Profits continued

Another industry is the banking and financial services companies. They were and are very much at fault for the collapse of the economy. I worked in banking for twenty plus years and know how it works. Years ago banks made most of their money by making good loans to individuals and businesses. They kept the loans on their books so the decisions to lend were solid. They knew that making a profit meant doing your homework, before loans were made. Today they make their profits with fee income. They sell the loans on secondary markets and then service them. They charge a fee for the servicing of the loans. Profit. If the loans go bad the banks do not care beyond the fact that they lose their fee income. How closely do you think they look at the loans, before approving them? The other fees that banks get is on your checking and savings accounts. You overdraft your account and they charge you $35, drop below a certain limit in funds they charge a monthly service charge or use another banks ATM and they charge a fee. These are just a few of the fees that they can get you for. These items my cost the banks pennies, however they charge large sums for profit and greed. More to follow