Credit card interest rates surge as spending drops

Single mom has to try to survive on foodstamps as consumer credit dries out and interest on Credit Cards reaches in exsess of in average 19%.

INTEREST rates on credit cards are at the highest levels they have been for more than a decade, a new report shows.

Average interest rates for making a purchase on your plastic have now hit 19pc -- the highest rate in 13 years.
Credit card providers have pushed interest rates up by 2pc in the first few months of this year alone, according to research by market research group Mintel.

http://www.independent.ie/business/personal-finance/latest-news/credit-card-interest-rates-surge-as-spending-drops-2819892.html

This as Wall Stret now is guaranteed near zero interest rates for at least the next two years.
http://online.wsj.com/article/SB10001424053111904140604576498380497149042.html

Then as banks not are in liquid out of cash but in fact insolvent they now use this free money to promt up their balance sheets in order to try to repaire what in fact are losses at historical levels. Not a dime of this money therefore is then transfered from these large banks to the real economy.

As leading bank analysts Meredith Whitney states "the top U.S. financial institutions have become zombie banks that will need a decade to adjust their businesses to the new realities in the industry."
http://intheendwerealldebt.blogspot.com/2011/08/financial-giants-turning-into-zombie.html

The whole idea is now to try use time in order to try to mend what in fact really is broken by transfering real welth from the real economy and the taxpayers to a phony casino fake economy based, not on market values but rather so called "book value".

The ONLY result out of this is welth transferred to an unpresidented extent from the taxpayers and the real economy to the financial elites by throwing real good money on what in fact is nothing but a black economic hole. As long as this is allowed to continue (and in the cards this is something now they see happening for decades) the economy and the consumers will become more and more depressed.

In fact what really is at stake here is the whole middle class - as we know it. These people have NO political representation anywhere in the system as all funding to politicians has been made by either of oligarchs and or big business. The result is evident - austerity for the people and corporate wellfare to big business.

But here is a thought - how in the world does this parasiting big business beleive it can survive withiout any future economy based on real consumers? Mayby they think is enough just to led the FED hand them out printed money, shortcutting any consumers...?

There is a war going on
http://www.youtube.com/watch?v=Tq1zpHF0J04

Money to The People - NOT to Banks
http://www.youtube.com/watch?v=nA54cgkvc_w&feature=related

Bill Still's "The Secret of Oz" movie review
http://www.youtube.com/watch?v=Plk82fK0tAM&feature=related

George Carlin Doesn't vote
http://www.youtube.com/watch?v=xIraCchPDhk