911Truth.org@ the United States Social Justice Forum 2 of 5

Comment

Comment by Lisa P on November 17, 2008 at 3:04am

Accordingly to experts in the industry, those who are against the bailout are generally people who do not understand what it is about. For those among you who thought that U.S. Secretary Henry Paulson planned to use the second half of the recent $700 billion financial rescue program to buy up all of those devalued mortgages that flutter in the wind like so much confetti, think again. Instead, that mortgage juice is going to be spent on consumer credit. Since a payday cash loan is a form of consumer credit, particularly for those without a credit score or who have credit difficulties, that industry should receive aid as well. Paulson says that he wants Americans to have easier access to such traditional forms of consumer credit as car loans, student loans and credit cards, and that these forms of consumer credit have become more costly because of “illiquidity” in the consumer credit sector. “This is creating a heavy burden on the American people and reducing the number of jobs in our economy,” he says. Indeed it is, but do you see what Paulson is doing here? He’s admitting that he made a mistake with his previous version of the rescue plan! Imagine if America had had a President who was willing to do the same. Perhaps America could pick up the pieces and move forward – or maybe certain problems could have been avoided. Government officials may just have the right idea: they’re planning to use some of the bailout money to encourage private investors to come back to the market. With a strengthened economy backed by investors in the world market, a more stable job market will result, and with a more stable job market, fewer people will have to depend upon payday cash when the chips are down. Sure, the industry will be there when folks need help, but the product is not designed for long-term financial dependency.

Click to read more on Credit Repair