The Problem With America's Debt - Glenn Beck - FOXNews.com - Glenn Beck claims debt with Chase Bank is "better" than debt with China, gasp.

The Problem With America's Debt - Glenn Beck - FOXNews.com

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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.

Legitimate Bills versus Outrageous Credit Card Interest Rate Charges that are Wrecking the Economy and Causing Unnecessary Despair.

Since Wall Street called a timeout last September, and with the Super Bowl right around the corner, I was wondering who will call a real time out for the american consumer? A real time out involves the suspension of interest charges on all unsecured debt, also known as Credit Card Debt.

I see Barack Obama madly spinning his wheels to try and inflate the american economy with a bicycle pump, and I find it embarrassing. Meanwhile, the made in China toy you purchased a couple of years ago is still on your credit card racking up obscene interest charges.

The toy that should have been made in the United States by an american, but instead was made in China, has now cost you MORE because of ongoing interest charges than if the toy had been made in the United States and you purchased it with cash! The net result is you bought a "cheaper" toy for more money than if it had been made in the United States, and no american labor was involved in the making the toy you bought, so that is one less wage earner in the United States to buy the products that your company makes. What doesn't go around, doesn't come around.

Being a great leader involves recognizing when your own actions are trivial compared to the will and power of the people. All Barack Obama has to do is waive the interest charges on all credit card debt for anyone trying to pay down their debts. Tie it in to a consumer debt reduction plan so that people don't just mindlessly run up even more debt, but actually get rewarded for paying down their debt, and you will see the economy come back to life all by itself.

Barack Obama talks about having spoken to people all over the country while running for president, yet you still think the men in suits have all the answers. The same people that gave themselves 18 billion dollars in bonuses from the bailout money you already handed them may not be the best source for solving the problem they helped create.

Would the Entire Worlds Economy be in Better Shape if all those Balloon Payments hadn't Ballooned?

Wouldn't everybody have been better off if all of those balloon payment loans had simply stayed "as is" for several more years? Over a year ago, when the stock market was still shooting upwards, I suggested a similar concept regarding credit-card-debt on my Credit-Card-Cap.com website.

Banks chose to foreclose and destroy homeowners who could actually afford a lower than desired monthly payment. Compared to getting zero dollars for that investment, was this really a wise course of action?

I believe a big elitist virus has been exposed. Loans MUST ENSLAVE the borrower for a long period of time. If the Loan does not enslave the borrower, the borrower did not borrow enough, or is paying too low of an interest rate.

One way to heal the economy is to offer interest free paydowns on ALL CREDIT CARD DEBT, but that is not acceptable to the banking elitists who can't stand the idea of unburdening the minions below them of their debt.

At some point in time, the flow of money from consumers who are PAYING DOWN THEIR DEBTS to the banks, is a good thing. Unfortunately, financial elitists don't want you to enjoy the freedom of being debt free and have instead chosen devaluation as a sordid solution to the world's economic situation.

One tip to remember regarding credit-card debt, if you cannot afford to pay down FOUR TIMES the MONTHLY MINIMUM DUE, you may never get out of credit card debt.

Stock Market Inflexibility, It's Their way or No way, same for the Government.

It just seems odd to this corner of the world that the stock market, the banking industry, and the U.S. Government seem to care only about long term profitability rather than short term consumer stability. I find this odd because in general these three entities usually seem to care only about short term issues.


Suddenly, when it comes to helping the consumer, it's a "this is going to hurt me, more than it is you" premise.

Short term consumer stability revolves around the banks, government, and wall street being satisfied that people can pay their monthly bills. One way to achieve this is to recognize that the interest charges on OLD, credit card debt is the first thing that should go. This would instantly give people hope that they could reduce their debts and start saving.

Banks don't seem interested in consumer stability if it means letting go of OLD credit card interest payments. Banks continue to hold on to their OLD credit card debt and are using it to further bury the consumer with OLD interest debt that the consumer has already been paid back over and over. This ill gotten money is then handed over to everybody BUT the consumer. Rather than use the ill gotten OLD interest rate charges to reinvest in the local community, the money is dumped in other countries, this investment then creates products that put more and more americans out of work while destroying the local infrastructure. These acts are approaching treason.

Our military uses more fuel than most nations, which in turn is adding huge debt on a daily basis while reducing the overall value of publicly owned real estate. This allows the Middle East to buy up our land with our own money at an even faster rate than can be imagined, is that a plan? We have always bragged about a separation of church and state, when do we get to brag about a separation of military and the politicians who financially benefit whenever the military goes to war?

Banks continue to Squeeze Consumers Credit Card Debt Dry.

Rather than make a bold move and encourage consumers to pay down their debt by eliminating interest rate charges on OLD DEBT, the Banks continue to cling to the only way they know how to make money, charging ridiculously high interest rates on old credit card debt. The banks may then use this never ending old debt indenturedness to invest in businesses in other countries.

When will this madness end? Will it take physical riots to uproot a system that is trying to pretend the status quo is acceptable? Wall Street continues to crumble yet clings to it's credit card interest rate fiasco as a prize of some kind. Long Term Credit Card Debt is no prize, it is an anchor that continues to sink the american economy, american citizens, and Wall Street.

What is bad for the american consumer SHOULD ALSO BE BAD FOR WALL STREET, but somehow that does not seem to be the case.

Solving the Home Owner Crisis Requires more than a Stimulus Check.

A better way to stimulate the economy is to eliminate interest rate charges for a while. An economic stimulus package in which the entire amount of the stimulus check goes towards higher gasoline prices is silly, no? If I were a bank and I was worried about millions of foreclosures, I would value keeping the homeowner making a monthly payment over simply foreclosing on them.

But for some inexplicable reason, the banks seem reluctant to waive interest payments. The obvious reason is that if they waive interest payments for some, they will have to do this for everybody. The reverse corollary to this reasoning is, if the banks don't waive interest payments, the debtors who lose their homes just become more of a drain on society, and it will be up to others to prop them up.

How about this idea. Waive all interest payments on home mortgages UNTIL a homeowner is no longer upside down on the house, plus 20% equity. So if a homeowner owes more on a house than the house is worth, they get to stay in the home as long a they make interest free payments. Once they have built up 20% equity in the home, they can either put the home up for sale, or agree to new terms that now involve interest.

Assuming banks have behaved ethically in how they have managed their homeowners loans, the above solution is a no brainer that helps everybody get through the current crunch. If it isn't done sooner rather than later, than we can assume the fix is in to imprison the american citizen for some ulterior motive.