclosures has cut the value of securities backed by mortgages and led to more than $40 billion of writedowns for U.S. financial institutions. It also reached to the top echelons of the financial services industry.
I like to have a lot of fun at Joe Biden’s expense over this bill, since he was such a loudly vocal supporter. It’s telling that Biden doesn’t even sit on the Senate Committees that deal with banking, the economy, or finances: it’s obvious the guy’s not the best economic steward.
No, it’s actually Delaware’s OTHER senator, Tom Carper, who helped pass this little turd of a bill, so i made a point of annoying his office as well today.
But what it boils down to at the end of the day is that Capital One, MBNA, Bank of America, and all the rest got greedy. They stopped thinking and started calculating. Unfortunately for them, their figures were off. Way off.
The $2000 I’m making them eat is just a drop in a bucket of billions in losses.
February 11th, 2009 at 10:17 am
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