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View Full Version : CNNMoney: Financial Industry Seeks Credit Card Bailout of up to 40% of Debt




TruthAtLast
10-30-2008, 02:43 PM
"An alliance of financial industry interests and consumer advocates on Wednesday asked federal regulators to allow lenders to reduce by as much as 40 percent the amount of credit card debt owed by deeply indebted consumers in a special program."


http://money.cnn.com/2008/10/29/news/economy/creditcard_bailout.ap/ (http://money.cnn.com/2008/10/29/news/economy/creditcard_bailout.ap/)

torchbearer
10-30-2008, 02:46 PM
Shit! I need to max out my credit cards.
And to make sure I can get a better rate, I need to stop paying my home loan.
I'm missing out on the hand-outs by being responsible.

jm1776
10-30-2008, 03:23 PM
Shit! I need to max out my credit cards.
And to make sure I can get a better rate, I need to stop paying my home loan.
I'm missing out on the hand-outs by being responsible.

Don't be ridiculous. Somebody has to pay for all this shit with hard work and savings. :eek:

torchbearer
10-30-2008, 03:25 PM
Don't be ridiculous. Somebody has to pay for all this shit with hard work and savings. :eek:

Yeah- the slaves.
Anyone who works hard and is responsible becomes the slaves of those the government bails out.
The opposite of a free market system where hard work and savings gets you furthur ahead, and lack of work and non-savings gets you no where.

dannno
10-30-2008, 03:35 PM
Wow, maybe now I can afford the two years of ultra premium food storage, and get it for free!!

jm1776
10-30-2008, 03:45 PM
Wow, maybe now I can afford the two years of ultra premium food storage, and get it for free!!

No need to waste the money on food now. We can just raid the stockpiles of the thrifty and foresighted later...

Brian4Liberty
10-30-2008, 04:06 PM
It doesn't say anything about government funds being used (yet).

They probably want to lower the amount people owe for interest and fees that have accumulated over the years. Then they can write that off as a loss, which will indirectly result in less taxes for them. The good ole "inflate and then write-off" scam.

Don't rule out direct government money for them in the near future though. That will be the next request...

SeanEdwards
10-30-2008, 04:35 PM
Shit! I need to max out my credit cards.
And to make sure I can get a better rate, I need to stop paying my home loan.
I'm missing out on the hand-outs by being responsible.

Yep, you are just another sucker who thought playing by the rules was the way to get ahead. Get with the program and start failing! ;)

HOLLYWOOD
10-30-2008, 06:03 PM
Yep, you are just another sucker who thought playing by the rules was the way to get ahead. Get with the program and start failing! ;)

Hey, don't you mean... "Start Stealing!"?

They all Steal, Steal from the people... whether it's short term, long term, through Inflation, Taxes, Fees, borrowing from SS, Medicar, Infrastructure, foreign nations...

the list is ENDLESS to what the U.S. Government does to STEAL!