Monday, February 9, 2009

Monday, February 9, 2009
Full Moon
Saturn Retrograde
Sunny and cool

First of all, I’d like to thank MItchel, who left a comment from what looks like a Wells Fargo-related origin, for providing information regarding the ad that so angered me in yesterday’s NY Times. I appreciate getting additional information, and, if more institutions would issue statements and answers when asked how TARP money is spent, perhaps the people of this country wouldn’t be so enraged.

On the positive side: thanks for providing information, good for WF to show its employees they are valued, and thanks for stating that the loan is at 5% for a 4th quarter loss, and that the first payment has already been made. All of that is very helpful. I appreciate the time as much as the information.

More questions: Was the 4th quarter loss that caused WF to seek a loan caused by bad mortgages that were okayed by those brokers who were then taken on the junket? Or have customers gone into delinquency because WF has fluctuating rates and refuses to even discuss making payment arrangements that are possible for people who lost their jobs or hit medical crisis or whatever until they’re so far into the hole that there’s no hope like a couple of other banks I can name? It’s great that the government gives the bank a 5% loan — terms on which it can already make payments. How is that being passed on to customers? Are mortgages being re-negotiated? Are credit card rates lowered? Are basic bank fees recalibrated? And what is the source for the information you provided in your comment?

That is something that would have a direct, positive impact on individuals and the economy overall, and that’s what PEOPLE want and need, even though Paulson betrayed the people by not putting such provisions into the original terms. But that doesn’t mean that banks can’t do it anyway. If people are given terms within which they can continue making payments during these difficult economic times, not only do the banks continue to have money coming in (even if it’s a lower amount), but it’s steady AND they build consumer loyalty. Loyalty’s got to be a two-way street. I stick with companies who treat me well, in any form of business, even if someone comes along dangling a carrot that sounds better. Because often, it’s not. Then, as the economy gets better, people go back to work and have more money coming back in, they can work back towards the original agreement, should it benefit both sides, or, in any case, at least get the debt paid off entirely. And then, with open lines of credit, they can put more money back into the economy.

I understand, with the economy sliding towards ruin, that it makes sense to request a loan after a single quarter loss in order to stave off something worse in the coming months. Take action before it becomes a life-or-death situation.

Honestly, WF was one of the banks towards whom I had no anger until that NYT full page ad came out. I was a customer for only one year in what seems like a lifetime ago when I was on the West Coast, and they were one of the better banks with whom I’ve dealt. But not only did the way the ad was worded raise the questions I mentioned in yesterday’s post, but the fact that they spent tens of thousands of dollars of tax payer money on the ad irked me. I know when a theatre takes out a full page ad, it’s in the $80,000 range. There are more cost-efficient ways to get the message out.

In any case, I thank MItchel for taking the time to respond. I appreciate it. Like many regular working people in this country who are trying to survive this crisis, my bank kicks me in the teeth instead of providing me with customer service, which means I am leery of banks.

Back to the rest of my life now:

I worked on site yesterday, which was good. Didn’t get much writing done, but that’s okay, because I had other work that needed to get done. Dashed home for about 20 minutes to pick up something and check on the cats.

The cover artist for OLD-FASHIONED DETECTIVE WORK contacted me and is excited about working on the cover. Her ideas sound great. I sent her some additional information, and can’t wait to see what she comes up with.

I read a fascinating, complex book over the weekend called HELL AND EARTH by Elizabeth Bear. It’s actually the second of a two-part story, and, although it does stand alone, I wish I’d read the first part first. It deals with Shakespeare, Marlowe, Queen Elizabeth, politics, and faerie. Really quite fascinating, although the constant machinations and switching loyalties are sometimes difficult to follow and gave me a headache at times. But the writing is quite beautiful.

Up early, some work this morning. I have to dash home and take care of some business for a couple of hours, then back to site for the rest of the day and hopefully some more writing at night.

Billy’s story is starting to flicker again.

Tonight’s a full moon, and I’ve posted a full moon meditation for peace on the Cerridwen site here.

Hope this week is great for all of us!

Devon

Published in: on February 9, 2009 at 7:47 am  Comments (5)  
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