I’m reading in the e-paper this morning about the new, revised Obama stimulus plan. Mr. Obama had talked about investments in infrastructure, alternative energy and jobs during the debates. It appears as though he is following through on those promises. I hope so. I also hope that there will be an examination of the terms of credit card accounts. The next shoe to drop is going to be defaults on credit card debt. The escalating interest rates and penalties built into all credit card accounts are a guarantee of massive trouble in a deep recession, particularly since Americans have run up amazing balances on our cards.
I see that Henry Paulson is making noises about reconsidering his position on rescuing mortgages, too. It’s about time, Hank. You’ve been giving my money to the fat cats like it was birdseed and letting homeowners freeze in the dark. Sheila Bair’s mortgage restructuring proposal is the most effective thing you could do with your $700 billion dollar slush fund. I don’t understand why, since Congress is insisting that this is the purpose they gave you all that money for, that you have been resisting it. Oh, right, it doesn’t help Wall Street.