Democrats to Consider Credit Options for ‘Underbanked’ Americans

[Chris_]

Democrats to Consider Credit Options for ‘Underbanked’ Americans

(CNSNews.com) – On Friday, Rep. Barney Frank, chairman of the House Financial Services Committee, will join FDIC Vice Chairman Marty Gruenberg and others in a discussion of “new, safe and affordable credit options for America’s underbanked.”
 
The policy discussion on Capitol Hill comes as banks – reacting to new credit card rules imposed by Democrats – start pulling the plastic from current credit-card holders, a move that is sure to lead to even more “underbanked” Americans.

*snip*

According to organizers of the upcoming Barney Frank-Marty Gruenberg event, “Nearly 40 million households in America lack access to mainstream credit and affordable small dollar loans.” Friday’s discussion will focus on efforts to address the “plight of the underbanked.”
 
“A panel of thought leaders will conclude with their perspectives on potential policy solutions,” the news release says. The discussion Capitol Hill is being organized by the Center for Financial Services Innovation, the New America Foundation and The Pew Charitable Trusts.

Holy sh*t!!!!!  Access to money that could NEVER be repaid is what got us into this mess, you morons!   

MORE

[Chris]

"thought leaders"???

[Chump]

It's Atlas Shrugged for real now.

The thought would never occur to these "thought leaders" that those who "lack access" to credit are in that situation of their own volition.  They may be shocked to find out that banks actually like loaning money out, provided they're confident the loan will be repaid.

This Congress needs helmets.

[DixieBelle]

Holy sh*t. I cannot say anything else. These fools have learned NOTHING.

[IassaFTots]

It's Atlas Shrugged for real now.

The thought would never occur to these "thought leaders" that those who "lack access" to credit are in that situation of their own volition.  They may be shocked to find out that banks actually like loaning money out, provided they're confident the loan will be repaid.

This Congress needs helmets.

   Screw Congress, I got mine.

[Celtic Rose]

Are they seriously trying to make the banks fail that this point?   

[Chump]

Are they seriously trying to make the banks fail that this point?   

Can you think of a better way to start re-building America's economy?

[thundley4]

Are they seriously trying to make the banks fail that this point?   

It's one way to take full control of them, so why not.

[NHSparky]

Okay, so when is the radio broadcast?

"This is John Galt...."

[Chump]

Okay, so when is the radio broadcast?

"This is John Galt...."

I think we have a better chance of Obama taking to the airwaves and saying, "OK I was just jokin' about all of it.  I'll stop being such a giant douche now."

[Hawkgirl]

Is it time to take money out of the bank and hide it in shoeboxes in the wall?

[Chump]

Is it time to take money out of the bank and hide it in shoeboxes in the wall?

Yes, absolutely.  Even better, before worrying about your paper money, make sure you have plenty of stored staples and supplies.

[Carl]

This is simply more of a takeover of private industry.
They will force creditors to lend and then when not repaid will capture them with another bailout.
In the meantime people without means to pay will spend so the economic picture will look brighter (good for election politics) and lo and behold a benevolent government will come to their rescue eventually.

[Lacarnut]

You have not see anything yet. These Democratic dunces know that the economy and employment is in shambles. If they do not do something before the elections next November, the Democraps will get slaughtered. Flooding the market with money may make an improvement in the short run.  This is another disaster waiting to happen. Allowing people that have bad credit to borrow will result in more defaults. Then the government can take over all of the banks.

[Chump]

You have not see anything yet. These Democratic dunces know that the economy and employment is in shambles. If they do not do something before the elections next November, the Democraps will get slaughtered. Flooding the market with money may make an improvement in the short run.  This is another disaster waiting to happen. Allowing people that have bad credit to borrow will result in more defaults. Then the government can take over all of the banks.

I'm too lazy to look it up right now, but if IIRC through TARP, TALF, and the other alphabet soup programs from the Fed, along with the stimulus bill, we've borrowed and printed roughly 2.7 trillion dollars for the flooding you mentioned.

And all that's done is maintain some sort of status quo in the financial industry.  The rest of the economy is steadily getting worse (except for government employment of course).  It's like playing kick the can, except we're using a sledge hammer and only getting the can to roll a few inches.  Scary times we live in folks.

[Lacarnut]

I'm too lazy to look it up right now, but if IIRC through TARP, TALF, and the other alphabet soup programs from the Fed, along with the stimulus bill, we've borrowed and printed roughly 2.7 trillion dollars for the flooding you mentioned.

And all that's done is maintain some sort of status quo in the financial industry.  The rest of the economy is steadily getting worse (except for government employment of course).  It's like playing kick the can, except we're using a sledge hammer and only getting the can to roll a few inches.  Scary times we live in folks.

The Feds still have 6 to 7 billion of the stimulus money left to spend. Congress is talking about another stimulus; Obummer is talking about a $250 gift to those on SS. Flooding the economy with all those dollars is not going to help that much. Unemployment will continue to rise. The Democrats are running scared, and will try every spending trick in the book. Like you said, these are scary times with all the debt being piled up. Huge tax increases are on the way.

[Chump]

The Feds still have 6 to 7 billion of the stimulus money left to spend. Congress is talking about another stimulus; Obummer is talking about a $250 gift to those on SS. Flooding the economy with all those dollars is not going to help that much. Unemployment will continue to rise. The Democrats are running scared, and will try every spending trick in the book. Like you said, these are scary times with all the debt being piled up. Huge tax increases are on the way.

Again, if IIRC, they still have several hundred billion dollars left to spend from the stimulus.  It's the Quantitative Easing account that only has around 6 billion left.  If Bernanke wasn't lying, again, before Congress last month, the Fed will stop monetizing our debt at the end of this month.

[NHSparky]

Is it time to take money out of the bank and hide it in shoeboxes in the wall?

To quote the movie Gremlins 2: "Well, it's rather brutal here. Right now we are advising all our clients to put everything they've got into canned food and shotguns."

[SSG Snuggle Bunny]

This Congress needs helmets.

That would just slow things down.

We need to just leave a big box of sharp objects and matches in the middle of the Capitol building, walk away and allow them to play undisturbed.