First Federal CONSUMERS Bank..

[Rosco T.]

wanna solve several problems at once? Make a FEDERAL BANK that is EXCLUSIVELY set up for Consumers... NOT BUSINESS...

- come to First Federal and refinance your mortgage, we pay off the old mortgage and refi at 4%. The government makes the money to help retire the deficit and fund programs.

- come to First Federal and refinance you car, we pay off the old lien holder and refi at 4%. The government makes the money to help retire the deficit and fund programs.

- come to First Federal and TRANSFER YOUR CREDIT CARD balances, we combine ALL your balances to one First Federal EAGLE Visa, at 4%.

The 'banks' get their money, the goverment now makes the interest.

One mortgage, car refi, credit card converstion to a customer tho, If you're STUPID enough to get in debt again, no help till the existing First Federal account is retired.

[Wapsie B]

1. Wouldn't that be the function of a credit union?

[Egalitariat]

2. At 4% interest (especially on CCs), there's no way the bank would make more than it loses

due to bad debt. There would be nothing left over to "help retire the deficit and fund programs".

[Oregone]

4. Eliminating a middle-man will increase margins

And making debt more affordable (via low interest) may make debt less likely to default.

[originalpckelly]

3. Loans have no purpose but to further investor class control.

Mortgages and rents, both steal away capital from the masses. We all need a place to live, but why not build small condos and live with one's parents until one can afford to buy the condo outright? Why not buy cars outright? Why not buy clothes outright, rather than on credit? Or the various sundry other things that we buy on credit?

We've got too much credit in this system and too little saving, and that's intentional. Racking up debt is a way to have someone else own one's future work, it's a method of control. There is nothing beneficial to it, it hurts the market, because it allows it to delay the effects of self-correction.

The only legitimate purpose a bank has is to provide money to the economy. We can do that by having an electronic currency.

[Oregone]

5. Why should anyone care if we further the investors of a federal bank?

Since, we, collectively as the people, are the actual shareholders of such bank? Any profits derived from a federal consumer bank can be used to fund social programs for the people. Not only would people be paying down drastically more principle (building wealth via equity) and be paying far less monthly, but the federal government would be making a mint off financing mortgages (which they essentially finance anyway, just for abysmal profits currently).