brave new world asked:


Federal regulators have just rejected a request by BANKS THEMSELVES and consumer advocates to forgive up to 40% of consumer credit card debt! Isn’t that a good thing?
Aren’t banks privately owned companies that can do what they want with their debt?
Who is the Federal Government to tell what to do with their investments – isn’t it better for the companies, the public AND the country that the banks at least get something back, rather than everybody losing their houses, cars, jobs, defaulting on their loans and declaring bankruptcy?
I am just shocked as I read this news article – could they be any more stupid?
Or do “regulators” just have connections to big shareholders who want to wring every cent possible out of us, even if it destroys the country?
And wouldn’t Obama be for it, and maybe even McCain and Bush?

http://news.yahoo.com/s/ap/20081113/ap_on_bi_ge/meltdown_credit_cards

Dig – I forgot, the Federal Reserve ARE the shareholders – could they be any less patriotic?
It is time for the FR to go, and this proves it.
I case I didn’t make myself clear, I think the banks forgiving the debt would be a GREAT thing, and a far better way to deal with it than sticking the taxpayer with the bill.
Let them absorb it! They lent the money, NOT US!!!
So, you’re saying this is a phony way to pretend they’re turning a profit, and thus continue their huge bonuses? Interesting! And their shareholders and pensioners get the shaft.
Why am I not surprised? Let them do it, while reflecting in their accounting that they lost their companies billions of dollars.

Gene