Dear Senator Dodd and Members of the Senate Banking Committee,
We bailed out the banks, currently we are giving them 0% on borrowed money, our wealth, and their greed will not allow them to give the American Public a break.
This is an Act of War on the American People by the Corporate Lending Institutions.
The time has come for the US Congress to protect all American Citizens. this time bailing out the Public Citizen.
I purpose a Public Debt Relief Option:
1. The Federal Government assumes all credit card holder debt – They, Congress, have the power to cut a deal with the Banks. Since these ungrateful institutions exaggerated their needs then quickly profiting off the backs of the American People it is the least our Government can do to help make amends.
2. If a citizen owes $12k to the bank and they sign up for the Public Debt Relief the Federal Government will pay the banks $8K. Two-Thirds of what is owed.
3. The American Citizen will now no longer have a credit debt to that Bank.
4. The Credit Card is now also closed.
5. The American Citizen utilizing this public debt option now owes the Federal Government $8k plus 3% interest.
6. Monthly installments will be made, no more than 17% of net income, automatic deductions from wages optional and IRS returns kept. Late fees of 1% within the first 30 days, 3 strikes maximum.
7. By law, once the debt has been paid this transfer will not affect one’s credit rating unless late more than 3 times.
8. However, until the debt is paid in full to the Government, Banks must be regulated with a hands-off policy to that debtor.
9. If a bank or a lending institution violates this policy they will be fined the amount offered in their letter of credit invite.
10. When the economy turns around; unemployment numbers below 4%, and depending on an individual’s income, the 3% rate can go up to as high, but no higher than 8% until that debt is paid.
This is a one time debt relief option only.
Since the Banks wish to terrorize the American Public with these new and higher interest rates, plus throw all the toxic waste on the backs of our children, which they created and Congress allowed, under these heretofore stressful conditions the Banks have decided to ignite incendiary financial bombs all across the nation, thus destroying our peaceful coexistence and happiness and forcing the American People into indentured-servitude for decades to come.
It is the responsibility of the Federal Government to step in, take action and protect the American People from these Financial Predatory Terrorists.
Anything less will put the American People and the nation in grave danger and in harms way.
Senators I implore you to please act quickly!
Thank you for your time.
Debtor’s Revolt this is only a start
The American People, in general and in great numbers want to be and act responsibly, but they also want a fair shake, they are a hearty people and believe in justice.
These are tough times, the majority of citizens, unlike the banks and corporations, are not looking for a hand out, they want to work and be productive, but the cards are stacked against them now and their freedom to move forward and provide for their families is systematically being suppressed through financial means.
This is a shock to all liberty loving people, President Obama has to act immediately. He must show the same mercy the previous Administration showed towards the banks now upon the American People.
He must avoid the coming calamity set into motion by the The Wall Street Banks and the Federal Reserve.
Time is running out, On 30 November 2009 Banks will be raising interest rates across the board on the American People. During these tough economic times the American People have relied on credit cards to make ends meet, pay utilities, rent or mortgage, medical bills and buy food. They are not using their cards for frivolous things, but due to unemployment the majority of Americans are now using their credit cards for survival.
This is a direct attack on the well being of citizenry throughout the nation.
As commander and chief and head law enforcement for the peace and well being of this nation I implore President Obama to act now and freeze all credit card interest rates.
Those who are at a rate beyond fair, 5% above prime, must be given the opportunity to receive a fair rate. Debt must be repaid, but not at the price of forcing the American People into indentured-servitude or death.
We must be fair and we must learn from our mistakes if we want to be a nation that can trust our government, business and each other again.