9/30/2008
My problem with the bailout is manifold but at least part of it is personal. Being a person of relatively low income, I’ve had a lot of opportunity to deal with the less friendly side of banks. At times, it seems as though they really do want a pound of flesh given the outrageous rates they charge on their credit cards — up to 33%, if you can believe it — and the fees on banking services generally.
I have a little bit of history with banks. As a young woman, I worked for banks and savings and loans for almost ten years, right through the financial crises of the early 1980s. One of my employers went under while I worked there and was taken into receivership by the federal government. I still remember the auditors marching in in their black suits. And hey, guess what the problem was? Worthless mortgage-backed securities, a measly $48 million dollars worth. Read More
