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Here's a new idea

cutterone

Well-known member
How about instead of the rebate check they are talking about (which will stimulate the economic spending for a about 24hrs and we're still stuck with much of the mess) an imediate reduction of all credit cards interest rates to 5%, high limits set to $1000, and if you have one you cannot get a second without paying the first one off so that this dam country can get out of frivolous debt. A lot of the mortgage mess we are in is due to people getting in over their heads with credit cards and borrowing against the house to pay them off and the banks have made it far too easy to do both! They know many people are weak and vulnerable. There's a lot of peer pressure to buy things and it's a trap and the lending institutions know it.
 

kolanuraven

Well-known member
Ya know, that credit card idea is not a bad one for sure.

I know of a couple who are dirt bag poor....hand to mouth type deal....but the wife has run up a credit card debt of close to $30K on JUNQUE!


Mail order romance novels $200 per order, $300 worth of t-shirts ordered with stupid sayings on them....etc etc...etc...etc...etc.


How she did that is a mystery to me, as there is really nothing to show for that $30K except the bill!!!
 

backhoeboogie

Well-known member
The limit is way too low. Book some airline tickets for you and the wife and you'll see what I mean. Plus, even if you insist on paying the motel/hotel with cash or traveler's checks upon arrival, they will only make reservations via a CC #.

We spent mega bucks on the 25th anniversay cruise to Alaska a few years back. Bought plane ticket to Vancouver, the cruise, souveniers, and we played with excursions along the route. Got home and got the bill. It was a huge check to write. Plus the wife bought me a canon EOS digital for my Anniversary gift on that same card. No way we could ever do something like that on the limit you are imposing.

Many folks buy everything on a CC and pay the entire bill at the end of the month. Phone bills, Electric Bills, groceries - EVERYTHING. This buys them frequent flyer miles, GM "points" etc. No interest charge because they pay the bill in full. Your proposal would be punishing such folks. One couple I happen to know have a very low income (school teacher salary). Their vacation each summer is pending frequent flyer mile accumulation.
 
A

Anonymous

Guest
Part of it came a couple years ago when they changed the bankruptcy laws- making it much more difficult for the average type or low income person to declare bankruptcy ...

The lending institutions before were a lot more cautious on who they lent to or how much credit they let build up-- but now they have almost a lifetime to collect- and build interest- so are throwing money around to anyone and everyone- grabbing whatever they can, whenever they can with a perpetual hold on that persons earnings...

I didn't like the way some used bankruptcy to get out of debt--but it did make for some much more responsible lending practices....
 

T99

Well-known member
I don't mean to change the subject but I've got to ask (Backhoe) if you like the EOS digital and if it's worth the money.
 

backhoeboogie

Well-known member
Absolutely I like the EOS Digital. All of my EOS 650 35mm lenses fit right on it and work great. Plus you can look at everything immeidately, cull, or retake if you didn't get the shot you wanted.

My secret to so many publications back in the late 80's with the 35 mm was taking a lot of pictures. I take more with the digital than you could ever imagine.
 

cutterone

Well-known member
Well I have debit card and have found that any hotel, ect takes it just fine and I don't have to pay 31% interest and it makes me fiscaly responsible!
It's called self discipline.
 

Richard Doolittle

Well-known member
The subprime mortgage mess is due to irresponsible people borrowing more than they could afford and irresponsible lenders lending them more money than they could afford. Why should the rest of us have any obligation to bail out either one of them?
 

cutterone

Well-known member
Is that also the case where they are screw'in the pants off of a lot of old people that don't really understand things with their reverse mortgages?
Yep - there are those who don't have any business with credit but I feel no pitty for these lenders and now want everyone to pay for their greed.
 

backhoeboogie

Well-known member
cutterone said:
Well I have debit card and have found that any hotel, ect takes it just fine and I don't have to pay 31% interest and it makes me fiscaly responsible!
It's called self discipline.

Even if you had 31% interest, you don't pay it if you pay your bill in full each month.

And yes those debit cards are great. Pay at the pump, pay at the register - all of it. I like them very much.
 

Richard Doolittle

Well-known member
cutterone said:
Is that also the case where they are screw'in the pants off of a lot of old people that don't really understand things with their reverse mortgages?
Yep - there are those who don't have any business with credit but I feel no pitty for these lenders and now want everyone to pay for their greed.

Reverse mortgages are a whole different deal than the subprime mess. I don't know what to do about reverse mortgages. Personally, I think they are a joke, but what do we do--pass a law that says if people are over a certain age they can't make their own financial decisions???
 

Tex

Well-known member
Richard Doolittle said:
cutterone said:
Is that also the case where they are screw'in the pants off of a lot of old people that don't really understand things with their reverse mortgages?
Yep - there are those who don't have any business with credit but I feel no pitty for these lenders and now want everyone to pay for their greed.

Reverse mortgages are a whole different deal than the subprime mess. I don't know what to do about reverse mortgages. Personally, I think they are a joke, but what do we do--pass a law that says if people are over a certain age they can't make their own financial decisions???

The old and the young are abused the easiest.
 

aplusmnt

Well-known member
cutterone said:
How about instead of the rebate check they are talking about (which will stimulate the economic spending for a about 24hrs and we're still stuck with much of the mess) an imediate reduction of all credit cards interest rates to 5%, high limits set to $1000, and if you have one you cannot get a second without paying the first one off so that this dam country can get out of frivolous debt. A lot of the mortgage mess we are in is due to people getting in over their heads with credit cards and borrowing against the house to pay them off and the banks have made it far too easy to do both! They know many people are weak and vulnerable. There's a lot of peer pressure to buy things and it's a trap and the lending institutions know it.

Then maybe we could give people a curfew so they are not out driving and spending money say past 8:00 P.M. Or we they could demand that Fat cattle prices are brought down to 75 cents a pound so people could afford to eat beef.

I don't want any solutions that puts the government more in control of the free market. If people over extend themselves and loose their homes that is their problem, we are all big boys. If banks go under due to bad loans that is their problem.

Time will heal all the wounds, those that lost owning a home will find a rent house and those that lost making bad loans will bounce back or be absorbed by someone else.

Who knows maybe some of that overpriced farm land due to urban sprawl will come down in price as the market adjust itself.
 

Richard Doolittle

Well-known member
aplusmnt said:
cutterone said:
How about instead of the rebate check they are talking about (which will stimulate the economic spending for a about 24hrs and we're still stuck with much of the mess) an imediate reduction of all credit cards interest rates to 5%, high limits set to $1000, and if you have one you cannot get a second without paying the first one off so that this dam country can get out of frivolous debt. A lot of the mortgage mess we are in is due to people getting in over their heads with credit cards and borrowing against the house to pay them off and the banks have made it far too easy to do both! They know many people are weak and vulnerable. There's a lot of peer pressure to buy things and it's a trap and the lending institutions know it.

Then maybe we could give people a curfew so they are not out driving and spending money say past 8:00 P.M. Or we they could demand that Fat cattle prices are brought down to 75 cents a pound so people could afford to eat beef.

I don't want any solutions that puts the government more in control of the free market. If people over extend themselves and loose their homes that is their problem, we are all big boys. If banks go under due to bad loans that is their problem.

Time will heal all the wounds, those that lost owning a home will find a rent house and those that lost making bad loans will bounce back or be absorbed by someone else.

Who knows maybe some of that overpriced farm land due to urban sprawl will come down in price as the market adjust itself.

You mean to say a free market will correct itself??? That's not the American way anymore! We need more laws and government intervention. This Government must be all things to all people and protect and provide for everyone. If a politician acknowledges the fact that some people/businesses will suffer some adversity, how do they expect to get re-elected??
 

aplusmnt

Well-known member
Richard Doolittle said:
aplusmnt said:
cutterone said:
How about instead of the rebate check they are talking about (which will stimulate the economic spending for a about 24hrs and we're still stuck with much of the mess) an imediate reduction of all credit cards interest rates to 5%, high limits set to $1000, and if you have one you cannot get a second without paying the first one off so that this dam country can get out of frivolous debt. A lot of the mortgage mess we are in is due to people getting in over their heads with credit cards and borrowing against the house to pay them off and the banks have made it far too easy to do both! They know many people are weak and vulnerable. There's a lot of peer pressure to buy things and it's a trap and the lending institutions know it.

Then maybe we could give people a curfew so they are not out driving and spending money say past 8:00 P.M. Or we they could demand that Fat cattle prices are brought down to 75 cents a pound so people could afford to eat beef.

I don't want any solutions that puts the government more in control of the free market. If people over extend themselves and loose their homes that is their problem, we are all big boys. If banks go under due to bad loans that is their problem.

Time will heal all the wounds, those that lost owning a home will find a rent house and those that lost making bad loans will bounce back or be absorbed by someone else.

Who knows maybe some of that overpriced farm land due to urban sprawl will come down in price as the market adjust itself.

You mean to say a free market will correct itself??? That's not the American way anymore! We need more laws and government intervention. This Government must be all things to all people and protect and provide for everyone. If a politician acknowledges the fact that some people/businesses will suffer some adversity, how do they expect to get re-elected??

Its sad but you are so correct!
 

kolanuraven

Well-known member
I saw a poll this AM and I thought about all the so called " conservatives" on this site and their ' hands off' ideas about the gov't & the economy, let the market rule itself , etc .


The question was: Do you think that the gov't should do more to help out the economy?

Over 80% voted YES that the gov't should help out .
 
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Anonymous

Guest
Many of the worlds econonomists now are saying we never would have had the mortgage and subprime loans mess if the Administration had followed Lending institution laws that were passed in 1994-- but that both Greenspan and GW opposed it and therfore GW did not enforce it- thereby speeding the country into the crisis situation its in....Kind of like how he refused to enforce the border/illegal immigration laws along with thousands of others...

Interesting how so many of the "no regulation" economists and "free trader" industrialists are now saying this economic crisis all came about because regulation was too lax or nonexistent.... :eek:

On one news show they were talking today- and saying how this is now being called the Greenspan/Bernanke Recession - but several of the commentators thought it could more fairly be called the "The Bush Bust".... :wink: :lol: :lol:
GW got his legacy :shock: :roll: :wink: :lol: :( :( :mad:
 

Tex

Well-known member
Oldtimer said:
Many of the worlds econonomists now are saying we never would have had the mortgage and subprime loans mess if the Administration had followed Lending institution laws that were passed in 1994-- but that both Greenspan and GW opposed it and therfore GW did not enforce it- thereby speeding the country into the crisis situation its in....Kind of like how he refused to enforce the border/illegal immigration laws along with thousands of others...

Interesting how so many of the "no regulation" economists and "free trader" industrialists are now saying this economic crisis all came about because regulation was too lax or nonexistent.... :eek:

On one news show they were talking today- and saying how this is now being called the Greenspan/Bernanke Recession - but several of the commentators thought it could more fairly be called the "The Bush Bust".... :wink: :lol: :lol:
GW got his legacy :shock: :roll: :wink: :lol: :( :( :mad:

Business is always "good" when regulations that are in place to prevent meltdowns are relaxed. It is only when the meltdown happens that we realize we needed those regulations (or competent regulators) to help prevent the meltdown.
 

rider

Well-known member
Tex:
Business is always "good" when regulations that are in place to prevent meltdowns are relaxed. It is only when the meltdown happens that we realize we needed those regulations (or competent regulators) to help prevent the meltdown.

Very much so. It is a wonder that people are blinded to the need for regulations and/or regulators to help, not hinder.

aplusmnt:
Time will heal all the wounds.

Thank goodness we all have more time on our hands to wait it out!
 
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