Tuesday, January 17, 2006

As We Suspected, Most Bankruptcies Are Impossible To Pay Off


By Elaine Meinel Supkis

The increasingly draconian bankruptcy laws the credit card companies have gotten through Congress aren't giving them the desired results: more loot. Of course, they get money at 2.5% interest and then reloan it for 25-30% interest but we aren't supposed to notice this gigantic profit for them. They want every penny plus a pound of flesh.

From the Washington Post:
The counseling agencies say most debtors are in such deep financial trouble that they cannot qualify for a debt-management plan.

"Typically, consumers are too far gone when they get to us," said Ivan L. Hand Jr., president and chief executive of Money Management International Inc. (MMI), the nation's largest credit-counseling organization.
Well, duh. People usually try and try before giving up. When someone's disability or illness prevents them from crawling forwards, they need some sort of remedy which is why high interest rates are charged in the fricking first place!

In Japan, the stockmarket is down because interest rates to the companies there rose to a whopping 1.4%! So what the heck is going on? Eh?

Any usurous lender charging over 21% interest deserves to get zero help in a court of law. They want to make risky loans, well, the principle us usually covered in just one year! If the interest rate didn't exist. So they might lose some profit but they seldom lose the money they put out and since scofflaws are usually less than 10%, the profits are absolutely stunningly gigantic, so big, they can lavish many millions on lobbying and bribing politicians and huge pay rewards to the executives, etc.

Who do you think are buying those megayachts, anyway?

The vampires and vipers running America told us, through their mealy mouthpiece, Bubble Boy Bush, to go shopping right after 9/11. And even this last winter, in the run up to Xmas, they were screaming at us to go shopping. They wailed that we should go shopping. They got downright nasty anyone daring to call Xmas a fraud, they were so fearful people might stop shopping like crazy.

Now they expect a flood of bankruptcies directly connected with all this shopping they demanded. And so they frown at the victims of this mega-brainwashing that runs 24/7 on TV, on the internet, on radio, on billboards, on every possible medium and surface: go shopping, buy this stuff! They want us to be stern like me and not go shopping, not buy stuff and to pay off all our debts and live virtuous lives shoveling snow and manure and tending the garden and hunting animals in the snow....Heh.

They hate me. Precisely because I am not part of all these little schemes. Whipsawing people and then blaming them for being cut in two: this is the reality of modern corporate (hello, Hillary!) America.
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