Real American Independence Means Freedom from Debt, Spending

Minyanville Staff  Jul 02, 2009 3:55 pm

Real American Independence Means Freedom from Debt, Spending
 
Real fiscal responsibility is the final frontier.
 

 
Starve the Beast

The 20 biggest banks in the country control $3.5 trillion of our $7.1 trillion total deposits. There are 8,400 banks in the country -- but only 20 control 50% of the deposits. The list below reads like a who’s-who of the worst-run banks in history -- the ones that took the greatest risks and lost the most money.


Click to enlarge.


The total credit-card debt outstanding in the US at the end of 2008 was $960 billion. The top 15 credit-card issuers hold $793 billion of this debt, or 83%. They also hold a major portion of auto loans, home-equity loans, and personal loans.

Do any of these names ring a bell? The top 15 issuers of general-purpose credit cards for 2008, based on outstandings:

1.   Chase (JPM) -- $183.32 billion
2.   Bank of America (BAC)  -- $166.32 billion
3.   Citicorp (C) -- $106.74 billion
4.   American Express  -- $88.02 billion
5.   Capital One  -- $60.08 billion
6.   Discover (DFS) -- $49.69 billion
7.   Wells Fargo (WFC) -- $36.36 billion
8.   HSBC (HSBC) -- $29.97 billion
9.   US Bank (USB) -- $18.53 billion
10. USAA -- $17.48 billion
11. Barclays (BCS) -- $11 billion
12. Target (TGT) - $8.65 billion
13. GE Money (GE) - $7.51 billion
14. Advanta (ADVNB) - $5.02 billion
15. First National (FNSC) - $4.93 billion
32 of 36 (89%) found this helpful
Rate this article:  (36 Votes)
Comments (5) See All Comments »
07-02-2009, 4:12 pm
Excellent article with excellent advice. Until we can throw the wasteful bums out of Washington and until the wasteful companies concede and implode we must do all we can to cut off the very lifeblood that sustains them- our money.
Read More
07-02-2009, 5:10 pm
Great article. Unfortunately the US is hurtling down the debt road and is relying on the country's credit card to maintain the illusion of wealth and prosperity. Sooner or later there will be a debt and/or currency crisis which will force som
Read More
07-02-2009, 7:04 pm
I too believe in punishing the culprits--ie the large banks and government--that are largely responsible for creating the problem and profiting from taxpayer largesse.

I have and will continue to take these steps, two of which you mentio
Read More
07-02-2009, 11:10 pm
The rich get richer and the poor get poorer because the poor give the rich all of their money. The government gets worse because the rich give the government everyone's money, and the government spends it all at the establishments of the rich,
Read More
07-03-2009, 12:15 pm
The REAL problem is that the average American is completely clueless as to what "their" government is supposed to do FOR them (or TO others). Right now, the government is functioning perfectly - ABSOLUTELY PERFECTLY - at directing tax
Read More
discuss this article and more on the mv exchange
No positions in stocks mentioned.

Get real-time options trading ideas from Steve Smith, veteran options trader and newsletter author, plus let him show you the way to cut risk and boost your returns through the strategic use of options.  Click here for a free 14 day trial to OptionSmith by Steve Smith.



The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2009 Minyanville Media, Inc. All Rights Reserved.

Ticker Talk
Popular Tickers:
SPX »AMZN »F »
Select
  •  
Talk Now
Share this Talk on your site:
Send us your feedback

Our Professors

rss article alert