$750Bil later (that includes emergency Tres. funds '08 and $350 bil TARP) and the banks still haven't eased their strangle on credit (or dealt with their "toxic assets" - which aren't the mortgages but the speculative CDS/hedge funds on top of them.......)
Perhaps we should exercise a Credit Holiday ..... to help them and our Congressmen along
the mechanics... April 1-May 1 one no one pays their monthly due to the following companies: top 20 mortgage lenders, top 20 credit card companies
Hold back one month...then May 1 pay "under protest" as usual...but ignore your credit score hit and late fee....
I can't say if the Stimulus is "good" - who the heck knows if it will work..... but, we certainly know that the last $750mil is unaccounted for and opaque.....and no effect for us as individuals that I can see....
One story after another on Kos on the arbitrary nature of securing credit or keeping a home. Our personal example on seeking credit: since September of this year our credit score dropped almost 100 points and all we did was payoff 60% of our revolving debt! Go figure?
The "deregulation of financial markets" has been the largest bloodless coup in history...and largest transfer of wealth from the lower classes to the ruling class in recorded history (did you think you part of the ruling class?).
The speculative markets/institutions (from commoditites to the CDS over the counter gambling) have taken from almost every nation in the world their solvency... and from middle class american's approximatley 40-60% of our collective wealth..... and we are paying to "rescue" them while they continue their strangle hold on credit (re-fi for those in trouble but not yet in foreclosure)....or how about just re-fi for comfort?
Anyway.... I suggest a CREDIT HOLIDAY...and if it works Insurance Holiday will be next in line....
Say April 1 to June 1 we all just don't pay on our mortgages and revolving credit debt.... for three months..then we are all collectively "in line" to get a re-fi based on our inability to pay!
So, too big to fail? We can't do that!
Ok, how about one month?
Finacial institutions are running the show Globally and we need a way to protest....guns and blood are a century past.... but, holding on to our money and insisting that usary and loan sharking are a thing of the past....
How much revenue would these companies not get for the month? In real dollars? How valuable a lesson?
And to us? Collectively our credit scores go down..oh gee... these companies control the criteria for credit scores anyway.... (if we are collective and precise that "hit" will become but a blip) AND. importantly we will have given each other our own immediate stimulus package...a month off that debt to either save for next month's debt or buy today.....
I think one month would do it...... so the goals must be clear..... we need to tell them what usary is, what "good credit" is....
if they don't listen...do it again....
We could have their predatory practices and covert behaviors corrected by July.... I invite readers to think about the mechanics (perhaps forget the Free riders - the non-participants - let's assume a groundswell...) of what it is we need from them....
Accountability on TARP, etc, reduction of interest rates on Credit Cards and silly fees... allowance to remove credit card debt in banckruptcy, etc, etc.... what would we seek?
If this works...ahh then this summer we all don't pay the insurance premiums.... gosh maybe they will mend their ways to EARN business....btw banks and insurers you know not a one of us is free....
"St Peter don't you call me cuz I can't come..I owe my soul to the company store...." (I recall this song from my childhood...it brought tears to my father's eyes)