Last week Moody’s Investment Service decided to downgrade the credit rating of 15 large banking systems, which included JPMorgan Chase, Bank of America, and Goldman Sachs. Basically it limits the bank’s options to borrow money so they can use the money we put into them to, well, play the market and do pretty much anything else they want to try to make even more money.

In a weird way, they kind of brought this upon themselves now know what the rest of us feel like; well, those of us that might have tried to get home loans or car loans or college loans and been turned down because the banks tightened their rules for just who qualifies for loans these days. After all, even a credit score of 750 doesn’t guarantee you’re getting a loan, nor whether you have a couple of million in that bank already; things are tough all over. As a matter of fact, Citigroup Inc’s CFO John Gerspach had this to say about Moody’s: “(Their process) is backward looking and does not provide adequate credit to the strength and diversity” of Citi’s business or its main banking subsidiary, Citibank.

Goodness, isn’t that what most of us have been saying about the banks lately? How they’ve all seemed to have stuck their heads into a hole and decided that most of us aren’t credit worthy anymore while jacking up bank fees and interest rates on credit cards, and pretty much anything else they can think of?

Of course I’m of mixed emotions on this. Part of me loves seeing the banks get a dose of what they’ve done to everyone else. Part of me knows, however, that banks don’t take lightly to not getting their way, and cutting off their money stream pretty much means they’ll be passing those losses on to the consumers who, for some strange reason, are still using the mega-banks for their accounts and allowing themselves to be pushed around financially while being wooed by funny commercials. By the way, this isn’t just my belief. Stanley J.G. Crouch, chief investment officer at Aegis Capital, was quoted as saying “Banks are going to figure out a way to extract revenue from the customer in any way, shape or form.”

Yes indeed, these are ugly days, and obviously not just in the United States. I haven’t been part of a large banking system since 2004, and I haven’t regretted it one bit. I don’t want to see large banks fail, but I do want them to start showing a bit more respect to their consumers instead of what seems to be blatant greed and a total disregard for their customers needs. They don’t like being treated the way they’ve been treating “us”; so why do they continue doing it? And why are so many people putting up with it?

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