::::::::
At the end of 2008 the total US consumer debt , not counting mortages was about 2.5 trillion dollars. click here Most of the major banks have received bailout funds, paid for by US citizen taxes. Let's use an example as to how the a US taxpayer with consumer debt is paying twice for one debt. Joe the consumer has a $5000.00 credit card balance with Bank of America. BOFA charges him 29% on his balance. Joe makes his minimum monthly payment and can expect to pay off this debt in about 20 years. BOFA takes billions of dollars in government bailout money which is paid for by Joe the consumers' taxes.
Poor Joe is now paying not only a usuary 29%, but is also being taxed by BOFA on this same payment. Therefore Joe should be exempt from making any credit card payments as long as BOFA is accepting taxpayer bailout funds. What is good for the goose should be good for the goosed. Any bank accepting bailout funds should wipeout the same amount of consumer debt that they recieved. This would also give Rick Santelli a coronary, killing two birds with one stone.
