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hizgeorgiapeach -> Pass the (financial) lube, please (11/13/2008 11:24:49 AM)
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Seems the government wasn't content to screw taxpaying consumers with the $700Billion + bailout. Now that the banks are feeling just the slightest bit less stressed, and want to pass the help along in some manner (much to much surprise) the feds tell 'em "No."
http://news.yahoo.com/s/ap/20081113/ap_on_bi_ge/meltdown_credit_cards
Seems the feds have completely rejected a plan that was presented by an alliance of banks and consumer advocacy groups - a rare type of alliance, to say the least - to offer debt forgiveness for those who don't qualify for other sorts of help in getting credit card debt under control. According to the feds, that would simply be "postponing admission of losses suffered by the bank" or something to that effect.
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