Forum Post: The Banks have to be restructured or shut down for our Economy to survive

The banks are disfunctional. For instance they are charging 29.99% Interest Rates on millions of peoples Credit Card Debts. This has to stop! It is called LOAN SHARKING !!

So the public bails out the banks after they collapsed with their speculation in "Capital Markets". Then the banks refuse to loan money to the public that saved them in the first place - small businesses in America and many legitimate home buyers - yet the Banks turn around and charge people who have lost their jobs and are trying to pay down credit card debt at a crushing 29.99% rate. How broken is that??? Those consumers with that type of Debt are not going to participate in the consumer economy because the banks have taken them out of the market!

And you can't transfer to another bank to get a better interest rate - they refuse you (they don't really want to compete with each other) so people are stuck. The banks are out of control and killing the economy. This is easy to fix - the government can simply clamp the interest rates on consumer debt so folks can pay off their debts at a reasonable 10% interest rate. The banks can still make their profits and folks can actually get out of debt before they die.

Instead of reforming the banks it might be easier to create a NATIONAL PEOPLES BANK that will actually function to povide the market economy with the financial lubricant it needs to run efficiently, grow and create jobs, instead of speculating with our saved money and not lending to our people and businesses!!