This week the Fed chief, Ben Bernanke, is going to discuss the possibility of implementing QE3. Over the last three years the government has been trying to stimulate the economy with first of all, the stimulus package and following up with QE1 and QE2. Not only have any of these stimulus packages worked to stimulate anything other than the banks pocketbooks, they have led the US into further debt. After digging a little bit I found out an interesting fact about QE1 and QE2, both of these were nothing more than basically printing more money. The Fed calls it digitizing, tomato tomoto, it is the same. It doesn't matter whether you physically print US dollars or just add a few zeros to the banks financials, it devalues our currency. The Fed believes that it can print the US out of debt. The only problem with that is it will wipe out every American's savings accounts with hyperinflation. It has never worked in history and it won't work now.
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With most American households needing some kind of economic stimulus, they should consider filing bankruptcy to loosen up the money spent paying credit card bills and be able to spend on supporting their family. Filing bankruptcy seems like a better option than waiting around for Congress to give the banks more money that is intended for the households and ends up in their vaults.
Our president recently said that extending unemployment insurance helps stimulate the economy because when they will receive that money they put it right back into the economy for living expenses. That's like giving your kids a larger allowance hoping that they will help out around the house with your living expenses, making the bottom line better for mom and dad. It's crazy.
There is a better idea of the average family out there. The average family spends about half their income on mortgage debt service. Instead of struggling and waiting to win the lotto, they should file for bankruptcy, this would free up half of their income that they are paying to creditors to keep their credit cards going. It will be a different way to live after filing bankruptcy because the debtor will no longer be living on credit cards. The debtor might be surprised what they're able to do when they get away from just paying bills and might even be able to open a savings account.
If everyone tries to discharge debt by filing bankruptcy, instead of repaying it, the banks say that they will suffer a great loss. Considering that they have been bailed out numerous times and still can't get it right, you have to look at who's truly at fault. The fact that our economy has recovered at all is the money banks have gotten is not going out to the masses by viable loans.
So the idea of filing for bankruptcy, basically cuts out the middleman by not recapitalizing the already fat banks who are not relending this money out to consumers and businesses. A bankruptcy filing will take $1000 or so off of the average consumer's budget that would normally go to paying credit cards, and go pay cash for some new clothes for the family.
Obviously this is just a sarcastic look at our banking system but it's important to remember that most Americans are highly over encumbered with credit card debt. Most Americans continue making the minimum payment, trying to pay their credit card debt down that will probably never be paid off. So getting a fresh start by filing bankruptcy might not be such a bad idea after all. This takes the debtor back to the bricks and mortar of how a household works and forces them to live on cash for a while. This helps a debtor to understand how credit, if left unchecked, can burn out of control like a wildfire. When buried under a mountain of debt it's always a good idea to check all your options, with filing bankruptcy being one of them. This decision should only be made after consulting with a bankruptcy attorney. A bankruptcy attorney will be able to discuss the legal options and whether it's Chapter 7 or Chapter 13 bankruptcy that is best. If you do not qualify for bankruptcy, the bankruptcy attorney will be able to direct the debtor into other alternatives. It's terrible to live your life buried under a mountain of debt, check out filing bankruptcy and get on the road to becoming debt-free.
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