Tuesday, January 12, 2010
The Street Gets it Wrong when it Blames Consumers for not Reducing their own Consumer Debt, Gasp.
I found a story identifying the reduced consumer debt as having to do with credit card write downs and not a change in consumer spending habits. I found the ending of the article offensive as it blames the american consumer for not doing more to pay down their debts.
This is an idiotic conclusion, and one that cow tows to the wall street banking banksters that have put their resources in scandaulous derivative schemes, bankster bonuses, seeding wall street, and international investments, NONE of which helps americans reseed their local economies.
The american people have been robbed of the ability to reduce debt because of existing ultra high credit card interest rates that is starving the rebirth of local commerce. To blame Main Street for the chicanery of Wall Street is just another slap in the face from the banksters as the line up for their billions in bonuses.
You can read the story and the scandalous final sentence on page three of The Street article by clicking on this sentence. If you don't move your money to a local community bank or credit union, who will?