Collection phone calls from credit card companies are, of coure, on the rise. Which is hilarious because it’s the banks and financial institutions that helped to create this economic collapse and financial crunch in the first place.
The squeeze goes something like this: 1) Borrowers take out credit, 2) Banks act irresponsibly and begin to fail, 3) Economy tanks, 4) Consequently, borrowers are laid off and small businesses can’t get work, 5) Borrowers can’t pay the banks, but the banks all get bailouts and continue to spend $18 billion on bonuses and millions on urinal cakes while still hectoring the borrower — who isn’t bailed out at all — around the clock. The borrowers, not the banks, take the full force of the economic screwing.
Naturally, there are plenty of people who shouldn’t have borrowed. But I’m referring here to consumers who, through no fault of their own, were laid off (unemployment benefits are never equal to salary), not to mention the small businesses who need lines of credit to survive (the business owners often have to personally co-sign for the loans). Other consumers may have borrowed based on projected income, and with the economy tanking and the value of houses and investments diminished by nearly half, it’s hard to blame anyone for being late.
Instead of shoes, I’m thinking telephones are more appropriate objects to hurl. I just can’t fathom why there aren’t large scale protests in lower Manhattan.
