Government please Pay off our Credit Cards
February 23, 2009
Since the government is now in the business of bailouts, we want to propose that they pay off all our credit cards. The amount total held in credit card debt is less than the total spent on bank bailouts. As recently as 2006, the total credit card debt in the United States was $750 billion. We are near $3.5 trillion spent in printing money and bailouts since that day we suggested it… and since consumer spending is now what’s killing the economy.. there is only one solution… bail out the consumer.
When we proposed this in October of 2008, we were called idiots… but seeing how things progressed.. it appears that if that action was taken back then… we would be seeing an economic boom now… not recession or near depression…. and that 750 billion would have been paid back by now in tax revenue.
We know the argument.. rewarding mindless spending.. but how is that differing from rewarding the banks for mindless loaning? The difference is one bails out the average American.. the other bails out the bankers… but see this is the kicker.. most of the credit card debt is issued from banks.. so the bankers will get their cash…. while wiping out consumer credit problems. Bail out the consumers and banks at the same time…. Makes too much sense? So it’s expected that it will not be what Washington does, they rather see the market hit 1997 levels.. when advertising consisted of Pets.Com commercials.
Enjoy your tax money going to banker bonuses.
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Jas Singh
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http://n/a Jas Singh
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