Tuesday, December 30, 2008

Wells Fargo

(as a follow up to yesterday's quasi-rant...)

Okay so I didn't get singled out by Wells Fargo because of my crummy 740 credit score. A business owner friend of mine was also downsized on his WF credit card. I wouldn't be surprised if they systematically reviewed all accounts in a defensive move in these turbulent times to reduce their credit exposure across the board.

And in actuality, I really don't care that my credit card's limit was reduced by 74% even though I haven't been late on any payment in the last decade - not even an electric bill. Come to think of it, I don't even use this card. It's in the drawer somewhere with the activation sticker still on it. But I will gain much satisfaction in telling the banker at Wells Fargo to go f*ck themselves when I break the card up in little pieces in front of them (the last time I did that was at Mellon Bank in Pittsburgh in 1992 - oh , what a good feeling that was), and then close my business checking account and go over to open an account WECU. And to contact Senator Murray or Cantwell to bitch to them how effectively Wells Fargo is easing their credit standards. God, I hate banks.

And what further pisses me off, is the fact that my tax dollars went to subsidize banks like Wells Fargo (specifically to the tune of $25 billion for this bank alone, maybe more for the highest bank bailout per share of assets) in order to keep the economy afloat by keeping credit flowing to small businesses (such as myself). Or so we were told. What a bunch of dumb asses Americans are to by into this. More corporate welfare that will never make it to Main Street, but instead line the pockets of banking executives. The banking system has failed the consumer, although I did read how the profits of the five largest banks over the past three years are equal to the loan write offs they anticipate taking this year. It is so nice to privatize reward and nationalize risk. I wonder what they call this type of economics? Neoliberalism-cum-socialism? Looks more like crony capitalism to me.

Enough ranting. Oh, and I think the picture was taken a few weeks ago in the really cold weather. That's about the only time it's not cloudy here in the winter. The clouds keep a lid on the warmer air.

No comments: