The Washington Post reported today that U.S. Treasury Secretary Paulson wants to add credit card companies and other lenders as recipients of about $350 Billion of the federal “bailout” money. I guess he is the expert, but it sure makes me mad that we (yes, you and me) are paying to get money lenders out of hot water. And it’s for our own good!
Just imagine, the credit card banks that for so many years, basically had a license to “print” money, to now be having financial problems. And the Government decides to bail them out!
What about the millions of consumers that have had to file bankruptcy because of predatory and other shady lending practices of the credit card lenders over the past 10 years; are we going to bail them out? Not hardly. Their (your) remedy is to file bankruptcy. And what’s good for the goose, should be good for the gander. In my opinion, we should just let the credit card companies go out of business, or file Chapter 11 and try to reorganize, instead of bailing them all out.