Comments on Bank of America and "No SSN" required credit?

[Jim]

Corporations like this are the enemies of America. Our federal government allows/authorizes/encourages our dilution. We can't blame a Mexican for wanting a better life than the crap hole he currently has do live within. We can blame our leadership for not insisting that Mexico clean up its own act. But money trumps everything - including our national soverignty. The enemy lies within our own borders and its members can be found - sadly to say - amongst our corporate and governmental leadership. God help us as money is the god of those we have to answer to.

[HellYeahHokie]

Corporations like this are the enemies of America. Our federal government allows/authorizes/encourages our dilution. We can't blame a Mexican for wanting a better life than the crap hole he currently has do live within. We can blame our leadership for not insisting that Mexico clean up its own act. But money trumps everything - including our national soverignty. The enemy lies within our own borders and its members can be found - sadly to say - amongst our corporate and governmental leadership. God help us as money is the god of those we have to answer to.

Live by the market, die by the market. Why shouldn't these corporations do this? They only have to answer to their stockholders. That's the free market baby. Don't you dare try to change it Jim. You'll be labeled a traitorous liberal.

[Jim]

This isn't a Republican vs. Democrat/Left vs. Right/Conservative vs. Liberal battle of the netowrk stars. Not American Idol or Beauty and the Geek.

Both sides of the isle are in the same game. There is nobody in congress that is poor or who came up from a grunt job and was elected by "The People". So this don't change it or you'll be a liberal is as crazy a comment as saying one side wears a white hat and the other a black hat. Comon' HYH - you know as well as I that both sides are in full throttle trying to cash in. Liberals/democrats love money and the pursuit of the power it brings as well as any republican/conservative.

[freddie]

Yah, but one specialises in confiscating their money from productive elements.

[Martin]

I agree this development is unnerving in that it appears to give a route for nefarious characters to obtain financing without entering the "system". However, it does serve one useful purpose in that it encourages the money from the large illegal alien base earn to remain on this side of the border. I don't care what your politics are, it does not help the U.S. economy that Billions of dollars go underground or straight out of the country via Western Union etc.

IMHO the far larger danger to the U.S. economy is the corallary practice by some banks of giving home mortgages to illegals without SSNs. BofA's CC deal is seen as a precursor to following the lead of other banks in offering these loans. Other banks require only 2 years of Tax IDs to qualify for home mortgages!!!! When these likely bad mortgages who do you think will bail out the banks? As usual the U.S. tax payor will foot the bill for loans a bank knew were questionable when they issued them.

End Rant

[Jim]

Our interest rates go up and credit becomes that much harder to acquire. Money going accross the border irks me as well but not as much as the billions they rob from the taxpayer per their population explosion, the bilingual teachers, increased crime etc.

Another thing. The reason most Americans won't work the jobs they get is that the employer only offers a wage the illegals would regard as a vast improvement from their prior "condition". The American, on the other hand, is expected for pay for everything they get and that is after taxes to pay for the Mexican taking his labor job. American workers expect more pay as they are required to pay for the American engine. The Mexican illegals just suck it dry and will do it for less. Plus the employer, since he doesn't "officially" have employees (no SSN, but mostly daily cash wages) isn't paying SS on these guys as well plus other headaches an emplyer has running a business. His workers don't "exist". So the employer and the illegal win while the American worker can't afford to do this for the wage offered those that don't exist.

[HellYeahHokie]

If you criticize the free-market system in any way, you will be labled a liberal or a socialist. Tha's the way it goes.

What you are doing is criticizing the free market. These companies are in the businees of making large profits, particularly the credit card industry. The way they handled interest rates and completely screw people over is probably even worse for America than giving away cards to illegals. But they aren't breaking any laws, and they are just finding ways to make more money.

And its no secret that capitalism needs a class of low wage workers in order to thrive. Lower production costs and overhead result in greater profit. It is why many argue against minimum wage increases. With illegals, you get the best of both worlds. Low wages and low overhead (because they probably aren't getting health care or other benefits). This keeps costs down and profits up. (Please do not mistake this paragraph as my endorcement of hiring illegals.)

If people don't like these companies giving cards without SSNs, then they should stop doing business with them. But people won't stop doing business with them, and the companies will continue to find new ways to make more money. And this, Jim, is the free market. And don't pretend that someone from the left criticizing elements of the free market won't be labeled a socialist or liberal wacko.

[ZOOMBAG]

Live by the market, die by the market. Why shouldn't these corporations do this? They only have to answer to their stockholders. That's the free market baby. Don't you dare try to change it Jim. You'll be labeled a traitorous liberal.

Banks are running out of borrowers, plain and simple. This is an attempt to cast a net in a new direction. But I've got to wonder what kind of credit risk and illegal immigrant would be? Best be giving them cards with 36% interest....

[Hail to the Victors Valiant]

I heard about this no SSN lending program recently. BoA must take some collateral to secure their interest against or this idea is suicidal. On a similar note, I'm receiving a number of calls regarding people's inability to renew their driver's license privileges in New Jersey. The state motor vehicle commission no longer accepts foreign passports without an I-94 or I-551 stamp affixed therein indicating legal and documented entry into the U.S. I call this a barrier to entry and the illegals are hoping for amnesty more than ever. My suggestion to banks is to require the same. Also, I'm disappointed the FDIC would allow BoA to continue this program as they were established to protect the financial interests of you and me.