Bush's Compassionate Conservatism AKA The Raping of Middle Class America

Instead of blaming the president maybe people should take responsibility for their own actions. Don't want to get riped off by credit card companies? Simple answer don't charge and if you do pay it off every month.

Why should the goverment say what fees a credit card company can charge anyways? Credit card companies are in the busniess of making money. How do you think they make money? They charge fees for lending money. If you don't want them making money off of you then don't use a credit card.

It is shocking to me that personal responsibility has been lost. That is what this country was founded on. Less regulation is better for the economy the market will work it out. Democrats should remember what their own JFK said to them, "Ask not what your country can do for you, but what you can do for your country."

They have it backwards now.

Chris I wondered when a person such as yourself would rear their self rightous head. Most Americans...probably YOU included have credit card debt. Why not just let the energy companies charge what they want too...if you have enough money you live...if not I guess you freeze and die.

MDP I have to disagree with you on this...part of it is personal responsiblity but left unregulated these people would cut off whatever appendages you have.

What if they just decided to up the interest rate to 50% on home loans and made you pay every week? Would that also be a matter of personal responsibility or these companies taking advantage of the consumers after all it is your choice whether you REALLY NEED to buy that house if you cant pay cash for it up front.

The credit cards compete. You can move balances from one zero intrest card to the next. All it takes is a little consumer research. Actually Lori, If the energy companies could charge whatever the market would bear we would have competition and prices would fall much like when phone companies were allowed to compete.

Lori-

Some companies could try that but others would not. The other companies who did not charge 50% would get a larger market share of loans and stary growing eliminating the bad companies this is how markets work. I never pay intrest on credit cards and often have balances but I move the balances when other card companies have better deals. Regulation just means we all get ripped off.

So the public should be held responsible..but who holds the CEO's of large companies such as the CC companies responsible?? I suppose they dont need to be responsible..let THEM do what THEY want to..rip off the public in any way they see fit? It always amuses me when I hear the republicans talk about personal responsibility and then dont hold the same standards to corporations. Lets see the word Enron comes to mind among many others who have been caught with fingers in the cookie jar. Who's going to hold these type of people responsible. I know the answer isnt Bush!

its not the Americans fault if they get behind on their credit card payments and then all of sudden instead of paying the 6% interest rate when you signed up the interest rate automatically goes up to 32% because you missed a few payments.. credit card companies are intentionally raping us. It should be illegal for credit card companies to make you sign a variable rate contract... its only meant to screw you. Unfortunatly, companies need regulated otherwise they just screw you, look at the oil industry, there are 3 major oil industries and they all get together to make sure each do not go under a certain price which is anti-trust violations and they have been getting away with it under this oil administration AND AND AND getting tax subsidies in the BILLIONS from us...... This is exacly why i have been a Democrat because stuff needs regulated else you get screwed.. and shame on me for buying into the whole ron paul frenzy.... ugh....

I haven't seen the legislation that requires Americans to run up the credit card debt.

And, everything I can find in regards to campaign contributions indicate that the credit card companies donate to both parties. The Republicans received about 10-15% more of the contributions while they were in power.

Now that control of congress has swung to the other side so have the contributions. These companies tend to spend their money where it "buys" the most, with the party in power.

I'm definitely not a Bush backer or a Republican. But I don't see how partisan hatred will solve any problems that face our country.

How PERFECT of you Chris....rolling eyes.

Actually I have no credit card debt, no car payments, no debt at all except my mortgage becasue I am financially responsible. I don't charge ore than I can pay As for energy companies where I live they do pretty much charge what they want. We have seen two 75% increases in the past two years.

I did not say I was perfect I said I was responsible.
I don't make a lot of money My husband was in the Army and is now a police officer I just know how to live within my means

It is a simple as don't spend more than you can pay.

True American,

You say "It should be illegal for credit card companies to make you sign a variable rate contract..."

How do they make you sign these contracts?

"its not the Americans fault if they get behind on their credit card payments and then all of sudden instead of paying the 6% interest rate when you signed up the interest rate automatically goes up to 32% because you missed a few payments.. credit card companies are intentionally raping us."


Its not the goverments fault that people choose to rack up credit card bills.

Chris what amazes me is that all these people who support illegal immigration and have so much compassion because they are trying to better their lives but yet you take a single parent who has to choose between using their credit card for food or essentials for their child...because they have gotten a total of $80 in child support for the year....works but doesnt make enough to support the family but doesnt qualify for any kind of assistance....say your kid gets sick and you HAVE to pay the doctor bills and you have no insurance. What then?

You are assuming that all credit card debt is frivilous....which its not....I have been there...either pay your credit card bills or take your kids to the doctor.

Chris,

Are you insane? As an American I have a right to spend way more than I make. And I also have a Constitutional Right to blame my fiscal irresponsibility on "The Man"!

How can you be so insensitive? IT'S NOT FAIR!

I find it so funny that people say they want the goverment to but out of their lives then turn around and say it is the goverments responsibility to do something.

Neither is it mandatory to buy a house or a car. Does everyone fork over the cash for cars and houses? YOur hometown bank is more regulated then credit card companies.

Rick - LOL that funny!

Let them deregulate electricity and the gas companies....see how many people will complain then.

Lori,

I'm confused. Illegal immigration. Non-payment of child support. Health care.

I thought we were discussing regulation of credit card corporations...

Lori- I have been there in the past too. Living paycheck to paycheck but I never racked up credit card bills. I always found a way to pay for what was needed for my family.

My husband went to Iraq and took a $1000 a month paycut for a year. So I had to figure out how to make that up. I took a part time job did odd jobs. I got by and never payed a bill late. Its all about what you are willing to do to keep yourself from getting into debt. Charge cards are an easy way out. That you pay for in the long run.

companies need regulated, we have seen for the past 8 yrs what happens when there is no regulation..

Lori you are right we should

I found a solution to the problem. I don't carry any credit card debt.

Then I bought stock in the credit card companies and share in their ill gotten gains!

I think that this is a case of taking from the needy and giving to the greedy. These chickens will come home to roost one day. The S and L's failed because of greed, the real estate market is imploding because of greed, for profit medicine will fail in a few years because greed will make it unaffordable to the masses. The credit card industry will fail in due time because of greed.

By the way instead of "No child left behind" they need to call it "Leave no child a dime."

You seem a bit confused, Brian.

I thought it was the mortgage industry that was getting greed. And, isn't the real cause of the high cost of health care due to the litigious nature of our society?

The credit card industry has little chance of failure when it is built on the backs of the ignorant. Who, in their right mind, would justify using credit cards to pay for the essentials in life? If you can't afford the essentials how can you afford the essentials plus interest?

By the way. That was a pretty weak segue from the topic at hand to your "No Child Left Behind" opinion...

Well, shucks.

I was hoping for a good debate. But, faced with the facts, the opposition disappears... ; ^)

Rick, litigiousness isn't the principal reason health care costs are high. That's just what the doctors and the insurance companies want us to believe so we will go along with their legislative programs.
Doctors don't want to be sued for their mistakes -- who would want to? Insurance companies don't want to pay out benefits to people injured by doctors' mistakes. The insurance companies might want to raise premiums, but of course the doctors don't like that.
So instead of trying to solve the basic problem, doctors whose human mistakes injure their patients, the doctors and insurance companies have been trying to limit the amount we can get compensated for doctors' mistakes.
If you or I go crash our car into a big truck full of electronic equipment and destroy everything in it, in most states of the USA we are responsible for the losses. All of the losses. Similarly, if I crash into someone and it's my fault, and they suffer painful injuries, one of the things I am responsible for is to compensate them for their pain and suffering.
The "pain and suffering" damages award is really a way of enabling the plaintiff to retain a lawyer who can squeeze the money out of the defendant and/or the defendant's insurer, because our legal system generally doesn't allow an injured plaintiff to recover attorneys' fees, or, for that matter, any other costs incurred to enforce the plaintiff's rights against the person who caused the damage in the first place. So we invented "pain and suffering" as a way to allow injured parties to be compensated without simply getting hollow victories, spending more to enforce their rights than the defendants had to pay for their "out of pocket" costs to repair their injuries.
Doctors get special rules. In California and in some other states, they have been able to get laws passed limiting their liability. Patients' pain and suffering for medical malpractice is limited to some relatively small amounts compared to what you or I might have to pay if we ran over someone and broke her leg.
So why are medical costs so high? Primarily because we in the United States are demanding better and better care, which requires better and better training, equipment and medical facilities. We also require better drugs, but the owners of existing drugs, with the FDA, make it very difficult to get a new drug approved, so the cost of drugs goes up too. All of the other ramifications flow from the basic facts that we are consuming more health care, both quantity and quality. Compare what we do for a common mishap today with what was done for it 100 years ago, or even 30 years ago, and you may see what I mean.

Rick, you said:
"True American,

You say "It should be illegal for credit card companies to make you sign a variable rate contract..."

How do they make you sign these contracts? "

I distinctly recall the big, nasty, evil, mustachioed CREDIT CARD COMPANY stuck pins under my fingernails, waterboarded me, played loud music, and twisted my arm for hours. That didn't work, of course, so they then threatened to block me from playing the lottery. That did the trick -- I signed the credit card contract. If that isn't force, what is?

Do you realize how much of your lives are regulated by the government? Ok so lets get rid of it...let the credit card companies charge what they want. It is after all up to the individual whether they carry credit card balances or not. But then lets deregulate insurance....dont make it mandatory AKA a law to carry insurance and if you get hit by an uninsured driver it is after all YOUR choice to drive a car or not. Lets deregulate the utility companies...if you can pay fine if not and you live in the North you freeze. After all it is your choice to live in places like Iowa. And while we are at it lets get rid of that pesky FDA....it is your choice to take a medication or not...if it is found unsafe later on oh well you made the decision to take it.

Without rules and regulations you have anarchy.

Carl,

I may have oversimplified my comment about health care costs because of the thread I was responding to.

But, since this is a thread about credit card companies I tossed out some comments that I may not have if the conversation were about health care.

In fact, it was more an attempt to see if anyone in the conversation knew the term "litigious". Shame on me... ; ^)

You bring up some good points, though.

I have a couple of doctor friends. (Don't know how that happened) And, one of them pays over $15,000/ month for malpractice insurance. He has had only one suit filed against him in 10 years of practice. And, it was thrown out as frivolous before it ever went to trial. So litigation is definitely one of many factors that contribute to the high cost.

The drug end of things is a whole other story. It burns my butt that a company can maintain exclusivity over a drug by changing the color or shape of a pill when it should be entering the generic field.

I admit that my provocative statement didn't real address the whole health care problem. I was just being ornery... ; ^)

You're right, Lori. I think the government should regulate every single step of our lives! We aren't smart enough to make any decisions for ourselves.

Believe it or not, there is a difference between choosing to borrow money and regulating drug companies to assure safe drugs.

If that isn't a clear difference, then it would be pointless to continue the discussion.

Rick what you really mean is I dont agree with you so there is no point to continuing this conversation.

You want the government to be involved in things that benefit you but when it is something that doesnt have an effect on your life then it isnt important right?

Lori -You are comparing apples and oranges. You put the FDA in the same group of credit card companies.

You also mention deregulating the utilitiy companies. That has already happened in some places. Like where I live. Although fees have gone up. It has also allowed consumers to chose where they get their energy from which brings prices down.

Chris my point is this. I realize that having and using credit cards is an individual choice but so are so many other things. One of the biggest target audiences for credit cards are college students. Now if you remember back to your college days...how responsible were you? I was very irresponsible. And these companies take advantage of this. Now remember prior to 2005 the fees and interest rates charged were controlled.

So on top of the raise in Student Loan interest rates and the lowered amount of Pell Grants you are going to add to these KIDS' burdens with these unbelievable credit card debt.

Another target group for the credit card companies...senior citizens. You know those people that fought for our freedoms in Korea and Vietnam and now cant survive on the Social Security.

Rick -- "Carl,

I may have oversimplified my comment about health care costs because of the thread I was responding to."

I made two mistakes. First, I didn't look at what the thread was about or I wouldn't have gone off like that. Halfway through, I thought, maybe this is a separate article, but went ahead anyhow.

Second, I didn't look at some of your other comments on this thread, which would've told me the one about health care costs was partly tongue-in-cheek.

Nevertheless, some venting on a Sunday afternoon helped me some. Have a wonderfut trip to Mexico. Your "vacations" seem to have many additional altruistic purposes, for which I commend you.

Carl the one thing you have to realize on my threads is there are no rules. You dont have to comment about what I wrote about...I never delete comments. I may be rude but I dont like to name call.

The only rule is there are no rules. You can talk about what You want.

"Wonderfut." What is that? WonderfuL, WonderfuL trip, not wonderfut trip. Where will your fut wander to? What will your fut wonder about?

Carl you sound like a politician filibustering...LOL

Lori, no rules? That sounds like anarchy. (;-0)) (chuckling wryly).
Hadn't noticed any rudeness or name calling. Interesting thread, whatever the subject is.

I think I'm futibustering. Enough, I'll let someone else make some mistakes.

Have to disagree Carl it is filibustering. Talking nonsense to stop a vote. I might spell it wrong but the concept is there.

No rules. I promote free speech even if I dont agree with you or what you have to say I respect you for sticking to your guns.

You misinterpreted the gist of my statement.

It's unfortunate that you consider taking a medication as a choice comparable to the choice of borrowing money.

I enjoy debating issues. But, I iterate, it's pointless to debate if only half of the debaters use facts and logic.

By the way, it is even more pointless when one of the participants makes statements such as "what you really mean is..." At that point the futility is clear. When you have decided that you know what I mean there is no purpose in my sharing my thoughts. You already know them.

With that in mind, you are free to argue both sides of the debate.

Enjoy! ; ^)

My wanderfutting begins in 9 days, Carl. Be prepared to see some photos and articles about just how much fun I'm having!

Rick and you are missing my point. Just because this isnt an issue that concerns you. Maybe you dont have credit card debt but it is an issue. And yes taking a certain drug is a choice. Suppose they deregulated Viagra. That isnt a mandatory medication but a choice.

And I notice you focused on the medication aspect you failed to mention the insurance aspect I brought up.

Lori I was always responsible with money. That is how I was raised. Even before my college days I was saving not spending.

You mentioned that you are rude but don't name call do you realize that the first thing you said to me was call me self rightous because I had a different opinion than you did?

Anyways thanks for posting this its nice to see people can still debate and speak their minds.

Back at you Chris and BTW your first comment did come out as self rightous. Have a good one.

Carl,

What do you think of Lori's last comment?

Is she suggesting that we need Viagra? ; ^)

Chris sometimes using credit cards isnt a matter of managing your money correctly but a matter of necessity.

The story I briefly told of the single parent using credit cards to take her kid to the doctor is a true one...that was me.

I worked I had no insurance and my son was very sick. I got no child support...I still dont. I had a difficult choice. I also didnt qualify for medicade at the time. I made too much...in this case it was $24,000 a year.... a fortune right. Anyway I had to use my credit cards for things like this...fortunately I was always able to make at least the minimum payment but that was years ago and there were rules in place to safeguard the consumer. Not anymore.

Rick not you that is for those OTHER guys that arent as studly as you and Carl....LOL.

Lori -Thats your opinion just like that post was my opinion. Good night.

I'm never going to get out of here. Ok last post really. I figured it was you all I will say is refer to my post when I discussed my husband leaving for Iraq.

Now I'm going lol.

Have a good nite Chris and I will definately take a look at your last article. I am very interested to see it.

Well, Lori, I think we agree on something. Guys that don't pay child support are JERKS. I've paid for 19 years and never been late! Only 5 years to go...

Your a good man Rick. But what you mean is.....just kidding. Just seeing if youre paying attention.

Did I miss something, Sparky?

Nice try, Sparky.

First of all, I'll assume you meant raped and not "rapped".

With that assumption out of the way, let's think about this.

How many rape victims fill out an application with all the rules, penalties, and results of violations of the contract spelled out for them, regardless of the size of the print, before being raped?

If a woman was ignorant enough to sign a contract that gave the penetrator permission to penetrate it wouldn't be rape, would it?

My guess is you have a pretty hefty amount of high-interest credit card debt and are only making the minimum payment. Correct me if I'm wrong.

Your "logic" is very sad.

Believe it or not, people who knowingly and willingly obtain credit cards and use them to accumulate large amounts of debt are NOT victims!

Politicians and businesses have been "raping America" for hundreds of years. The only way to change that is to change the nature of the money we use. (Yes, that is possible.) Every kind of money in use today and in history has been a physical object or represented a physical object. Physical objects can be stolen, counterfeited, and extorted by force and threats of force. You can be fooled (everyone can be) by con artists and oppressed by government all because money motivates it and makes it possible.

The solution is to adopt a money which is not a physical object and does not represent a physical object. Money that appears in your account when you earn it and ceases to exist when you spend it. Doesn't seem possible to you? Of course not. The solution is unique. It exists only one place in literature. Read "Invisible Hand" at

http://www.unc.edu/~mason/hand.html

It's free (I have all the money I need) and has no ads because that's an educational site. If you don't read it you will have to continue to be "raped" by others.

"Talking nonsense to stop a vote." The difference is, in the Senate, they only let one Senator speak at a time. That is a good thing, particularly for those of us who are concerned about global warming. Here, in contrast, we can all talk at once, and if I attempt to insert a little levity into the thread, it doesn't interfere with anyone else's contributions. Anyhow, how can we vote in an anarchistic thread? I call for the question!

As for credit card comanies, I am having trouble figuring out how people's large credit card debts are more pressing issues than global warming, terrorism, religious zealotry, invading nations to prevent the development and use of weapons of mass destruction that never existed and that we knew never existed, the Bush administration's ignoring clear warnings from its own people that attacks were imminent, FEMA lying about the fires in California and the administration calling those lies "errors in judgment," etc., etc.

If I gullibly take on too much credit card debt, I have an easy way to simply dump it all -- file for bankruptcy and have the debts erased. Credit card companies are aware of that, and that's one reason they charge high interest rates.

Borrowing money, or using credit cards, to pay utility bills, medical bills, house payments, rent, car payments, to buy groceries ect..ect...ect...simply doesn't work.

I've been there..done that and it caused me a s*@t load of other problems. Thankfully my bad decisions forced me to make some serious financial decisions, and I will be debt free in three months.

Yes the middle class is an endangered species and yes, the credit card companies push easy credit out there for the taking and that's wrong, but who's fault is it really?

Lori...I'm usually with you on most topics, however there are more serious problems facing the American middle class that have been caused by the Bush Administration, so surely you can come up with something better that credit card debt to blame on ole' Georgie?

Sparky, Sparky, Sparky...

I hate to tell you, but credit card companies can only raise rates on future debt. When they decide to raise rates they notify you. If you don't like the new rate discontinue accumulating debt on that card.

You're starting to get it. The next step is to educate those who borrow from credit card companies and loan sharks! There's not a lot of difference between the two, you know...

I'm a little confused about your last statement. You care about the millions of people who don't have two jobs?

What does that mean? I don't think anyone should have to work two jobs to make ends meet.

Sometimes caring about people doesn't involve convincing them that they are victims. Sometimes you can help people more by convincing them that life isn't fair. Suck it up and move on! When I decided to quit whining about being a victim is when I got ahead in life.

By the way, I'm glad to hear that you don't have debt. The next step to personal success is to overcome your "victim" mentality. Ït's not fair" is NOT a winning mantra!

Good Luck!

Timothy,

You're right. The middle-class is an endangered species!

It's up to each of us to decide which side of the middle-class we want to move to.

I chose the top side. And I'm glad I did!

Great comments.

Now Timothy V to tell you why I wrote on this topic. We all know the big picture as far as what is wrong with our country now...illegal immigration...abortion...heathcare and on and on. All of those topics are on a macro level but look further into what is happening in this country.

People are loosing their houses left and right. Unemployment is high....as well as underemployment.

Part of the reason....the american middle class is drowning in debt. Lets look even more at the micro level.

I am an Iowan. We have long enjoyed a very good although somewhat boring life. Our cost of living is reasonable to very low our job situation was reasonable but just a couple of days ago we lost a very important piece of Iowa history and a major employer. The Maytag company in Newton Iowa.

The workers at Maytag made a good living. They had health insurance and they thought job stability until the head of Maytag decided they could build a cheaper product in Mexico.

Now what do you think is going to happen to those displaced workers. Newton isnt a big town with a lot of employment options. Do you think those people will just move onto another well paying job in the same town.

We have a saying Watch the pennies and the dollars will take care of themselves.

Tom thank you I couldnt have said it better myself.

Tom don't ever make assumptions as to what I think. Sell drugs to children??? I don't think so. Drugs are illegal and harmful. Credit cards don't hurt anyone but the person who abuses them.

I don't agree with you that to run a business you have to rely on the enforcment and protections of the police. You should not rely on anyone but yourself. Please don't try to lecture me on what the police are for. My husband is a police officer.

And with that I am done. When people make assumtions as to what I think. I no longer care to be part of the conversation. I have a mind of my own I don't need anyone telling me what I think.

I really don't see what the issue with regulating credit cards is. We regulate banks, we regulate the markets (SEC), we regulate autos, we regulate insurance of all kinds. It's ridiculous to say that we should not regulate something as widely used and abused as credit cards. There are tons of consumer protection-related regulations in place right now - it's not a totally free and open market where every business can do whatever they want. That's a totally ridiculous premise. If the government took that tack with all the major financial instruments/industries with which it deals, there would be a major collapse of our financial industries. To suggest that the credit card industry should have free reign shows how little people understand the regulations in place that protect them in all other financial areas.

Actually, Lex, we pay off our balances on our credit cards every month and never pay a cent of interest. We're what the credit card companies refer to as "dead beats" - you know, those responsible consumers.

I work in investments which is highly regulated by the SEC and NASD. I used to work in insurance, regulated by a tangle of state-regulations and laws. We deal with Broker/Dealers, custodians and banks that are all highly regulated to protect the consumer. We attend state regulatory sessions all the time where they continuously grapple with new financial vehicles, focusing on consumer protection in a variety of areas. There is absolutely no logic that says that the credit card industry gets to have free reign over consumers. Even with competition.

Sheryl you bring a very valid point...many of them. What some that have commented dont realize is the people hardest hit by this are not the "deadbeats" but the folks that DO pay their bills. The deadbeats dont care how much interest is charged or how many fees are added.

The line between an ordinary con game and the way sleazy lenders promote their product is blurry. In both cases they make money on the ignorance and greed of others. Con games are illegal.

It's true, a sensible, financially responsible person wouldn't buy a house with a zero down adjustable rate loan without income verification. Stands to reason that the lenders were offering something tailored to the other sort of person. The message I'm getting from the personal responsibility folks is that it's OK to cheat stupid people.

"The message I'm getting from the personal responsibility folks is that it's OK to cheat stupid people." Absolutely correct, Nippy. Then the BA makes it even harder for these people to claim bankruptcy.......but the rich still can to "rearrange" their finances. I find it laughable in a sick sort of way that Donald Trump has gone into bankruptcy a few times. Who would have thunk it?

Lex, you've met my wife.

And you bought her opinion of me.

Facts

Donald Trump has never gone into bankruptcy.
Credit card companies are regulated.
If stupid people sign contracts they are not being cheated. They're being stupid.

Rick - he has gone into bankruptcy. At least, some of his so-called front companies have. I don't know where you get your info, but it's wrong.

There is very little regulation on credit card companies. There is no other industry that can create the kinds of balloon interest rate structures that they can and get away with it. The so-called terms of the contract are so often hidden so deeply within the fine print and the advertising is so blatantly meant to deceive that it can hardly be called a real contract in many cases. You obviously don't work in the financial industry or you would know that there is no comparison between these types of "schemes" and what other financial industries have to comply with and the scrutiny they get.

If other institutional instruments could function under the same types of "rules" there would practically be chaos. But you do raise a good point - poor, "stupid" people usually don't invest in the stock market. Rich people don't like to be scammed and hence the regulations to protect their investments. I should think that's an obvious conclusion based on your comments. Funny how that works. The less wealthy and influential turn out to be stupid morons, yet the rich need to be protected.

It always amazes me how blatantly hateful and callous people are of the so-called poor, uneducated and naive. Where did American's compassion and empathy go? People who get scammed are stupid, people who are homeless are lazy schmucks, people who are attacked and abused are "asking for it", people who are unemployed are welfare frauds, etc. etc. etc. It's absolutely shameful. And many of these people call themselves "religious". Go figure. I honestly don't think America was always like this - at least not the America I grew up in.

Let's go back to the days where companies that offered "credit" were putting themselves out on a limb.

I mean that purchasing "on credit" used to be primarily a practice that gave advantage FOR businesses, because it would allow them to sell more stuff that they otherwise might not have.

Credit is now a multi-billion dollar business all of its own, and also allows other businesses to actually reap more gain, the later you are on your payments.

Let's go back to the days where people could ONLY buy stuff when they could pay for it on the spot with cold hard cash in hand.

I know-I know... we can't. Such a move would catastrophically sink our economy and reduce the consumers' buying power to a near crippling status.

We play and pay the Devil.

Why is it George W. Bush's fault that People get themselves above their head into debt. NO ONE made them take a credit card and max it out or charge, charge, charge. There used to be a time when if you could not afford it you did not buy it until you could afford it.

If it was something you really wanted and needed one saved for it. Now everyone wants to run out and buy on credit the latest gadet, fad or thing on the market. Not because they need it but because they WANT it.

I think parents do not tell their kids NO and mean NO for one. Kids DO NOT need a personal PC or a Cellphone or the latest style of clothing or the newest Barbie or Elmo or anything else especially not nintindo and game boy and playstation junk. Yes Junk that junks up their lazy minds. People do NOT need the newest car when a second hand or third will do just as well. They don't need to go on three vacations a year or to eat out once a week or even once a month.

There are things credit should be used for emergencies like your car breaking down and or major appliance or even a medical emegencie possibly but most things can wait. Even the prom dress you could by second hand or she could wear a sisters or cousins if need. People CHOOSE to go into unnecessay debt they buy food on debt which is stupid. New T.V when the old still works. New computer and software not cause they need it but want it. Picture phones when a simple cell phone without all the perks and playthings work just fine. I do NOT feel sorry for the greedy, self gratifying whining middle class with 2.5 kids a dog and cat and incomes ranging from $35,000 upwards of $125,000. Who think they are poor. They don't know poor and would not know how to make do if they were. We have many Americans living way below poverty level and NO IT IS NOT by CHOICE it is because society, government and greed push them there and want to keep them there. Especially the middle class whining they are poor. It makes me sick hearing someone whine how he only makes $52,000 and his wife works part time and makes $40,000 and they have two kids to support and how they just can't make ends meet. BULL. My husband and I live literally on $16,229 a year total income and we feed our grandkids on it and and occassionally we go out to dinner. Gifts are second hand 50 cent yard sale purchase, new to the kids or dollar store items or hand made. We make do or do without. Yes we owe debts mostly a mortgage and school loans other than monthly debt. We don't have a 401 k or any other IRA or old age pension coming or saved. We don't have medical insurance for me at all. We do have a very small savings for emergency. We don't have Auto insurance on every car but broadform driver insured. We don't have life insurance or burial insurance or any of that. We cannot afford it. Never have been able to. We have 3-4th hand cars, Hubby fixes them, and fixes the washing machine, dryer, mircowave and computers and refrigerator too when need. I make around maybe $600.00 to-$1000 per year online. To help with some extra costs. So don't tell me how poor the middle class is or how there is none. What a lie. Stop overspending and trying to keep up with the Jones. Eat hamburger and tuna instead of steak and pizza. Stop buying junk prepackaged food and buy bulk and cook from scratch you will be amazed how much money you save. People who are in Credit Card Debt are there due to Greed, Selfishness and Impatient want it all and want it RIGHT NOW.