BANK BAILOUTS WILL COST US PLENTY

I just received an email from Representative Ed Royce of Orange County.

Listen to what he is telling me. There is a bill before congress that will bail out the banks to prevent them from going under. First the banks get to rake in the bucks on tons of loans and then they get to dump their bad loans on the American people? I don't think so.

Here is how Mr. Royce puts it (btw, he is voting against the bill):

The bill included a $300 billion plan which would allow banks to dump their least appealing loans onto the Federal Housing Administration. By taking on these mortgages, we are shifting that default risk, currently held by institutions and investors around the world, onto the backs of the American taxpayers. Perhaps less obvious than the $300 billion bailout, but in many respects more egregious, is an affordable housing fund which would funnel as much as $600 million every year to activist organizations with long histories of both voter fraud and anti-free market advocacy throughout the country.

300 Billion dollars? Who's got that? Not America. We loaned all our money to other countries. Whatever money we have left is used to keep the lights on in Iraq for our troops.

I understand that the economy would be devastated and we could have another depression if the big three banks went under. I wouldn't even mind helping them out in some capacity, but first they should start by cutting into the millions that the CEOs are getting. You know those salaries won't be touched.

Now as you guys know from my past blog I have pulled all my savings out of the bank. I have it in an off site secure location just until this stuff blows over. And all my money is going strait in my gas tank. I have no more to give. So if a bank gets to reap the rewards of profit they should also pay the penalty of bad business decisions.

Press "0" to be disconnected

I just got off the phone with Washington Mutual Bank. I spent 10 minutes trying to get a real person.

My debit card allows me to spend $7000 in one day.
YOU HAVE GOT TO BE KIDDING. Like I need to have a limit of $7000 a day. So I called WAMU to lower my limit.

I tried to use their automated phone system to change my limit, but then never offered what I needed, so I did the next best thing. I pressed "0".

The recording told me I made an incorrect entry. So I pressed "0" again. They continued to tell me I have made an incorrect entry. I then started pounding the 0 like it's a video game button. The recording finally says I am sorry you have made an incorrect entry. Please call back later. Then it disconnects me.

I was now livid. So I quickly learned to play the automated game. Then only way to reach someone is act like you are going to spend money. So I chose the "open a long term CD" option. Wow. You'll never guess what happens next. I got a voice immediately. Well I'll be darned.

I then proceed to rip this person a new one. I told her that I have three business accounts with WAMU and they had better put in an entry fur customers to speak with a representative or I am pulling everything from WAMU and going to another bank.

Now get ready for this. She apologizes and tells me that all I had to do to speak with a representative was to......................... wait for it ......... press 0#0# and I would have been sent directly to a representative.

HOLY CRAP. I ALMOST BUSTED A BLOOD VESSEL. FORGIVE ME GOD, BUT HOW IN THE HELL WAS I SUPPOSED TO KNOW THAT. IT WASN'T ONE OF THE OPTIONS.

I am getting all worked up AGAIN just writing this.

Anyway, for those of you who bank with WAMU, press 0#0# to get through to someone on the national 800#. IN FACT, I ADVISE YOU TO ALWAYS BYPASS THE AUTOMATED SYSTEM NO MATTER WHAT.

If your calling your local branch just press option #3.

your welcome.