[Marxism] Credit card larceny

Intense Red intnsred at socialismonline.us
Fri Nov 26 12:29:52 MST 2004


 > it became clear to me that this was a typical maneuver by Chase to rip
 > off customers without them knowing about it until it is too late. They
 > incorporate all sorts of ways to screw the customer with fees and
 > penalties that are only mentioned in the fine print.

   They're a bank, right?  Isn't that what banks do?! :-(

   FWIW, a small improvement is to use a credit union.  Years ago I decided to 
dump as many of the most exploitive institutions that I was compelled to deal 
with.  For example, cable TV went out -- a big dish C-band satellite allows 
me to only pay for the channels you want to watch.  My regular savings-type 
banks were closed and I instead use only credit unions now.  (My dream of 
going off the grid will have to wait for adequate funding. :-)

   The reduction of fees and increased levels of service of most credit unions 
over banks are substantial.  They still operate within the capitalist 
framework, so credit unions are far from perfect, but they're a distinct 
improvement.

 > http://www.pbs.org/wgbh/pages/frontline/shows/credit/

   Frontline does some surprisingly good documentaries on occasion.  If one 
lops off the "credit/" from that URL you can watch any of their older shows 
online.  "The Persuaders" and "The Jesus Factor" are quite good.

 > Believe it or not, I was ready to pay off these debts since I have a
 > strong sense of financial duty inherited from my late father. But after
 > further reflection, I decided that I was dealing with loan sharks and

   I think there was a posting on the list a week or so ago about the int'l 
banker (the "Confessions of an Economic Hit Man" story) who would 
deliberately give an unpayable amount of loans to poor countries to mire 
those countries in debt.  It was a method of both exploitation and control.

   Sadly, why should we the same two goals can't be accomplished with the 
exact same tactic on individuals?

 .
 In solidarity.

-- 
"Quit accepting their premises or you'll never end up with anything except 
their conclusions." -- Stan Goff





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