HSBC wanted to buy a predatory lender. The purchased Household International in 2002 to satisfy their desire. Now those customers are at risk as HSBC predicts a recession for the United States. Already beaten down and strangled by HSBC’s oppressive terms and conditions these very same customers were hit harder by rising gasoline prices. In a series of exclusive presentations for HSBC’s corporate customers in Dubai, David Bloom, Global Head, Market Strategy – HSBC Global Markets, based at Group headquarters in London, warned that there is growing risk of an outright recession in the US economy.
“Economic growth in the early years of this decade appears to have been built on the most fragile of foundations. Loose monetary and fiscal policies led to unwarranted gains in the housing market which are now beginning to reverse. The US is now facing an economic adjustment, with feast followed by famine. We are cutting our 2007 US growth forecast to just 1.9% and issuing a “recession risk” warning. Mr. Bloom said: “Following the 2000-01 stock market crash, the US economy staged a miraculous recovery. That miracle is now ending. The US has become a “push-me, pull-you” economy: companies may be profitable but households, who have been the key drivers of growth, are in trouble.
HSBC USA couldn’t care less. With tougher bankruptcy laws and binding arbitration clauses in their credit card contracts HSBC locked down an ugly future for Americans doing business with them. If that isn’t enough HSBC will simply process payments one day after the due date to make more money on illegal fees - a tactic used by Household International and HSBC since 1994. Will the U.S. government and regulators step in to stop this fraud? Will states attorney’s general sue them like they sued Household International in the past? Only time will tell.
One fact glares at those with intelligent minds. First came tougher bankruptcy laws. After that we saw higher bank fees for NSF charges, followed by tougher restrictions on credit card users. After that we saw higher fuel prices. It is safe to say credit card issuers (banks) and the oil industry protected themselves quite nicely while Americans are strangled by oppressive lenders like HSBC Finance Corporation.
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NSF fees are on the rise you say ??
Here’s a thought, about you make sure there is money in your account before making a check !! This will actually cust you 0$ in NSF fee !!!
Or, you may just go on bitching and whinning …
Suit yourselves.
Remember though, if you were paying your bills, not making nsf, nor getting into more debts then you can afford to pay back, then you would NOT NEED TO BORROW with finance companies like HSBC or CITIFINANCE.
Or, just go on bitching about finance companies and calling them predator…
WAKE UP LOOSERS