Tuesday, February 2, 2010
The Problem With America's Debt - Glenn Beck - FOXNews.com - Glenn Beck thinks debt with Chase Bank is "better" than debt with China. Gasp.
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Glenn Beck does not understand the real damage that consumer debt is creating. He thinks we would be "better off" owing Chase Bank rather than China. This is just nuts. We would be better off incentivizing the consumer credit card debt by removing the interest rate charges for any consumer who is committed to PAYING DOWN THEIR CREDIT CARD DEBT.
Everybody wins, even the Chinese. But Glenn Beck falls short with his analysis. The alleged tea bagger could not bring himself to admit that national banks have destroyed local economies.
I will give some credit to Glenn Beck for spotlighting that the Barack Obama is holding on to part of the stimulus money so that the democrats can use it just before the next set of elections this fall to seed Wall Street and possibly electrify regions of the country with stimulus money.
But Glenn Beck loses the credit, and then some, when he has the gall to say consumers would be better off owing Chase Bank rather than China.