Tuesday, January 23, 2007

Why are we still lining their pockets?

Bank of America profit up 47 pct
By Jonathan Stempel

NEW YORK (Reuters) - Bank of America Corp. (BAC.N: Quote, Profile , Research) said on Tuesday that fourth-quarter profit rose 47 percent as growth in credit card fees and investment banking offset weakened credit quality.

Results disappointed some investors, as expenses rose from the third quarter while revenue fell, and equity investment gains that might not be repeated more than doubled.

The bank also said investors could expect less robust growth in 2007 as interest-rate pressures persist and loan losses rise by 20 percent or more. Its stock fell as much as 1.4 percent. Net income increased to $5.26 billion, or $1.16 per share, from $3.57 billion, or 88 cents, a year earlier.

Excluding items, profit was $1.19 per share, 1 cent more than the average analyst expectation, according to Reuters Estimates. Revenue rose 34 percent to $18.47 billion, topping the average estimate of $18.16 billion...

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Net Income is the profit after all expenses, which was a "disappointing" $5.26 Billion-with-a-B. That 20% or more projected loss from "loan losses" in 2007 is orwellian-speak for "people who have been gouged so much they can't pay anymore." People are bent under their load of usury to the point where they can no longer bear the load.

It's time to cut the money-spigot off for the robber barons running these corporations. Cut up your visa, mastercard, discover, and american express cards immediately. There is no reason to pay usury to these greedy parasites. These corporations knowingly prey on those who are least able to pay interest, and at the same time give buddy-buddy deals to their wealthy friends - this is class warfare at its ugliest reality - taking from the poor to give to the rich.

Why are we participating in our own fleecing, class? Why are we paying them to screw us? When will we learn - there is no free lunch, free furniture, free clothes, free whatever. If you don't have the cash to buy something, then don't buy it! Buy used! Make do with something else! Use your resources - not theirs. The price for playing their soak-the-people game is far too high.

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