Registered: Oct 2004
10-10-12 07:38 PM
Quote from toc:
The idea is brilliant. For example: 4% interest rates on credit cards, means consumers save from 5% to 15% per year in extra interest payments on average. The money goes straight to the treasury to cancel the deficit instead of going into the pockets of CEOs and wallstreet big wigs making 10s of millions of bonus each year.
Consumers saving on interest have more money in the pocket to spend which fuels economy and job growth. Mere 4% interest rate on cards is an incentive to spend on credit itself.
US Treasury made tons of cash in bailing out Bank of America, AIG, GM type institutions all the while saving jobs and confidence in the economy.
Unless RATs come to power and outspend by so much that even operation is not able to cancel the deficit, there can be little wrong with the basic premise of this program.
What a bunch of tripe. It's certainly true that no one ever went broke underestimating the intelligence of the U.S. public.