Stock Market Psychiatry

I have an idea for what to do with some of the money from the bailout plan that's supposed to help fix the financial mess we're in. Congress should enact a law that provides money for mental health professionals to provide care for the folks on Wall Street.

I mean, every time I read something online or in the paper about the stock markets, I always see words associated with feelings. For example, today's paper had an article, "Post Election Slide" (Long Island Newsday, Combined News Services, 11/6/08) about yet another stock market tumble the day after the election. Words like, "jitters", "worries", "concerns", "nervous", and "loss of confidence" permeated the piece as they seem to do in every article about bad days on Wall Street. Good days reflect the "confidence" and "optimism" in the folks who buy and sell stocks and such.

I like to think of myself as a smart guy. I always did well in school, but Economics was never my forte. All of that supply and demand and stuff just confused the heck out of me! In my simple world, I know that as the stock market goes, so too does the rest of the economy. "Bad-feeling" days affect how much I'm paying for gas at the station and for cheese at Waldbaum's. Face it; we're at the mercy of people's emotions. People buy and sell because they're "jittery" or "nervous". They obviously need help, and we've got to get it for them.




That's why Congress needs to act now. Even with all the goodwill that's emanated from the election, these stock market speculators are still "worried." They obviously haven't shared in all the optimism that has come out of the events of the 4th. I think it would be a wise investment to provide them with the help they need. After all, $ 700 billion is a lot of money. When compared to what it's cost to bail out the banks, this venture would be miniscule in comparison.

And who knows? It just might do some good to get these people in touch with their feelings. Why do their feelings seem so manic? If these mental health professionals can break through with even some speculators, their rosier outlook might give them more confidence, causing the financial markets to go up, and everything would be alright.

So contact your local Congressman (or woman)...okay, Congressperson, today! Tell them how you feel. It's silly to even think that our pocketbooks are at the mercy of all such fluctuating "feelings". These people need help to reconcile their feelings, and get happy. Maybe then things'll get a little easier around here.

Capitalism Sucks II

Okay, Bank of America is off the shit list. For now! After a second email (along with a threat to close out my account), they refunded my $39 late fee. And I'm not sure about the rate, though. We'll see. They said that this was a one-time 'courtesy' on their part. Don't worry. I learned my lesson. If you make the due date on a weekend, pay it by Friday.

Capitalism Sucks!

Growing up and going to school in these United States I was always taught that a capitalistic "Free Market" Society was the best way to go. The economic ideals of socialism and even communism were always regarded as 'bad' or 'evil'.

Now I'm no economist (far from it), but the way I see it capitalism sucks! At least today's incarnation of it. It seems to me that corporations get bigger and bigger and it is they, not 'the people' who rule the roost. Now I've had my run-ins with various corporations over the years, and I even worked for Citigroup, one of the largest financial institutions in the world, and as time goes on I'm beginning to realize that you cannot fight a corporation anymore. Even when you feel like you're in the right.

I'm currently having a problem I'd like to share here. I've had a credit card with another huge financial conglomerate, Bank of America, and l pay it as I pay most of my bills, through online banking. With Bank of America, I go directly to their website and process the payment there.

It just so happens that last month's bill was due on February 11th, a Sunday. I logged in on Saturday the 10th and paid my bill as I always do. Lo and behold I get a message, "Payment must be on a business day." I was forced to put the 12th (Monday) as the payment date.

No, mind you, the payment amount that was due was a whopping $17. I just got my new statement and BAM, a $39 late fee and loss of my 'promotional interest rate.' I immediately sent a message to customer service and guess what? I was basically told that "A late fee is assessed to an account any time the minimum scheduled payment does not post to the credit card account by the due date." No shit! Then I was given a laundry list of ways to make my payment like I'm some sort of idiot or something.

Like I said, I worked for Citibank for over 13 years. I know that making refunds, no matter how valid or invalid the charges were was "giving money away." I ended up leaving this career largely because of this type of attitude towards customers and fees. Bank of America is the same. By refunding my $39 and returning my rate to the original promotional rate, they're just giving money away. After all, it's not their fault they made the payment due on a Sunday, encouraged me all along to use their online banking, and then wouldn't accept my payment the day before it was due. Fuck them!

Am I wrong?