Reply #60: I believe that this will accelerate the economic collaps of America.

[reprobate]

So many people today absolutely rely on credit to live from paycheck to paycheck that any move to increase monthly payments will not only stress them finacially, it will force them to spend less.

And what happens when they spend less? Ever hear of Consumer Confidence? Consumer spending? If consumer spending drops the entire economy will collapse. We have made the fatal error of pegging the entire economic health of the nation on consumer credit. It WILL come back to bite us in the ass.

TwoSparkles, you are absolutely right about the "perfect economic storm". I can't think of any way it could be worse if it was done intentionally. I don't believe it was intentional. It all revolves around greed. Each special interest wants everything it can get. And it all adds up.

I can remember when the marginal tax rate was 90% and I know quite a few people who made millions at that rate. Now we pay the lowest rate in the industrial world, and our intelligent citizens want it lower.

Maybe we deserve what's coming?

Now here's a question for you:

At what point will all those who will be in such economic pain turn things around on the predatory credit companies, and become the predators themseles? After all, corporations are nothing but people, and while you can't seek revenge on a corporation, you certainly can seek revenge on the people running it. Will it happen? Ask Marie Antoinette.