So I went to my bank today, people were getting loans I got a new credit card.....

[Historic NY]

folks they're shitting on you and telling you it roses. My bank is Chase and they love to give you money in fact they saved me $24 bucks a month for something I don't need or want.

[BrklynLiberal]

1. Are you sure? Were you maybe hypnotized? The media is telling us that the end is near.

I am about to purchase a cup for the pencils I am going to have to sell in the street tomorrow.
:sarcasm:

[Historic NY]

6. Hey I got a ton of them at the consumer/business fair last week..

trade show. Pens & those little flashlights for key chains.chase has an advantage card which give you dicounts for many business's unfortunately I don't use engough of them to make out. The bank guy and I laughed because we both bought sneakers on Amazon and I got a better deal. Credit is out there just like the old days its put up or shut up, pay to play. I guess many people think the cheap unsecured credit days were great, have nothing get money....its over like it should never have happened. I also have a revolving line of credit with my Credit Union which hasn't sent me anything but new offers.

[BrklynLiberal]

14. The media is hyping this and creatng fear in everyone..

[Petrushka]

22. Pencils? Where's your business sense? Windfall apples (and pears) wait to be picked up in

my driveway. Git 'em while they last. Credit terms negotiable.

"Apples! Apples! Git your windfall apples right here now. Pay for 'em later."

(Pencils?)

Who needs pencils? Git with the program: "Apples! Apples! Windfall apples here!"

(Pencils?)

"Apples! Apples!"

(Who knew white-tailed deer know how people gotta eat before they need t' write . . . sneaky wildlife bastards, robbin' me blind!)

"Pencils! Pencils!"
----------------------------

Edited to add: Switched part of my money to Chase last week (just to make sure it's all covered by FDIC) and, when they offered the credit card, I said, "Sure." (They knew I paid off my credit card bills in full each month.) A day later--WOWZERS--they acquired WaMu! Did I do THAT?! LOL
----------------------------
"Apples! Apples! Anyone?"

[boppers]

2. I'm getting *unsolicited* credit and loan offers like mad.

Consumer-level credit is just fine for those of us making under 50K a year.

[Demobrat]

3. I'm still getting 2-3 credit card offers per week.

Good offers, too. Got one just today. If you have good credit you can still borrow all you want.

[ronnykmarshall]

4. My bank ... who I work for ...

Is Stable Mable.

There is so much scary bullshit going on here .... by HERE I mean DU.

[BlueIdaho]

5. Tell me

How is you business revolving line of credit these days?

[progressivebydesign]

8. Mine is just fine. Just got a mortgage a few weeks ago, and my credit limits keep being raised.

I haven't seen any personal effects of this situation at all.

[1corona4u]

10. I'd believe that, if your FICO was 750+....

[Virginia Dare]

31. Just because you don't have cancer doesn't mean it isn't a terrible disease..n/t

[BlueIdaho]

37. I'm not talking about your personal finances...

I'm talking about business revolving lines of credits...

[valerief]

7. No, no, teevee says it's Apocalypse Now! Teevee never lies.

:sarcasm:

[1corona4u]

9. Chase isn't in trouble...they just bought WaMu....doh.

[anigbrowl]

11. Credit crunch is not primarily about consumer credit

It's about the market for commercial paper and government notes (which includes state government). Which is why Massachusetts was unable to sell $400 million o GO debt in their last auction.

[boppers]

12. Massachusetts is a bad credit risk.

Of course they can't get credit, bad credit risks are the ones getting turned down.

"They" were used to getting credit, in spite of the risks... and now they're suffering.

Entities with good credit, with less risk, are sailing along just fine.

[boppers]

13. Oh, and here's why:

Massachusetts has a ballot measure to *eliminate* their income taxes.

That's right, the state is trying to get credit when it's quite public that their revenue is about to drop. Massively.

If somebody came to you for a loan to support their lifestyle, right before they were about to possibly lose 45% of their income, what would you say to them?

http://www.nytimes.com/2008/09/28/us/28ballot.html?_r=1&oref=slogin

[BrklynLiberal]

15. Good find.

[anigbrowl]

16. So why is California having the same problem?

The chance of that ballot amendment actually passing in MA is pretty low.
http://ballotpedia.org/wiki/index.php?title=Massachusetts_State_Income_Tax_Repeal_(2008)

SAN FRANCISCO, Oct 1 (Reuters) - California's planned sale of revenue anticipation notes to fund its short-term cash needs is at risk from the uncertainty gripping financial markets and the lack of a response to it by the U.S. government, California State Treasurer Bill Lockyer said on Wednesday.
"For 10 days, state and local governments have been closed out of credit markets -- long-term and short-term -- in spite of the fact that they represent no default risk and provide a good tax-free return to investors," said Lockyer, who manages the bonds of the biggest issuer of public debt in the nation.

http://www.guardian.co.uk/business/feedarticle/7842450

[boppers]

18. "they represent no default risk"? False.

Oh, and in case you missed it, there's open budget-warfare in CA right now... they aren't getting rid of taxes, just sky-rocketing spending.

http://www.mercurynews.com/opinion/ci_10610014

[anigbrowl]

19. That's why they're so late in getting funds

I live in California and know all about the budget impasse; I am quite disgusted with both our state parties. You don't seem to get that this is an across-the-board problem.

[boppers]

20. Spending vs. Income is an across the board problem.

For a long time, credit/loans was a solution.

Unfortunately, it turns out to be a "solution" that needed changing, or "bailing out", and thus, the wrong solution.

:evilgrin:

[midnight armadillo]

23. That ballot measure isn't going to pass

Us Massholes aren't stupid - removing the income tax would remove 40% of the state's money and we all know that it would be immediately made up with large sales and property taxes.

The income tax question loses by at least 2-1 every time it's on the ballot. And I swear it's on every 4 years.

[boppers]

25. Why does it keep showing up?

Is there some group abusing ballot measure laws?

(Does the state have laws to prevent abuse?)

[Mojorabbit]

39. I thought I read here yesterday

that Atlanta was in the same pickle.

[truthisfreedom]

17. I got my credit line doubled on one of my cards, and they converted it into a no-limit card

like an AmEx even though it's a Visa. Weird!

Plus I started getting new card offers I've never seen before.

[1corona4u]

21. Do you think your employer will be able to get a loan?

That's really the question. Better update your resume.

[boppers]

24. My employer will, under some conditions.

I work for a company that regularly (every few days) has to float new debt lines between, oh, 3-200K, for up to 90 days.

Because we pay, and are a good, known, risk, banks are hungry to carry our debt, and collect our interest.

The employers who *aren't* good risks, well, they'll have to pay the piper, where, before, they could just skate their bad debt in along with the good, and pay low rates.

The financial industry, for some reason, doesn't want to assume those risks at low rates anymore, so business models built around leveraging risky investments face new.... challenges, if they cannot afford higher rates. :)

[TornadoTN]

32. That's true but there's also good companies with little risk being squeezed

I am in the Energy and Environmental sector and we have already had several solid corporate customers come back to us begging for a renegotiation of contracts. Their banks and financing options are tightening their lines of credit for capital expenditures and outlays in the medium to long-term. This in a market that is seeing wild, exponential growth (energy) and little chance for risk.

Luckily, we have been able to work through them and come up with favorable terms for us both but there's something ominous about this happening now and with EXCELLENT customers (we're talking multi-million dollar corporations) being squeezed in a low-risk sector.

[PVnRT]

26. "It was ten degrees colder than average; more proof that there's no global warming!"

[renie408]

29. Yep...climate is cyclical. There is no crises....

Thanks. This has been my example, also.

[blondeatlast]

35. ...

:thumbsup:

[msallied]

36. Exactly. I made this point the other night. These people sound just like global warming hoaxers.

[Marrah_G]

27. You are mistaking credit cards and personal loans for the credit issue at stake right now

They are very different forms of credit.

[bunnies]

28. Must be nice to have great credit!

My card was just revoked. Oh well. Must be my imagination.

[Virginia Dare]

30. Chase is one of the four stable financial institutions in this country..

they're not shitting us, there is a FINANCIAL crisis. You may not think it effects you, and you may not have felt or seen any effects, but it exists. To the extent that it's a crisis for all of us, is perhaps debatable, but I tend to think eventually we'll all feel it..

[Curtland1015]

33. My wife works at a bank.

A relatively small one in the New York/New England area. While their stocks are actually doing better (a trend I am told is happening in a lot of places as the large banks tumble), the management there is worried that another couple of bad weeks in the stock market would sink them.

Why? Because plummeting markets scare people shitless. They start yanking their money out of the bank in droves. Banks don't REALLY have all that much money in them at one time. People hear the bank is out of money and the panic grows.

The day AFTER the market dropped, two different customers withdrew $10,000 out of the bank because they were scared. One of them wanted to take out $20,000... but couldn't because of the limit. People are scared and confidence is down.

There is a problem and it would have been MUCH worse if they didn't pass some sort of bill fast.

[QueenOfCalifornia]

34. If you think this is a hoax

and being made up by the media...

I feel sorry for you.

[and-justice-for-all]

38. So they tell us some bullshit aka a lie..

in order to get 700Billion of our money with added sweeteners?! is that what I am hearing???

Is this another false flag event?

[chicagoexpat]

40. Wow, all them state treasurers & cities who can't get loans must all be LYING! U should sign up to

help'em, u know more than all them experts put together!

Spent them McCain bucks yet, freeper?

http://journals.democraticunderground.com/chicagoexpat/20

[RunningFromCongress]

41. Funny, we've had a hard time securing an additional $50MM in capital

something we had multiple institutions in competition over last time we raised capital 8 mos ago. The credit crisis is real. It's not going to effect the small credit cards or loans under $20,000 right now. It's effecting small businesses like mine. If we're unable to increase our credit we'll have no reason to keep our sales & marketing staff employed b/c we won't be able to do new business. That's how this effects main st.