8 Responses to The Blood Bank

  1. Anon73 February 17, 2010 at 2:34 am #

    I didn’t really understand the explanation for why she was fired, there was some kind of program the customers could use to get a lower interest rate but they didn’t qualify? Was it related to Tarp? And her boss escorted her out the door with armed goons while telling her she’d give her a good recommendation? Sounds rather strange.

  2. Brandon February 17, 2010 at 9:13 am #

    She said the program turned the outstanding balance on the credit card account into a loan, which would be repaid using small installments at a much lower interest rate (not 29.99% in other words) and then closed the credit card account. The purpose of the “irrelevant set of questions” escapes me though.

    • Roderick February 17, 2010 at 1:05 pm #

      The purpose of the “irrelevant set of questions” escapes me though.

      I gather that, technically, the purpose of the questions was to determine whether the client had a high enough income to be a good risk for the loan. Her objection was that “you can’t afford to repay me at a low interest rate, so you need to keep repaying me at this high interest rate” doesn’t make sense (but of course it makes perfect sense if the goal is to keep them paying dribs and drabs forever).

  3. Sheldon Richman February 17, 2010 at 10:29 am #

    A result of the banking cartel?

    • Roderick February 17, 2010 at 1:06 pm #

      Yup — for one thing, a 30% interest credit card would have a hard time competing in a free market.

  4. Anon73 February 17, 2010 at 4:29 pm #

    So basically the Bank was engaging in a form of extortion only made possible by cartelization of the banks by the state?

  5. MBH February 17, 2010 at 6:07 pm #

    Bank of America absorbed Countrywide Home Loans — one of the most reckless lending companies in all this mess. So instead of failure, Countrywide changes its name to BAC Home Loans Servicing. Their services — which are poor — just keep on operating because they can hide behind Bank of America. Same goes for Merrill Lynch.

    Roderick, would you agree that these are an even better cases for concurrent currency than mere inflation?

    And — theoretically — do you think that concurrent currency could provide a bridge between minarchy and anarchy?


  1. Attack the System » Blog Archive » Updated News Digest February 20-21, 2009 - February 20, 2010

    […] The Blood Bank: Why Bank of America Fired Me from Austro-Athenian Empire […]

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