posted on Sep, 9 2009 @ 05:44 PM
Here is my solution to the "Credit Problem"
If a credit card user, decides they are not going to pay back their credit card debt -- then the banks have the right not to issue them another credit
card for 5 years.
If that seems shocking to you -- then obviously, you think it's OK to have a double standard on people vs. corporations.
If I put stock in IBM -- I have faith in their future and I am INVESTING in their stock, in hopes of it being more valuable. When a credit card issuer
extends me credit -- they are investing money in me to get a greater return.
If they give a credit card to my kid in college, or a dog -- then they take a risk and are using the law to get ME, to pay them back for someone who
shouldn't have a card.
>> It is even more unfair -- since I invest my money and risk in a stock, and the bank doesn't invest anything, but money they got to create, based
upon some credit I gave them -- in exchange for fees, bounced check costs of $35 a pop, and whatever other "policy" they come up with to ding me
with this year. All for a whopping .5% payback to be able to loan out 10 times what I deposit. Then at tax time, I have to declare that interest --
which is more of a nuisance and I'd rather they keep the insulting proceeds and call it even on all their dang gotcha fees.
>> Then an amazing thing would happen; credit card companies would give cards to people who could pay them back, and would stop extending credit when
you got into trouble. Occasionally, they'd have to write off the debt and take a hit -- like back in the good old days when we understood what the
term "robber baron" and "bankster" meant.
In a perfect world, Banking would be through the government, because, like water and electricity, it is less profitable to extend these utilities to
people who are poor or in rural areas that aren't going to make a lot of money. These investments, help people make more progress and the little we
lose ends up giving society back much more than is spent. And besides -- we have to cover all the losses anyway -- notice all the bankruptcies?
The big scam is that any banks are bankrupt. How much have they sucked out of the system? We've been printing money and getting poorer and someone is
holding the bag, probably in an offshore account or the banks got suckered into high risk investments and lost all the money -- exactly what used to
be illegal because this happened before the great depression.