There was a time when the banks were virtually everywhere, asking people to take credit cards. Today, the same banks are cutting down on their customers, and credit limits, while raising interest rates if you have a balance outstanding.
View the video clip from MSNBC.Com for a summary of the current credit card situation. Whatever the politicians are doing to pour billions of dollars to ensure that credit is being given is not working. The US Government should work on helping consumers directly, rather than through banks, because its current bailout actions are just a waste of taxpayer's money with no real economic benefit.
View the video clip from MSNBC.Com for a summary of the current credit card situation. Whatever the politicians are doing to pour billions of dollars to ensure that credit is being given is not working. The US Government should work on helping consumers directly, rather than through banks, because its current bailout actions are just a waste of taxpayer's money with no real economic benefit.
I'm not saying that all banks and other industries should not be bailed out. However, there is a difference between brain dead charity and a viable and profitable business model. Where there is a viable and profitable business model, the US Government has to get a Committee of Shrewd Business People like Warren Buffett, etc., to sit on such a committee to review the deal before the Government commits public funds to a loss cause. Getting a team of politicians to listen to bailout proposals is a waste of time.
People are upset, and I myself felt irritated after watching a video clip that showed that children of less than 8 years old are writing to Santa Claus this time, not to ask for a toy but to help their parents through these tough times. This is very, very sad, and tears well up in my eyes as I write this.
People are upset, and I myself felt irritated after watching a video clip that showed that children of less than 8 years old are writing to Santa Claus this time, not to ask for a toy but to help their parents through these tough times. This is very, very sad, and tears well up in my eyes as I write this.
As the events of the economic turmoil and banking crisis unfolds, I am beginning to see the wisdom in President Hoover's policy not to bailout the banks during the era of the Great Depression.
The US Government has to "take the bull by its horns" and focus on the Return on Investment in the form of job creation with every taxpayers' dollar spent, from now on.
The US Government has to "take the bull by its horns" and focus on the Return on Investment in the form of job creation with every taxpayers' dollar spent, from now on.
Yes, this will take time, but it is THE ONLY REAL SOLUTION to the economic situation. There will be pain for many while waiting for this Job Creation Policy to achieve full impact, but it is better than throwing money into the drains.
Best wishes,
Ooi
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