Subprime Shuffle
To The Editor:

If anyone believes the banks will take their losses from the subprime fiasco graciously, they are in for a rude awakening. Bank of America has announced that it will increase interest rates charged on its credit cards to improve, or return to profitability. The Plan by Bank of America will be adopted by most banks.

What the banks hope to achieve is to write off losses at the expense of consumers. The banks have designated consumers their insurance providers. The banks expect the public to be victims for their own reckless behavior.

Strangely, no politician has spoken out. Perhaps it is their dependence upon monetary contributions or their wish that the voters wouldn't notice. Hopefully, one or more will oppose the raping of the American taxpayers. Assuredly, citizens will react violently to the idea that they are responsible for the losses sustained by avarice- greedy bankers who went hog-wild reaping in profits while abandoning consideration of the risks they were taking.

Surprisingly, the media has not picked up the story either. In a world of immediate communication, the plan to frisk the consumer should be compelling to news departments.

The G7 announced that the writeoff for the subprime losses will be $400 billion, which greatly exceeds Wall Street expectations of $120- $150 billion. If the banks implement their plan, the American consumer will repay institutional losses while negatively impacting the economy for years to come, regardless of whatever the bottom line is. Edward Horn Baldwin, New York