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What is actually happening with these interest rates—is this even sustainable? And if things reach a breaking point where someone simply can't keep up with the payments, how long does it take before the bank finally forecloses on the property?
I don't personally know anyone currently grappling with this specific issue; I am merely following the developments through the news reports.
slycanyon11 said:You want to know why manufacturing is dead? It’s because it’s easier to just import everything rather than deal with the headache of raw materials, labor, regulations, and the government... I once pitched my own project to a major corporation—something that fit their lineup perfectly. A few days later, I read in the news that their production was tanking, customer numbers were dropping, and they were facing bankruptcy. So, I walk up to them with a product that already has a buyer lined up—pure export potential—but I don't have the capital to kickstart the production myself. Meanwhile, they have all the resources imaginable and could get this moving with a measly three or four thousand dollars.
They’re just terrified you might actually strike it rich... it’s that classic "if the neighbor’s cow dies, we all celebrate" mentality.
I read yesterday that the manufacturing workforce here in America has plummeted by a staggering 20% over the last year alone. It makes one wonder what the underlying drivers are behind such a sharp decline, and whether there's any viable way to reverse this downward spiral. If we don't find a way to stabilize things and this trend continues, we’re going to end up looking just like Dubai—only without the luxury of having oil reserves to fall back on.
darkpuma52 said:What kind of nonsense are you spouting? What exactly would American-owned banks do differently??? Hand out loans like candy back in the 90s? Just hand cash to anyone with a pulse regardless of their credit score? - Give me a break.
Thanks, but no thanks.
At the very least, the profits would remain here in the States, which means there would actually be capital available for local charitable donations, community aid, and corporate sponsorships. As it stands, most of those funds flow straight to foreign entities, leaving us with less and less to work with locally..
David Williams7 said:Bank of America pushes us ... 😂🤣🙂
That’s what we call taking things completely out of context.
Nicholas Davis14 said:Chris Stewart3, I actually find your cluelessness kind of refreshing—mostly because I used to be in the exact same boat. Up until pretty recently, I wasn't giving a second thought to how I was blowing money I didn't even have, let alone the massive interest fees Bank of America was going to slap on me later.
Let's just face the music here: we're the ones who played ourselves by spending way more than we actually earned. It’s not really the bank's fault that we jumped at every single credit card offer they threw our way. And honestly? The way they act now—trying to upsell every naive person who walks through the door—is exactly how they'll always act. At the end of the day, the only thing we can actually control is our own mindset toward our cash and finally starting to respect the paycheck we work so hard for.
Listen, my friend, you really ought to remember one thing: the thief isn't the man who keeps his cash tucked away in a Bank of America vault; no, the true thief is the one who actually owns the bank.
Just picture the scenario when they issue you a brand-new credit card. What actually happens? They slap you with a fee without even bothering to ask. You have to wonder why they won't just provide it for free—it’s not like they’re going bankrupt over a few dollars, and honestly, it would be such a decent gesture toward the customer. When people are struggling, these institutions turn around and charge 15% interest on overdrafts; it feels less like banking and more like dealing with loan sharks. They hide behind this excuse of "managing risk" to squeeze out a little extra profit just in case they can't collect, but if you sit down and crunch the numbers, the math is staggering. If they were actually being fair, that interest rate would be closer to what you see on a standard personal loan from a place like Chase. I’m not saying money doesn't have a cost, but there is a point where it becomes extortionate. Even my local movie theater didn't charge me a fee for my membership card, so it's clearly not an impossible hurdle to clear...
briskdriver110 said:I mean, how is the bank even to blame here?
The reality is that banks essentially incentivize us to spend money we simply haven't earned yet, creating this endless cycle of debt just so they can pad their bottom lines. It’s quite calculated, really; they constantly push credit cards and personal loans through aggressive, highly polished advertising campaigns designed to make borrowing feel like a necessity rather than a trap.
Charles Ramos7 said:I’m not convinced that switching to cash-only payouts would actually rattle the banks. They have way too much room to maneuver and push back. Not only could you end up stuck without any cards, but they could easily claim that using a checking account is a mandatory requirement for any basic banking service.
Basically, you'd be left without any debit or credit cards (Americans left high and dry 😂), lose access to CDs or savings accounts, and wouldn't even be able to qualify for a loan (Americans cut off from credit 😂). Plus, they’d probably just hike up the fees for in-person teller visits while lowering online ones—though, of course, you still need a direct deposit hitting your account to use those online tools in the first place...
At the end of the day, we need them a lot more than they need us.
One must remember that there was a time when plastic cards didn't even exist, yet we managed to live perfectly fine lives. Increased spending isn't inherently a problem when it's born of necessity; the issue arises when it's driven by pure luxury. Look at telecommunications today: we spend five or six times more than we did before the smartphone era. We surround ourselves with a mountain of products we never truly needed, simply because this materialist culture demands that we own and display them. We acquire things we didn't create, thereby defining our very identity through someone else's labor and borrowed money.
Charles Ramos7 said:Well, nobody is stopping you from hitting up a broker and buying shares in those "foreign" banks just like I did. You get the dividends, the invites to shareholder meetings...
That way, they aren't 100% owned by outsiders anymore. Or better yet, you buy stock, your brother buys some, your uncle, your grandma, your best man... before you know it, you've got a seat at the table.😉
Well, if I had that kind of surplus cash lying around, I’d certainly be investing it. But let's be realistic: it's common knowledge that Americans exert significant control over many major banks because there is such an immense amount of excess capital moving through our economy.
Ronald Allen said:What kind of commission are you even talking about...?
If someone actually started paying your salary in cash, it would probably just mess up your relationship with the bank even more, because we all know what happens when you stop having regular deposits hitting your checking account.
It's not like banks are forcing people into overdrafts; people just choose to screw up their own finances, and the banks just sit there rubbing their hands together—it's a little bit of sweet satisfaction for them. It’s not that the banks bought us, it’s that we sold ourselves.
Chris Stewart3, man, this isn't Looney Tunes, so don't start trolling here too.
Seriously, give me a break... 🙂
Oh, absolutely, it's entirely our own fault. What stings the most is how we handed over our entire banking system to foreign interests; the truth is, they didn't come here to invest in us, they came to extract from us. If the majority of people actually shifted their loyalty toward domestic institutions, things would change significantly. It isn't just that citizens are beholden to these banks—it's the entire economy; in short, we're looking at disaster.
It seems every major bank in this country carries itself with the unearned arrogance of some higher power. One has to wonder if anyone will ever put an end to this condescending attitude toward the public.
For instance, it would be far more efficient if employers simply paid us in cash. That way, we wouldn't have to deal with banks bleeding citizens dry through endless transaction fees or dragging them into unnecessary overdraft territory just to manage basic expenses. Rather than actually providing financial education, they seem solely focused on stripping people of their hard-earned money, acting as if they practically own us.
Is there any way we can push for a meaningful shift in this relationship?