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| | |-+  Advanta Bank File BK....do I need to say anymore		 « previous next »
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Author Topic: Advanta Bank File BK....do I need to say anymore  (Read 575 times)
bithead1
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« on: November 09, 2009, 08:26:06 PM »
Where are the party hats? Grin
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culinarius
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« Reply #1 on: November 09, 2009, 08:42:53 PM »
Yes, please say more so I can understand the significance of this.  Thank you.
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pamela
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« Reply #2 on: November 09, 2009, 08:45:28 PM »
http://www.bloomberg.com/apps/news?pid=20601087&sid=aGn6SxlHfgwE&pos=7


Quote
Nov. 9 (Bloomberg) -- Advanta Corp., the small-business credit-card issuer that cut off almost 1 million accounts as defaults soared, filed for bankruptcy and said its undercapitalized banking unit may be turned over to regulators.
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Notice what no one else notices, and you'll know what no one else knows.  ~The City of Ember~
dwheeler
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« Reply #3 on: November 09, 2009, 08:49:41 PM »
Thanks for the link Pamela. I was about to do the same thing. 

Who;d a thunk that a CC card company would go Bankrupt a few years ago when people were gassing
up the SUV on CC debt to be refied on the homestead.

The world is truly upside down.
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pamela
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« Reply #4 on: November 09, 2009, 08:51:56 PM »
Quote from: dwheeler on November 09, 2009, 08:49:41 PM
Thanks for the link Pamela. I was about to do the same thing. 

Who;d a thunk that a CC card company would go Bankrupt a few years ago when people were gassing
up the SUV on CC debt to be refied on the homestead.

The world is truly upside down.

yw.

everything does seem upside-down doesn't it?
It's like a car wreck, you just can't stop watching.
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Notice what no one else notices, and you'll know what no one else knows.  ~The City of Ember~
Jackson
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« Reply #5 on: November 09, 2009, 09:38:20 PM »
Dude, the credit cards extended to small businesses were cancelled months ago (June or July)...most saw that one coming...They were the largest issuer of small biz cc
« Last Edit: November 09, 2009, 09:39:58 PM by Jackson » Logged
Megadoom
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« Reply #6 on: November 09, 2009, 09:41:21 PM »
Quote from: Jackson on November 09, 2009, 09:38:20 PM
Dude, the credit cards extended to small businesses were cancelled months ago (June or July)...most saw that one coming...They were the largest issuer of small biz cc

Do you see China canceling our countries credit? Do you see that coming?

I do.
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Jackson
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« Reply #7 on: November 09, 2009, 09:45:46 PM »
Mega..I have a degree in finance...and I am poistive you as an EMT are much smarter than I...but I am flattered you thought I was smart enough to ask;)
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ArmaGoof
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« Reply #8 on: November 09, 2009, 09:53:25 PM »
Any institution that issues credit cards is between the proverbial rock and hard place.  The more who default, the higher they must raise rates resulting in more who will default.  Well deserved I might add - who in their right mind would loan out thousands of dollars, unsecured to anybody??  I sure wouldn't.  Stupid is as stupid does.  No sympathy here.  Can't wait to see the end of credit - worldwide.  What a happier planet this will be.
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Jackson
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« Reply #9 on: November 09, 2009, 09:54:50 PM »
Mega..if you haven't seen it already...http://tickerforum.org/cgi-ticker/akcs-www?post=117270
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joewp
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« Reply #10 on: November 09, 2009, 10:02:42 PM »
Quote from: ArmaGoof on November 09, 2009, 09:53:25 PM
Any institution that issues credit cards is between the proverbial rock and hard place.  The more who default, the higher they must raise rates resulting in more who will default.  Well deserved I might add - who in their right mind would loan out thousands of dollars, unsecured to anybody??  I sure wouldn't.  Stupid is as stupid does.  No sympathy here.  Can't wait to see the end of credit - worldwide.  What a happier planet this will be.

It's the exponential growth of credit in a debt-money system hitting the finite (and declining) wall of the debtor's ability to pay back the principal plus the interest, when only the principal is ever created and the money to pay the interest never is. The mother of all Ponzi schemes!
« Last Edit: November 09, 2009, 10:08:51 PM by joewp » Logged
"Only when the last tree is cut; only when the last river is polluted; only when the last fish is caught; only then will they realize that you cannot eat money." - Cree Indian Proverb
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« Reply #11 on: November 10, 2009, 08:39:21 AM »
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The world is truly upside down.

Nope, it is just turning back the right way.
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