Streetsters » Economy

Big Banks started charging fee on checking account

jia zhou — Sat, 20 Aug 2011 04:30:10 +0000

It won’t be a up – to – date news, but it is some news that we should pay great attention to when it comes to money, especially the money will be taking from us on our hard – earning money which we deposited in our long trusted banks. Those mega – giant banks, such as Wells Fargo, Bank of America, and JP Morgan & Chase were bail out from our tax money, which our Federal Government in hope that those banks will still survive such harsh economic turmoil during the big recession a few years ago. To keep them alive in hope they will provide loan and fund to small businesses to operate. However, those big banks take it the other way. They taking advantage of us, and charging us on opening a checking account. Chase and Bank of America both banks already start their scheme on charging customers who didn’t meet certain criteria and charge them fee on checking account. On the upcoming October, Wells Fargo will follow suit. They will charge customer $3.00 on their checking account, or debit card.

It will be free to withdraw money from their ATM machine, and still free to have your debit card account. But once you use the debit card in any of the store or restaurant at the point of purchase, they will hit you with this $3.00 fee. That is a rip – off scheme, don’t you think? So, please consider move your money to somewhere else, or rather use cash strictly on every purchase instead of use debit card again.

S&P downgrade U.S. credit rating, may not be so bad

jia zhou — Thu, 18 Aug 2011 20:10:53 +0000

You might already read the recent news about the S&P downgrade U.S. credit rating from AAA to AA +. Such downgrading fact might leave a ding on The United States future borrowing power, and its standing on credibility among other super powers in the world. All of the sudden, it seems our reputation just going down, and the stock market instantly plummet according to such news broadcasted worldwide. Unemployment rate is rising up again; investors are worrying about their money whether or not will get return; and banks are suspicious about people borrowing money and would they be capable of paying it back. All such factors affect our national’s healthy economy, and most people might afraid the second recession might come.

If you are optimistic enough, such news might not be so bad at all. Just think about it, 10 years ago, you might not be able to afford a house with its high price in the market. All of sudden, you have enough money to pay for one with all of you hard earn savings. Also, in the interest rate of your mortgage, you might got 7.0% – 8.0% 10 years ago, now, you can get it below 4.0%. Also, if you are applying for refinance, it is the best time to do so. Since the interest rate is so low, and it is offered by the banks right now. Maybe the recession is not a good news to the economy overall, but to some of us, it might not be so bad at all.

McDonald’s Hires 50,000 Workers.

John — Mon, 25 Apr 2011 17:52:46 +0000

In employment news, McDonalds hosted quite a high profile event called “Hiring Day” on Tuesday. In this initiative, McDonalds was determined to hire 50,000 new workers. One of the surprise success stories of our financial crisis is the fast food industry, especially McDonalds. People have very little money to work with, and are proving willing to go out and eat at cheap restaurants like McDonalds. I hope that McDonalds will hire many more people in the years to come, because there are going to be a lot of liberal arts majors lining up to fill out a job application. In these dynamic times, it’s hard to know where to turn to find a good job. While I recognize that McDonalds may not be the best employer in the world, I think that working at McDonalds is certainly a lot more admirable than not having a job and having to rely on charity. It makes me feel sad when I see all of the people that would rather have no income than work at a “degrading” job like a fast food job. I hope that these people are willing to start taking a far more realistic approach to the job market. Sometimes you simply have to settle.

Understanding The Austerity Solution.

John — Mon, 25 Apr 2011 17:21:17 +0000

Here at Streetster, we like to air a lot of different viewpoints. We’re not afraid to talk about the hard economic realities that face us. One of the big catch phrases that you might hear on the lips of finance ministers and politicians is this: “austerity measures.” And you might think that it’s some kind of codeword for mean people hacking your benefits, and destroying all of your hopes and dreams. Well, these austerity measures have been unfairly maligned. It’s vitally important for you to realize that sometimes you need to create really drastic solutions to the problems that we face. Is it “austerity” when a surgeon removes a leg with a serious infection, in order to save the life of the patient? It’s time for us to start facing the problems that aren’t going to go away. Wall Street and Main Street have both been living in the middle of an irresponsible dream where money and credit are free and easy to access. Now it’s time to wake up and start facing reality. We are going to have to collectively tighten our belts, or else we may find ourselves beyond the point of no return. I know you don’t want to let that happen, so let’s get started now.

The Recession Is Going To Get Worse.

John — Mon, 25 Apr 2011 17:20:14 +0000

Don’t believe the hype: our economy is probably headed into the garbage can. If you think the recession has been bad so far, you haven’t seen anything yet. Although a lot of mealy-mouthed types like to tell us that everything is going to turn around any day now, I think we had better prepare for at least another five years of financial disasters. There are far too many people trying to tell people exactly what they want to hear. But here at Streetster, we’re willing to tell you the truth, and nothing but the truth. It’s time for us to start facing the problems that are facing our economy, the fundamental problems that probably aren’t going away any time soon. We’ve been building up towards this for a long time, and the solutions are not going to come overnight. It seems that there are a lot of unanswered questions about the manipulations of the market. Every week, we’re told that we have to borrow as much money as we can, and keep spending as fast as we can, or else our economy will go down the tubes. Well, I’m humbly brave enough to speak out against the lies that we’re being fed every year. It’s important to be brave enough to face the hard truths.

Battling Financial Superstition.

John — Mon, 25 Apr 2011 17:11:33 +0000

I’m seeing that there continues to be a lot of superstition about how to get our financial market going again. I’m going to talk about one way that we could immediately see huge benefits in our economy: cutting taxes. I know you’ve probably heard both sides of the debate. Perhaps you’ve heard the same arguments over and over again. But I feel that it’s important for us to focus on this issue, due to the fact that it has a basic, fundamental effect on our lives. If you think that you can thrive financially while paying the current tax burden, you’re wrong. If only you knew how much more you could achieve, if only our government were willing to let us keep the money that we earned ourselves, and not easily. These are fantastic times, in the sense that we’ve learned a lot from the mistakes of the past. One of the things that intelligent economists have learned is the danger of raising taxes. Raising taxes on private Americans, rich and poor alike, will lead to financial disaster in the long run. It’s time for us to start creating a solution to this problem that has plagued us for so many years. I hope that you’re willing to join with me, Internet public, and say, “Enough is enough. I want to keep my money, and not give it to government leeches so they can gamble it away in risky schemes.”

Wall Street: A Dangerous Place.

John — Mon, 25 Apr 2011 17:11:02 +0000

Wall Street is a volatile place. It’s quite possible that a person can go mad trying to figure out all of the variables. One thing seems clear, however: you have to do a lot of research if you want to even people to hope to survive financially. A lot of people have complained that I’m too negative when it comes to the financial outlook. Well, I have to call it like I see it. And there are far too many people in our society that refuse to produce. They simply refuse, and for some reason, they expect the rest of us to pay for their luxurious, work-free life. Well, I for one am sick and tired of it. People talk about Wall Street versus Main Street, but let me tell you something right now: Wall Street, for all intents and purposes, IS Main Street. And if you’re not willing to support the investments that made our country great, you’re not really doing your part as a citizen. Small businesses employ the vast majority of people in our nation. And demographically, small business owners are in the upper echelons of wealth. They are “the rich.” If you overtax these people, everyone will lose their job.

Financial Damage Control.

John — Mon, 25 Apr 2011 17:09:40 +0000

The financial markets that we see are certainly not an organic, living thing. Instead, our markets have almost congealed into a disastrously monolithic thing. If the people that are running the show don’t know what they’re doing, we’ll ultimately be led into an era of darkness and disaster. And I really believe that. If we’re not willing to create a better future for our children, they’ll be cursing our memories for years to come. We need to start creating new solutions for the financial disasters that are facing us. Making the right choices is often quite difficult, because we’re faced with all of the people who are self-appointed experts. Whether we’re dealing with finances, business, or a related field, it’s very apparent that our lives are going to turn into mush unless we start doing some serious damage control. This is the time in your life when you need to look around you, and see exactly what needs to be done. Because the financial markets are going to get even worse before the recession is over. It’s time to start fighting back against the people that are starting to destroy our financial future. Otherwise, we may discover that we’re being forced to choose between bad and worse alternatives.

Holding The Government Accountable For The Recession.

John — Mon, 25 Apr 2011 17:06:44 +0000

Our financial outlook is looking rather grim. I’m probably stating the obvious here, but it’s clear to me that we’re going to have to start looking for an easier way to make improvements in our financial lives. For many decades now, Americans have been relying on the government to insure our happiness and security. It would only take a cursory look around to see just how foolish this choice was. Our current recession was created, in part, by the foolish decisions of government regulators. For example, the Federal Reserve has determined that there is a “normal” unemployment number, and that if unemployment were to drop below that number, inflation would rise. Huh? That doesn’t even make sense, because it goes against the basic laws of supply and demand. It’s time to stop accepting the foolish superstitions that form much of our government and monetary policy. It’s time to start treating our national financial problems with the same scalpel with which we solve our own financial problems. When you don’t have the money to buy a luxury, you go without. And it’s time to start redefining a lot of our necessities, which are really luxuries. Otherwise, this recession could turn into a permanent slump in our otherwise vibrant economy.

Anyone Can Be A Millionaire.

John — Mon, 25 Apr 2011 17:05:23 +0000

It may be hard for you to recognize this, but you have all the skills at your disposal to become a millionaire. No matter what your background is, you really can succeed in the world of business. Furthermore, you don’t have to wait for some airy future in order to start moving forward. You can start working towards your first million this month. And you don’t even need a regular job in order to succeed. The Internet offers quite a few opportunities for you to bring your financial success sharply into focus. Instead of waiting for your life to become better magically, it’s time for you to take personal responsibility. Just last year, I was unemployed, and feeling pretty sorry for myself. But now, I have discovered how to work full-time on the Internet. Am I getting rich quick? Of course not. But I’m making enough to pay my bills, and save a little money too. That’s all that it takes. If you’re willing to save just a small percentage of your income, you can invest that money in your own life down the road. For example, you could invest that money in a college education. Once you get started, you’ll discover that there are myriad opportunities to succeed.