Your Banks Want To Forgive Your Debt, But Your Government Doesn’t!
Just days ago we reported about a proposal by the financial institutions to set up a program which would forgive up to 40% of consumers credit card debt if they were underwater with payments.
The Office of the Comptroller of the Currency, which regulates banking, came back and said:
The agency does not consider any plan that defers the timely recognition of loss as prudent, and any such proposal cannot be viewed favorably by us.
So let’s get this right. Spending over $100 billion to bailout AIG whom spends it on luxurious spa retreats for executives… Good! Spending money on the people who actually pay these taxes, the consumers… Bad!
…So much for our government being by the people, for the people.
