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10 September 2009
The American debtors' revolt
Does this video mark the start of a debtors' revolt in the USA? The young woman who made it obviously hopes so and is asking all and sundry to pass it around. This blog does not get many American readers, madam, but we are pleased to do what we can:

The video maker tells us that she was quite happy to service her credit card until the interest rate was jacked up to a whopping thirty percent, and as she points out, the neighbourhood loan sharks offer better deals than that.

What she wants Americans to do is join her in giving the American version of the old two fingered salute to these wretched spivs who run the banks, and if enough people join her campaign then they can force them to lower their rates. Either that or they will bring the system crashing down.

We await the outcome with interest. In the meantime, please post the video up wherever you can and let's get this rather sexy lady's message out.

Cheers: Martin Meenagh.



Generally speaking, a credit card company will only impose the maximum "penalty" interest rate (typically 30%) if the debtor has failed to make, more than once, the minimum payment on time.

This lady has been irresponsible and has made stupid decisions regarding her finances. Instead of whining, she could just transfer her balance to new cards with a lower interest rate. Any number of people do this all the time. I expect she hasn't done so because her credit rating is piss-poor due to previous irresponsibility and carelessness with her finances.

Stupidity and irresponsibility are eternal human failings that will always be found amongst some members of society, even if you do "bring the system crashing down" or whatever the fantasy you entertain. If you really want to help this woman, try sending her a fiver.

10 September 2009 at 17:44  

She hasn't been irresponsible, though. According to this link


She is a Christian mom who considers herself a 'conservative liberal', by which I assume she means a centrist. That isn't proven. Her point is one made a lot--that the banks are raising interest rates and deliberately precipitating people across penalty thresholds and ruining credit to make up for their mistakes, at the same time as taking lots of taxpayer money. This sort of thing is old as sin. New Jersey, before it was a state, was always having taxpayer revolts like this.

I'd worry for her because I wonder if most people wouldn't just do what they are doing in places like Corby, in England, at the minute, and stand by whilst she gets into trouble, watching. I also think that she is either very brave or very foolhardy, or both. But a part of me admires her for just doing what we would all like to do, which is stand up to the bloodsuckers.

As for transferring her cards--have you been near a bank lately? US and UK consumer credit has collapsed these past months, and debt servicing outweighs income both for the government and for individuals. Any improvement in lending figures can be seen to be mostly banks lending to subsidiaries. It is not 1996 anymore. Ann, if that is her name, may well be as blameless as she says she is--and she's still stuffed. That's a terrible thing.

Exile, thank you for the mention. I know that you'd have come across the video at some point, since it seems on the edge of going viral if it's not there already.

10 September 2009 at 23:56  

Her point is one made a lot--that the banks are raising interest rates and deliberately precipitating people across penalty thresholds and ruining credit to make up for their mistakes

Bullshit. You'll find that you sign a credit agreement with a card company, and rates cannot be increased under that agreement unless certain conditions are met, specifically that the card holder fails to abide by the agreement to make minimum payments on time every month. Nothing that has "happened" to this woman has anything at all to do with the credit crunch, or Exile's juvenile fantasies about overthrowing capitalism.

11 September 2009 at 15:25  

How do you know?

12 September 2009 at 00:07  

I should say, I don't 'know', either, but I took her word as representative.

12 September 2009 at 12:15  

check out citi group call center ...a video in response to this one ...same page......

12 September 2009 at 17:33  


12 September 2009 at 18:07  

I've found six responses; two satirical ones, one 'tinfoil hat lady', one 'kill the bank of america', and one other. I've also found a rather endearing video-note from Ann herself, talking about how she is in debt, but feels that the Bank of America's policies are really wrong.

It's amateurish and a bit daft, and seems very sincere. Just like real people. Her prescriptions for a local community bank, real people, running down credit cards--even endorsing American express, paid off every month--seem, frankly, sane. People instinctively know why loan sharks and price-gougers are bad, but seem sometimes not to understand that, as of the crash, many big banks are in the same business.

I worry, insofar as I think about her, about this woman. She may well be on the edge, and what she is doing is a little crazy. Whether it's crazy in a Sam Adams way, or one that is dangerous to herself is a different matter. Try and think about her dispassionately. She's now promising to 'do something tomorrow' and God knows what that will entail....

12 September 2009 at 18:19  

By the way--a Samuel Adams quote for you (that communist); 'Is it evil to be rich? Yes--when it is the taxpayers' money!'

12 September 2009 at 18:51  

I have just uploaded the new video, Martin, and will be back tomorrow, Sunday, if there are any new developments.

12 September 2009 at 21:33  

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