| Howard's Views |
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Why you're always in debt: The extortion racket of the 30s has returned. YOU'RE the victim! The Loan Sharks and Protection Rackets are back, only they've taken over the banking industry. They have fancy well-known names but the purpose is still Extortion. They're cleverly disguised, but the results are the same. |
| by Howard E. Morseburg |
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When I began to think of the changes suddenly imposed upon us, the business owners, by the Credit Card Cartel, without our foreknowledge or our consent, I drew a diagram, like the above, in the early nineties. In 1992 they began encroaching on my business even more than they had in the past, eroding my independence, and little by little they were taking control of more and more of my profits. They already were in virtual control of my sales, because, if there were any challenges or complaints, they made all the final decisions on refunds and cancellations. If the sale was made by credit card and there was a complaint, justified or not, someone sitting in the bank's office had the power to adjust it or change the terms of the sale! That someone might be a young girl with no experience in business, one who had no knowledge of the transaction. That person could be biased and unsympathetic to business. As long as a sale was put on a Credit Card, these unknown Arbiters, too often mental midgets who now assumed an underserved position in the business world, were literally in charge of those sales for every retail business across the country! The powerful banks that issued the cards had their tentacles in the wholesale end of many businesses and who could withstand this onslaught? Once they were in a dominant postion with their Credit Cards, they moved right ahead to suck more blood of the small Retailers. When you begin stripping their hard-earned profits through subversive schemes, you hurt those businesses. To me, they appear to be schemers at heart, not legitimate Bankers, because nothing is ever enough for them. If 10% of were sales are on credit cards, they wanted it to be 15%. When they hit 15%, they wanted it to be 20%. And, we owe this to a very simple form of bribery! Great balls of fire, if business owners can't see the gist of this scheme, then they don't understand simple arithmetic, percentages or business ethics. | |
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When you examine this clever system, you'll see that even the U.S. Government isn't nearly as efficient in collecting taxes as these companies are in extracting their percentages from almost every dollar spent in the nation's businesses today. Not only that, but they collect it first, right off the top, regardless of Sales Taxes or Tax Liens, etc.! Eventually, as they spread into other countries, perhaps there they will find laws that will put the brakes on their sleazy endeavors. However, at the present time, they:
Collect their money up front from the
business owners.
Make the decisions as to refunds in
disputes, not the merchants.
Without warning, they deduct any
charge-backs from the business owners' accounts, even if there are
checks written against the balance.
If it overdraws your account, YOU pay the
returned check or overdraft charges, and it goes as a mark against
your credit. (Chapter
III) | |
| To the right are envelopes showing |
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