Billy notes this in a post, pointing to someone who made terrible errors in judgment.
"Nothing that you think you know about capitalism is true: not one fucking word since what passes for "education" in this country began bending your minds at an early age.If you have one shred of sense left in your head, drop everything you are doing right now and read chapter sixteen of Ayn Rand's "Capitalism: The Unknown Ideal" in order to understand BOA and TARP and the implications.
If you don't, and you still think you know what you're talking about when you use the word, then you're deluded, and you're a goddamned menace."
I had a very early education in the hellish machinations of BoA. I swore I'd never use a large bank again. In Georgia, there weren't many options. Here in Texas there are quite a few. We happen to swear by Frost Bank.
As for the person who stayed with that bank after takeover? I can't say what their decisions were based upon but I would have instantly been shopping my business around to every small bank in the region so that I could pay those fuckers off and get them out of my life. If their business and credit was as sound as they say I can only assume a small bank would have been glad to take the small risk they presented.
We've been careful lately, taking on as little debt as we can. My own vehicle sits in the drive, DRT. Yep, I sure could use one that would fit two dogs - hell, even one dog - comfortably. But I'm not about to take on a car payment that I may not be able to afford later.
Financial decisions right now are critical. In very short order your 401k's will be looked at with avarice. Do not delay on making decisions about its use...finances are not what they once were. You are more a serf now than ever before - you just haven't been served with the papers yet.