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As interest rates for mortgages, car loans and credit cards soar, American consumers are being forced to borrow their own money at exorbitant rates from the financial firms who access funds from the Fed at rates near zero.

That’s another odious element of the trillion dollar Wall Street bailout, notes “Where’s Our Money?” – a blog written by veteran journalist Martin Berg and consumer advocate Harvey Rosenfield. Enough already, writes Rosenfield on the WheresOurMoney.org web site, in his latest post, “Roll Back Interest Rates.”

‘It’s time for Wall Street to roll back interest rates on the money it loans us,” Rosenfield writes: “I’m not advocating fiscal irresponsibility…but the financial collapse itself was the fault of greed-driven Money Industry speculators, many of whom walked away with millions of dollars in pay and bonuses. So they’re all set, they got theirs – still are – but now average Americans are told they need to scale back at a time when many are struggling to put food on the table and might want to use a credit card to pay for a doctor’s visit?”
Some other recent post on WheresOurMoney.org:
BURSTING D.C.’S BUBBLE
The battle for financial reform comes down to who owns one critical piece of real estate, one that has managed to avoid the crash that has ended the dreams of security for so many–the nation’s Capital– Wall Street, or the People?
DON’T DUMP THE GOVERNMENT, SUE IT!
The financial collapse is Exhibit A for those who distrust government. While the Tea Partyers advocate shutting it down, the answer is not to get rid of government altogether, but to force it to work better. How? Give citizens the right to sue to enforce state and federal law.

Source Rosenfield