Tuesday, September 13, 2005

another shoe falls

In a story on CNN this morning, it was noted that next year, credit card companies will be DOUBLING their minimum monthly payments, which according to the report, means an average of $200 per month more in expenses for the average card-holder.

While it is certainly wise to ensure that minimum payments are sufficient to reduce the principal on a debt, it is unlikely that people who only make the minimum payments on their card bills will be able to afford the dramatic increase, forcing many of them to default.

With the new bankruptcy laws (which are finally receiving some attention due to their potential impact on the victims of hurricane Katrina) it seems likely that a lot of people will be required to liquidate personal assets in order to pay the increased charges, and that many will simply be unable to do so.

It seems obvious that this is part of the present administration's effort to loot the wealth of the United States and appropriate it for themselves and their cronies, which will further weaken the already wobbling economy of our country. First, make it virtually impossible for the average person to escape financial ruination, and then increase their debt-load. Voila. You suddenly control the wealth of the country. He who owns the gold makes the rules.

Unfortunately, there are going to be a lot of pissed-off debtors who will finally begin to understand the con game to which they fell victim.

I hate even thinking this, but it looks more and more every day that the way the future course of our nation is going to be decided will be with armed insurrection and another civil war, and when it happens, it will be the fault of the Republicans.

Not that it will matter then.


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