Tag Archives: AIG

Politics of Credit Card Reform

You got it! The welfare of American consumers is political, which surprises me greatly when both political parties pledge platforms to help the average American. But what is even more surprising is when one of the parties actually steps into help Americans, the other party finds great fault. Direct from the Business and Media Institute (guess what side of the credit card reform battle they’re on.) Author Jim Poor, yes-Jim Poor takes a sarcastic swing at credit card consumers and President Obama. Jim Poor; is that like calling a fat man Tiny? I can only assume that since Mr. Poor is on the side of creditors he must value wealth. The irony is just very incredibly juicy.

Mr. Poor finishes his article with this blurb, “But that begs the question – if Obama is going to save us all, why even bother thinking.” Well, heck Jim I have been THINKING for years that credit card companies were scandalously taking advantage of consumers. I honestly do not need anyone one to think for me…and besides the credit card companies are not shy about their exploitation. It says so in their fine print-“At Our Discretion.”

Let me get down the nitty gritty of the political fold here. If President Bush and the Republicans have taken the side of credit consumers they would have been brandished heroes. Wasn’t it McCain and Palin who solicited the help of Joe the Plumber to give voice to the average American, but this is the party denying average Americans rights? Isn’t this the party that gave tax breaks to the wealthiest elite while taxing heavier on the poor? Isn’t this the party who loosened regulation on the food industry that has been poisoning our children? Isn’t this the party that gave government contracts to their corporate buddies (KBR) that are killing our soldiers? That doesn’t sound like they truly support average Americans. Instead they spent most their time ruining our economy, giving power to corporations that exploit consumers, oh yeah and they tortured. Perhaps it is a good thing President Bush and Republicans didn’t not take up credit card reform who knows what they may have done to debtors. The hypocrisy here smells extremely foul.

The political fray from this is President Obama and many democrats are doing their job in protecting and serving the average American. Wait, what did I just say-our government is standing up for the little guy and not the big corporations like AIG and KBR who not only exploit Americans but kill American soldiers. How can we possibly condemn and criticize our president who is standing up for the rights of all Americans? Unbelievable-it goes to prove the true selfish and greedy hearts of others. What this negativity and criticism is all about is the Republicans trying to save their political hide because they have done nothing for the American people.

Heck Jim, personally I think it is you who should get your head out of your….and do some thinking, because you see America should be run by the people, not the corporations and certainly not by like-minded folks like you.

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“The Man” and Corporate Power

power-to-the-man1

Over the past couple years I have heard many promoting deregulating corporations and privatizing many government industries.  Don’t get involved in their business-Big Business is the answer to all America’s problems.  Many making these arguments make the claim there is too much government-cut government and get them out of the way of the corporations. Let corporations run the country and our lives will be better!

 Fox news rallied many people to protest the government and President Obama for “taxing and spending.” Fox goes for our emotions; challenges our fears until there is nothing left but to raise signs in protest and throw tea bags. CNN dazzled us with dizzying light shows. We watch like a cat watching a string-ooh cool flickering lights.

 I’m going to break this down –

  • Recently many banks have run this economy in the ground and now we, the American people are paying for it.
  • Food companies; self regulated gave themselves good grades for the FDA and many people have gotten sick and died from tainted foods. All of this so food companies can make a greater profit.
  • Our government gave billions of dollars of bail out money at taxpayer expense and then we were appalled by the outrageous bonuses from many of these same companies.  Yesterday, I learned AIG lied about the bonus, they were 4 times then what originally reported.
  • During this recession and high unemployment, Credit Card Companies started jerking with good paying customer’s accounts; raising interests and billing cycles. This was going for a long time, but now people are standing up for their consumer rights.
  • Recently President Obama has taken on many of these corporations (Bank of America) have off shore accounts, offices and evade US taxes; not to mention giving away jobs to foreigners. Just imagine-KBR (A company with a US military contract accused of electrocuting soldiers pays NO taxes, yet the average American plays about %25 of their national income. Think about it-A company killing US soldiers pays NO taxes.
  • We learned that many of these companies spent a lot of money on lining the pockets of our politicians. Visa spent $1.7 million dollars in lobbying last year and not surprising many of these companies pay money to political campaigns. Corporations giving money to politician spells corruption.

We, the American people are paying taxes to our government to get behind corporations who evade taxes. Instead of consumerism, these corporations should just take the money from our pockets.

So here is the question I ask fellow Americans. Are we okay allowing big business and corporations to run our government and run all over us? Do we want to drop our drawers and bend over for these corporations?  It is President Obama and the Democrats standing up for consumer rights. Why protest. Shouldn’t we stand behind those standing up for us?  Remember, it is the republicans standing up for the corporations.

Credit Reform – Message to Critics

Anyone who criticizes the new credit card legislation is either greedy, self-centered or needs to back to school. Anyone who has experienced the gauging and ruthless behavior of creditors knows what this bill is about. It is not about relinquishing debts, it is about fair practices. Charging 24% interest on debt is not fair. Changing billing cycles to make profit is not fair. Targeting college kids who don’t have jobs or an income to support credit cards is unjust. I don’t care how you want to twist it to suit personal agendas the bottom line is it not fair.

The point is Credit Unions have successful business charging on 9% on credit cards. Why should Capital One charge 24%? The point is, at creditor discretion they can raise your limit to $10,000 without your permission, you need it, or use it and then turn around and at their discretion without they can reduce it to $8,000 leaving people stranded. The point is, no matter if you read the fine print, the creditors at their discretion can change your terms without notification. So those who criticize people for not reading the fine print, it doesn’t matter if we do, because it can change. And if states had power over creditors, well the state’s legislation is not working.

For the first time in years, our government is doing something to actually protect the average American consumer and perhaps they are protecting us from ourselves. That is the government’s job to protect us from Terrorists, Swine Flu, corporations or even ourselves. For the first time in years the government is doing something that is not in the benefit of big business. I cannot believe people are complaining about our government helping the Average person. Perhaps our government has been asleep at the wheel for so long we don’t what it is like when it actually starts working for all Americans not just a few. Funny, Fox and its fans loved America when our government sponsored the rich and ignored average Americans. Now they hate America and fellow Americans when our government helps the average American. Hm, that is indeed very interesting.

The irony is we complained and moaned about AIG and other big corporations that turned this economy upside down and accept large bail outs and when the government steps in to do something for the consumer…we b****, moan and cry socialism when most people have no idea what socialism is. There is absolute no injustice in this bill and no accounts it will hurt the credit industry and the economy. All it will do is make both corporations and consumers more responsible. And if your credit card stops lending, check out your local credit union.

Money – Judge Not Lest Ye Be Judged

judgeOne of my biggest gripes especially today is the judgment of the finances of others. Many judge the rich, and many judge the poor. Honestly, in my life time I had friends who made significantly less salary, but were much better with their money and those friends who made more money but were financial knuckleheads. I for one, never judged another’s handling of their finances. It was and is their business and none of mine. But in today’s economic climate many find pride in their finances, handling of credit , savings and blah, blah, blah and use as a s sense of pride to criticize others who struggle. This pride does no one any good.

One of the reasons I don’t judge is because I don’t see money being a human quality. I don’t judge someone by the money they have in the bank, I judge them by the quality of their character. Money is a piece of paper that signifies a monetary value, but it doesn’t suggest how you earned that money. I’m sure many feel the same but we get caught up in the stereotypes; rich people are greedy and poor people are lazy when neither have to be true. Some rich people are very lazy and some poor people work very hard for their money, therefore impossible to judge.

It is impossible to judge another on the finances and money without knowing anything about them. Rule number one, living expenses differ immensely from one part of the country to another. Living in Topeka, Kansas costs significantly less than New York City, therefore it is impossible to place judgment without knowing where they live. Secondly, you can’t judge another without knowing all their bills, mortgages, credit card bills, school loans, hospital bills and the list continues.

I think this has greater impact with what is happening in the country, as there seems to be budding class struggle. I have read one man’s judgment on a family who doesn’t have any credit cards and lives truly on what they earn. I have read articles where reporters blame average American’s for the credit crisis and well, no one can help blame the corporate managers at AIG.

So many quick to promote values, values of having money, the value of not having money. Perhaps we simply have too much value for money. Maybe we should shift our value to people and understand that we are all different, have different goals, desires and dreams for living. Just bear in mind, judging another person is in itself an unbecoming characteristic, judge not lest ye be judged.