Conservatives are a joke
This is total bullshit:
Paulson said key markets for consumer debt such as credit cards, auto loans and student loans essentially came to a halt in October. He added the new programs are aimed to get lending back to more normal levels.
Credit cards? CREDIT CARD DEBT? Are you kidding me? Our country is now going to prop up UNSECURED CREDIT CARD DEBT? It’s called unsecured for a reason.
The only thing dried up is the American Taxpayers ahole from the constant rape job we have gotten for the past 45 days.
Raw and true.
The Obama econ team is also looking very shabby around the edges.
Rubin has been exposed as a rube and on and on.
What is it with DC? Oh, yeah….Wall Street is the new K Street.
You’re right, it’s called unsecured for a reason, so bailing that out should not be an option.
In an attempt to avert consumer devastation via widespread bankruptcy (which won’t mean much, thanks to all of our congressional delegation and others), which you know full well there will be no leniency to the ten-year scarlet letter, I posed this thought on credit card debt payments during this down cycle. The only government involvement required would be a suspension or modification on the minimum payment law they put in a couple of years ago.
I think that there is a great case for making an effort to ensure the availability of student loans. Adding more credit card debt to the pile just seems counterintuitive. That is partly how we got here in the first place.
And still no effort to deal with ground zero of this crisis and that is the mortgage issues and the rapid devaluation of real estate.
But if they bail out credit cards, I want some rules:
Rational interest rates — no more of this 25%+ crap.
Rational billing cycles — what is it, 20 days now?
Stop selling card holder’s info to everybody
Terms can be changed only with a 90 day notification that is CLEAR
And I want all entities who are taking bailout money to shut down their lobbying shops until they’ve paid back the money. No way we should be financing more trips to the trough.
Cassandra,
Set the clock back to befor Pete DuPont, Mike Castle and Tom Caper screwed averyone.
I think a lot of people are probably thinking if they can bail out the banks for making the dumb decisions why can’t they bail me out as well?