Tuesday, September 15, 2009

American Debtor's Revolution!

A reference made on Huffington Post written by Arthur Delaney alerted me to this video:



Ann Minch, a northern California, middle class woman*, has decided to take a stand. She makes a very eloquent, truthful statement about usurious corporate robber barons. Her anger is directed at the real villains in our perilous national economic condition.

I urge anyone interested in possibly effecting real reform, the kind that President Obama spoke about during the campaign, to view the video and see if there is something you can do to help.

With nearly 100,000 views on YouTube as of this writing, I believe that the vid is approaching "viral" status. If any corporate bankers and insurance company executives are among the viewers, I have to imagine that Ann's message makes them a bit uneasy.

I hope others will have the courage to follow in Ann's footsteps. I almost wish I had an outstanding balance on a credit card so I could join her protest. (But, no, I won't purposely go out and wrack one up.) And besides, she's from Red Bluff, CA, just down the road a piece from my old stomping grounds of Klamath Falls, OR. A man feels obliged to help a neighbor, you know?

If Ann Minch's protest takes root and spreads, the political repercussions could be enormous. President Obama might feel compelled to start ramming real legislation through Congress. How about aggressive regulation of the finance industry, real criminal punishments in real penitentiaries for corporate criminals, and caps on outrageous executive salaries? How about a repeal of the Bush tax cuts? Not that Congress would have much enthusiasm for fighting, if the outcry is loud enough.

And wouldn't it be nice if this video caught the eye of a tea-bagger or two? All that anger and fear that they have been directing at President Obama, at liberals, at gays, at Mexicans and Muslims and African-Americans, might find a more deserving target: the very people that, even now, are hood-winking them in to demonstrating against their own best interests.

Taken together with other similar demonstrations, Ann's statement could begin a revolution in the spirit of Mahatma Gandhi. (I don't think Gandhi used bad language, but otherwise...)

This could make a difference.



*I am trusting the sourcing and verification of Ms. Minch's identity to the Huffington Post. I leave it you, dear reader, to read up on it there.

5 comments:

Spring Thunder's Blog said...

I think she is my new hero of the week!

It's odd how the banks won't renegotiate on their unilateral decision to raise a person's interest rates. Then, after six months of nonpayment, the bank is willing to accept a 50% payoff.

My experience was that I had a credit card with Wells Fargo. I bought a car and Wells Fargo financed the car. I also had my checking and savings with Wells Fargo. (Does anyone see the mistake here?)

A month or so after buying the car, I got a letter from Wells Fargo informing me of an interest rate hike on my card. I called and asked why; it was because my debt ratio (courtesy of the Wells Fargo car loan) was too high. Yes, that is right. My choices were to close the credit card account and pay it at the previous rate, apply for a loan at a higher rate than the original card interest rate, but lower than the new card interest rate, or continue the credit card account with the new exorbitant interest rate. I chose to close the account.

A year later, after a bout of unemployment, some poor decision-making, and three relocations, I found myself behind on all my debts. The very day I had decided to work with Wells Fargo to get caught up was the day they had "offset" my car payment against my checking account. Since there were outstanding items, it overdrew the account when they hit the bank.

I consulted a debt settlement company (RIP-OFF!), and eventually filed bankruptcy. Suck it, Wells Fargo!!!

Yup, my credit is ruined for life. But it least my credit isn't ruining my life.

Ridwan said...

I can absolutely relate to sista Shusli's comment.

Just the other day I used my CitiBank card to pay for tires here in South Africa.

I do not carry a balance and get my statements via email

So when it came I paid the amount owing in full and that was that.

At least that is what I thought.

They tacked on a conversion rate and charges but added that the next month when I mistakenly believed I had no amount owing.

So when I got an urgent message that my account was in default I was like what???

Yep the raised my interest rate and called me late for 8 days because they added a finance charge one month later to a balance I had already paid.

The amount on my record: $9.76

This after being a CitiCard platinum holder for more than 17 years!

They suck, they system sucks.

We are told to get credit, revolve credit for good credit but not to pay it off ... cause then there is no record of paying and being 'responsible'.

I am going to cancel my card. Would dispute the charges but do not want to pay for the call from here to the US.

If you really want more horror stories about banks, their charges, and the chain around folks necks, let me tell you about the South African system sometime.

Peace to you.
Ridwan

Eugene said...

On my blog, I've been trying to have discussions on the overdraft charges made to folks. Cost pennies for the banks and they charge the rest of us $34 each. They have clever little ways of insuring that most people will screw it up and thus get charged. Along with the rate increase, I'd say the banks are doing a great job of robbing millions of their customers to help pay for their bad and criminal behavior.

It is a horrifically corrupt system we are dealing with. We now have two methods the banks are robbing the people. How many other ways are they doing so? Their have to be more. How can we purchase ourselves a congress person or president. Mr. Prez isn't gonna do anything unless we the people force him to, which means we'd have to get between the money and the system which could also be dangerous, but what the hell...WE'RE BEING ROBBED!

LaDIOM said...

I think she should be "person of the month" I wish the revolution statement could be more specific - like "Don't pay on credit card over 9 % API"

Eugene said...

On my blog, I've been trying to have discussions on the overdraft charges made to folks. Cost pennies for the banks and they charge the rest of us $34 each. They have clever little ways of insuring that most people will screw it up and thus get charged. Along with the rate increase, I'd say the banks are doing a great job of robbing millions of their customers to help pay for their bad and criminal behavior.

It is a horrifically corrupt system we are dealing with. We now have two methods the banks are robbing the people. How many other ways are they doing so? Their have to be more. How can we purchase ourselves a congress person or president. Mr. Prez isn't gonna do anything unless we the people force him to, which means we'd have to get between the money and the system which could also be dangerous, but what the hell...WE'RE BEING ROBBED!