The informations about Wachovia Bank Foreclosure

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Q. I belive that the banks are conspiring to raise rates; but for the purpose of fattening the profit margin on loans (esp charge cards). , once again, you're assuming there's only one bank. How can a thousand banks individually conspire to raise credit card interest rates? If everyone raises credit card rates 5%, all it takes is one bank to "cheat" and only raise rates 4% and it will steal away a lot of business -- before you know it, no one's raised rates at all. Why are bankers different than wheat growers in this regard? They're subject to the same market pressures

A. It doesn't take thousands; it only takes about 12 (the members of the FED) they don't manipulate the rates DIRECTLY - they manipulate THE MONEY SUPPLY. This has the effect of raising/lowering the rates FOR EVERYBODY. Some banks (Wachovia - sp?) do have lower rates than the big boys; but their rates still fluctuate when the FED moves some of the underlying rates.

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