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Who Will They Loan Money To? I’m Starting To Get Some Ideas!

This is a follow-up on the last post, “The Future of Credit: Who Will They Lend Money To?

I have not forgotten about that post I originally made to this blog back in January. As the economy sinks deeper and deeper into recession, the big banks may be starting to show some signs of desperation.

I’ve believed for some time now that there was further trouble ahead for this economy. The politicians and their big-money puppet masters have put on a good show with “stimulus packages” and “bail-outs” for mega-companies that are “too big to fail.” (By the way, are you feeling too big to fail these days?)

They knew these measures would not revive the economy and when we reached the national debt “ceiling” what do they do? They raise it, of course! That’s how anyone with any sense gets out of massive debt, right? Borrow more!

Anyway, I’m veering into territory that goes beyond the scope of this post, so let me get straight to the point.

A couple of days ago, I received this in the mail (be sure to continue reading below):

chase-card-offer

Nothing particularly odd about that, right?

I must admit that’s not a fair question because I’ve blurred out the name, address and other information that might identify someone from this document.

What’s odd is that the address on this offer is indeed my address but the name is not my name or the name of anyone else that lives here. The name is the name of the previous owner of this property who has not lived here for well over ten years!

We haven’t seen mail with the names of the original owners for a very long time. The last time was probably a year or so after we bought the place.

What this tells me is that the big banks like J.P. Morgan Chase in this case, are digging deep into their databases to find people to sign up for credit cards. The couple we bought this house were elderly when we bought it. I know the husband has since passed away and for all I know the wife, whom this was addressed to, may have also passed away since then.

I’m picking up the scent of desperation in the air. The big “bail-outs” were just a stop-gap measure. People are continuing to lose their jobs and as a result losing their homes and defaulting on credit cards. This is bad news for the big banks who are seeing their obscene profits continue to shrink at an alarming rate. Why else would they be sending this “great” credit card offer to someone who has not lived here for well over ten years and may not even be among the living?

This economic nightmare is not over quite yet. Giving big banks another “bail-out” may not be an option this time because a big election year is coming up soon and the people aren’t likely to be too happy to see fat cat bankers get another helping hand from Uncle Sam.

Check out some of these stories:

Bank of New York Mellon plans 1,500 job cuts
Some big banks are selectively cutting jobs
Capital One, Omni Corp. to cut jobs in Maryland

You think the big banks are starting to feel the heat again?

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