Letters to the Editor
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Homeowners in foreclosure still current on their CC's
Strange stat, you can lose your home, just don't lose your credit card. No matter where you live you still need access to cash, (the home ReFi ATM is closed) and one of the first acts of the Bush admin was to change the rules on CC debt and bankruptcy. So its easier to walk away from your house.
Down the line lets pretend that CC rates come down off their perch, although that might imply some means testing, no more mailing new cards in envelopes addressed 'Occupant'. From the larger economic point of view reducing CC rates could stimulate the economy, and the credit bubble once more. (Is Congress listening?).
When I tried to start the Free Gasoline for Everybody Party, people laughed, but what is free credit? Same thing. The government has all the advantages when it comes to creating credit, (they never have to pay back the money they owe) so far they have wasted that advantage in Iraq, and other places. If you put the trillion we've spent in Iraq in the pockets of American consumers, what would the economy look like now?