HIGH CREDIT CARD COSTS--("CC" Debt)-- CAUSE RECESSSION.
BANKS BENEFIT FROM EXCESSIVE CREDIT CARD RATES--
When they lose money on bad debts, they just deduct the losses from their INCOME TAX
THEY HAVE NO RISKS ON CREDIT CARD MASS MAILINGS.
BANKS USE THEIR MONOPOLY TO FIX "CC" RATES

If the government really wants people to get out and spend, there should be a method for consumers to refinance CC Debt, just like they can re-finance mortgages.

The Banksters rip off the taxpayers. We pay TWICE for Credit Card Debt. We pay excessive interest on our debt and we pay more taxes, when Banks write-off losses, from bad debts when they mass mail credit cards to everyone.

If the government really wants people to start spending again--(consumers were already cutting spending before 9/11)--it must do something about the cost of borrowing on credit cards.

DURING PERIODS OF REDUCED INTEREST RATES, we need to be able to re-finance CREDIT CARD DEBT, just like we can do with Mortgage Debt.

Why doesn't a bank offer the rate of CREDIT CARD Interest Rates, comparable with a person's mortgage? They take no greater risk, as they write-off their losses on their INCOME TAX.
CHECK THE BANKS' P&L's,
MOST PAY NO ORDINARY INCOME TAX, AT ALL.
They pay the Alternate Minimum Tax.
Now, they are trying to get that reduced due to the "National War on Terror", just like they want to reduce the Capital Gains Tax, as an "Economic Stimulus."

The Long Term Capital Gains Tax is already LOWER than the tax rate for Middle Income Tax Payers.

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