I have to laugh at stuff like this…

Citi’s credit losses growing at ‘rapid rate,’ analyst 11:23 AM ET 4/20/09 | Marketwatch
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11:30 AM ET 4/20/09
Symbol Last % Chg
C 3.10 -15.07%
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BOSTON (MarketWatch) — Shares of troubled banking giant Citigroup Inc. were down nearly 20% in midday trading on Monday after an analyst said the company is facing increasing credit losses and delinquencies in its loan portfolio. Citi’s first-quarter results, reported last week, included several one-time items “which muddied the waters,” wrote Goldman Sachs analysts led by Richard Ramsden in a research note over the weekend. “Moreover, credit losses, which we see as critical in drawing a line in stabilizing Citi’s capital base, continue to grow at a rapid rate,” said Ramsden, who estimated Citi’s underlying earnings in the latest quarter were a loss of 38 cents a share.

Yanno… if Citi didn’t charge such outrageous interest rates (in the 20′s, I kid you not), they wouldn’t be in the shitcan now. When people are charged high interest rates, it makes it harder to pay the bill. It only makes sense to lower the rates and get more of their loans paid back. Right?

BTW- didn’t Obama say something about these and other banks lowering their rates? I could have sworn I saw or read something about it. Well, I can tell you from first hand experience that my rates were not lowered.