Only a mildly political mellow rant this morning, hence no need for…
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| Danger Will Robinson!
Political rant ahead! |
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Actually, I was looking for an excuse to run the graphic again.
Anyway, Wall Street is currently going ga-ga over the Obama administration’s plan to purchase toxic assets (i.e. bad loans) from banks, thus freeing them from debt burdens ranging from heavy to crushing so they can, um, go out and give more loans. Hopefully these won’t be such stinkers, because if they are… you know the definition of insanity.
Maybe I’m missing the target, but if one of the ideas behind the current economic plan is to encourage consumer spending should something that directly addresses this be considered? Like, oh, taking a good long look at credit cards? While no one advocates consumers running up massive credit card bills they can’t pay — at least I hope no one is doing so — it’d be nice to see some measures taken that would benefit people who are responsible with heir credit cards while still using them. Let’s throw this out there:
- An immediate ban on canceling the account altogether or lowering the available credit amount on all cards held for more than a year where the holder has not been delinquent in payment for more than sixty days total during the previous year.
- An immediate freeze on interest levels.
- Further, an immediate cap on interest levels with none higher than 12%.
- Reintroducing the ability to write off interest paid on federal income taxes.
Just a thought.
