How's this for an economic stimulus plan?

[rateyes]

Forgive every American's credit card and automobile loan debts, and then abolish the credit card industry altogether. Oh, and quit allowing banks to lend money that they don't have, thus creating money as debt. And, then REGULATE the hell out of the lending industry.

Yeah, I know, I'm not living on this planet.

[EnviroBat]

1. Toss student loans in there, and you've got the makings of

a great place to live!

[rateyes]

3. Yes. And, I forgot about single-payer health care. nt

[MadinMo]

2. I LOVE IT! eom

[Selatius]

4. Wall Street would have a bullet put in your head before you finished.

I guarantee it.

The best thing you could do is limit the interest rates they can charge the same way interest rates were limited with banks on loans. If a bank can't legally charge you 20+ percent on a loan, neither should a credit card company. I'm looking for consistency here.

As far as student loans go, abolish them entirely in favor of a universal Pell Grant program, paid for by diverting money from the Pentagon and repealing Bush tax cuts on every dollar earned beyond 250,000.

Appoint someone as Chairman of the Fed who will pursue disinflation like Paul Volcker did.

[rateyes]

5. You had to go and start making sense, didn't you?

:shrug:

[sinkingfeeling]

6. Should I run right out and 'purchase' a new $40,000 car or run up the $60,000 I have in unused

credit cards? Sorry, don't think anything you listed is a solution to the economic problem. Raise taxes, cut military spending, and pay down the national debt.

[Mountainman]

7. How about giving consumers a direct dollar for dollar tax credit for interest on consumer debt?

If you can only make minimum payments that would reduce your taxable income by nearly that much.

[alfredo]

8. Close the Chicago school of economics.