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Tuesday, December 13, 2011

Is Barack Obama a Banker?

Three things that would instantly help main street and the 99%; lower interest rates on mortgages, lower interest rates on credit card debt for anyone that can PAY DOWN their debts, and lower interest rates on student loans as well. 


These three interest rate reduction moves would instantly provide a surge in local economies as people would have more of their own respend money that they themselves EARNED to then re-spend locally even as they continue to pay down their other debts. 


Lower interest rates would in turn would stabilize city, state sales tax revenue streams and property taxes as well. Ironically, lower interest rates would benefit the federal government income tax receipts as well since income tax interest rate deductions would probably slightly reduce.


It appears that Barack Obama is not interested in either reducing mortgage interest rates or extending the time to pay back a mortgage, nor in reducing credit card interest rates for those who can pay down their credit card debt every month! 


Even the new student loan changes really don't deal with the main issue of lower interest rates, only having to pay when one is employed, and no more penalties and fees tacked on to existing student debt along with student debt relief for those who have paid into the system only to see what they owe, rise!


For those who believe in ending the fed, another equally effective approach is for main street to have much less debt to begin with. Less main street debt means the fed and their cohorts won't have their debt claws into the 99% nearly as deep.  


According to congress person Dennis Cardoza, Obama seems to be against reducing the interest rate charges on prevailing types of consumer debt, even when the consumer would then be in a position to actually pay down all of their debts rather than simply tread water or slowly drown because of the interest rates being charged on their debt. 


Obama seems to be in favor of continuing, engulfing debt for the 99%, resulting in massive profits for his friends and supporters on wall street via the interest rate charges and the penalties, fees and foreclosures that result when a consumer falls behind on their payments.


It seems to me that Obama thinks and acts like a banker.

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