1. SPS Accounts:
    Do you find yourself coming back time after time? Do you appreciate the ongoing hard work to keep this community focused and successful in its mission? Please consider supporting us by upgrading to an SPS Account. Besides the warm and fuzzy feeling that comes from supporting a good cause, you'll also get a significant number of ever-expanding perks and benefits on the site and the forums. Click here to find out more.
    Dismiss Notice
Dismiss Notice
You are currently viewing Boards o' Magick as a guest, but you can register an account here. Registration is fast, easy and free. Once registered you will have access to search the forums, create and respond to threads, PM other members, upload screenshots and access many other features unavailable to guests.

BoM cultivates a friendly and welcoming atmosphere. We have been aiming for quality over quantity with our forums from their inception, and believe that this distinction is truly tangible and valued by our members. We'd love to have you join us today!

(If you have any problems with the registration process or your account login, please contact us. If you've forgotten your username or password, click here.)

The amazing do nothing President?

Discussion in 'Alley of Lingering Sighs' started by Bassil Warbone, Jun 1, 2006.

  1. Iago Gems: 24/31
    Latest gem: Water Opal


    Joined:
    Mar 13, 2003
    Messages:
    1,919
    Likes Received:
    0
    Well, the names would be UBS and Credit Suisse. Besiedes, there a lot of other European banks active in the US-market, as the US market of consumer credits has been growing so fast. Under which name the operate or with which companies they work together over there, I don't know.

    I've read an article approx. 6 month ago deatailing the us-consumer-credit market and why it so interesting with Swiss banking. It's one of the reason Swiss banks grown so much in the USA over the last two decades. Particulary the situation with the high interest rates. It looks cheap but the laws allow high rates for people that are behind their payments. Things not possible here, because we've got law against usury, i.e. interest rates higher than 18%.

    Anyway, with the high demand for cheap money (and the international surplus of cheap money) the wheel will keep on turning and all banks see good prospects in financing people stuff... that those people can't afford...

    That's the vicious circle many warn of: Lending money to the consumer so he may be able to consume, while the profit from the sale is re-investet in lending money to the consumer, who again will buy stuff from credit. The profit from the sale will be re-investet into a loan to the cosnumer, the consumer buys again... oops, dual trade deficit...
     
  2. Aldeth the Foppish Idiot

    Aldeth the Foppish Idiot Armed with My Mallet O' Thinking Veteran

    Joined:
    May 15, 2003
    Messages:
    12,434
    Media:
    46
    Likes Received:
    250
    Gender:
    Male
    I have heard of UBS, although I did not know it was a Swiss company. I've never heard of Credit Suisse though. Perhaps, as you mentioned, they operate in the U.S. under a different name.

    While there are certainly interest rates in the U.S. higher than 18%, usually the only people who get such rates are people with poor credit or no credit. Credit cards notoriously have the highest interest rates, with some as high as the 20s. Most people I know have interest rates somewhere in the 12%-14% range.
     
  3. Iago Gems: 24/31
    Latest gem: Water Opal


    Joined:
    Mar 13, 2003
    Messages:
    1,919
    Likes Received:
    0
    Well, maybe CSFB ? Credit Suisse First Boston.

    Well, credit cards get very interesting when someone can not pay the bills or only able to pay the debt back in very small amounts.

    (If I translated that correctly) it's the default rates that are problematic. In case of not timely payment, the interest suddenly jumps up. According to the article I've read, the rate can jump to 48%.

    Of course, it's easy to offer someone a credit card with nice looking rates of 4 or 5%, very well knowing that many people will not be able to pay their credit debts before the agreed payment date passes. And the height of default interest rates and additional fees are listed in a clear and understandable language everybody can understand and easily read with a magnifiying glass, so fine is the print.

    here

    here
     
  4. Chandos the Red

    Chandos the Red This Wheel's on Fire

    Joined:
    Jan 18, 2003
    Messages:
    8,252
    Media:
    82
    Likes Received:
    238
    Gender:
    Male
    It would seem that we have headed down that slope which concerned Beren. If you guys wish to discuss Swiss banks and credit card rates, please craft a new thread for the topic (I guess I'm moderating myself here as well). Otherwise, continue the topic of the "Do Nothing president" and carry on with the fun.... :smash: :grin:
     
  5. Bassil Warbone Gems: 12/31
    Latest gem: Moonstone


    Joined:
    Mar 23, 2006
    Messages:
    454
    Likes Received:
    0
    I hate to be replying after so long, but I have been busy and away from my computer a lot. Now where was I. @ Chandos the Red: Sorry I accused you insulting me. :beer: , I am a little defensive from being a Hillbilly working in the north-eastern US ( Man they were prejudice up there).
    @ NOG (No Other Gods): You made my day ( and do so often) :beer: .@ Drew I will take your word on the military pay info. @ Everyone else who replied: man, this got :yot: quick. It looks like Bush is getting lucky in Iraq. He is makking a half-hearted attempt on the border. Why people are not in revolt over fuel prices is beyond me, I traded my beloved trailblazer in for a Toyota Matrix and gas prices are still killing me. Bush still has never met a spending bill he did not like, so much for the budget I guess. Congressional indescretions are still being Investigated and The President remains silent. And republican politicians are starting to worry. But at least The amazing do nothing President is showing a little life. Lucky in Iraq, a pass on gas prices and a jog at the border. I guess its better than nothing?
     
Sorcerer's Place is a project run entirely by fans and for fans. Maintaining Sorcerer's Place and a stable environment for all our hosted sites requires a substantial amount of our time and funds on a regular basis, so please consider supporting us to keep the site up & running smoothly. Thank you!

Sorcerers.net is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to products on amazon.com, amazon.ca and amazon.co.uk. Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates.