How are they going to explain this one? From El Tinklenberg:
With record unemployment, real wages declining, and living expenses and fuel costs strangling budgets, more families than ever are relying on credit cards to make ends meet. The average American family now has nearly $10,000 of credit card debt, and most of their interest rates already seem like highway robbery. It just makes sense to ensure that consumers are protected from abusive rate increases and interest charges.
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“How are they going to explain this one? “
The way they usually do - by makin’ (deleted) up. Seriously.
Hey, how about people learn to live within their means, shame on the people that have over $10,000 racked up on credit cards!
Typical - gopgal completely absolves the lenders for their poor decisions in extending credit.
These days, the GOP only holds OTHERS accountable for their actions, as gopgal so clearly demonstrates.
So then GOPGal, I expect that you aren’t a big fan of the bailout? Sean
gopgal is a big fan of herself.
GOPGAL,
The supply side predators need people to rack up debt in order for the economy to work under a supply side system. Don’t you get it that purchasing power for the middle class has remained relatively stagnant for the last 30 years? Middle class spending drives the economy, all sides agree on that. Without real wage growth, the only way to get money flowing through the economy was to make credit easier and easier to get.
So, lets lay blame where it belongs. The supply side redistribution of wealth to the top 1% has bankrupted America’s economy. The money did not trickle down to the middle class. Real wages have not gone up. A select few have become extremely wealthy, but they do not re-invest in industry in any appreciable amount. When companies were given all this extra capital, they just bought back their own stock, putting zero of that back into the economy.
So, GOPGAL, as FDR said, if someone works 40 hours a week a a decent job, they should be able to afford a house, one vacation a year, and to be able to send their kids to the doctor if need be. In today’s supply side world, you often canot even do that with two incomes. According to McCain and Bachmann, we should just get two jobs, so we will hardly ever see our kids or be able to raise them. Nice family values, but I digress. So, if you want a country of economic royalists and fascists, you can find those in other countries, but we are sick of it here. We fought a revolution to get rid of feudal royalists, and we won’t stand for economic royalists either!
TwoPutt,
It is funny how the home owners are, according to Republicans, irresponsible, lazy, uneducated, ignorant, undeserving minorities,
While the university educated, lifetime experienced Republicans do the same thing, and they deserve millions in bonuses. That the white, rich, connected affirmative action of the Republicans. Meritocracy be damned.
20,000 people lost their jobs at HP, and Fiorna got a 24 million dollar bonus as she was fired. It is obvious to see what the priorities are. Obviously not American citizens.
Alec, gopgal and her ilk simply don’t understand economics.
And they completely ignore that everything the supply siders have said and predicted, has turned out wrong.
GOPG
Bush TOLD us to act irresponsibly, as our government does, and live on credit. It is the American way!
I don’t think Michelle had a choice. Her husband told her what to do, and she did it. You can’t blame her for her actions, cause she does what her husband says.