Wednesday, April 8, 2009

MORE SHOES TO DROP

Your Commander is certainly not a prophet, but he does read our economic tea leaves extensively.

Our attention is currently being diverted and consumed during this economic calamity. However, shortly we will be confronted by massive shortfalls in the payment of out of control credit card balances. Already the news and talk-show circuit is being drawn to sudden increases in bank credit card charges. With little notice individuals who have been paying their bills properly are receiving notices that effective immediately their interest rate has been arbitrarily increased or their annual fee has been raised. The banks claim that the rate is negotiable, but their excuse is that default rates are growing dramatically, so they must cover their growing expenses.

Why is our Treasury Department not addressing the problem now? I suspect they know exactly how serious this issue has become, but it is another example of Rahm Emanuel’s “Let no crisis go unused”. Where will the money come from to bail out the credit card institutions? There must be a point where we can no longer keep printing money to address our financial shortcomings.

Please pay close attention to your credit card bills, and read the details carefully. Make sure to keep your balances current or you will suddenly pay a long lasting interest rate penalty.

What can come next? Well I will tell you that I expect to see our democracy directly attacked in some form, such as the dramatic 9/11 disaster. Hopefully our new administration is keeping its eyes and ears on threat analysis of our homeland defenses. With all my heart and soul, I hope I am totally wrong.

COMMANDER GRANGER

1 comment:

Ensign EP said...

I agree about the credit card problems. Everyone should take a careful look at their statements. I think they'll be surprised to see how little of their payments are actually being applied to their balances. Penalizing good-standing customers is so wrong!