Spankin’ from Government and Credit Corporations

“The banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill,” Senator Durbin quoted. “They frankly own the place.”

            Reading such quote I cannot image how anyone can criticize credit card reform-a US Senator acknowledging banking and credit card companies own our government. Wow! For those who criticize, it is like criticizing a pledge that was whacked in the butt with a fraternity brother’s paddle. He was asking for it, the claim. That’s right; don’t blame the fraternity brother for taking a swing.

            The facts are clear. There is no doubt about the consumer exploitation of some of these credit card companies and frankly I cannot understand people who can’t see it, or don’t want to see it. I’m not sure how others deem themselves smarter than some of the brightest leaders in this country. Some of these critics I dare say have rarely cracked open a book or read the newspaper. This is the twenty first century.

            But the point is, still today the Federal Reserve rejected a request for credit card companies to immediately halt rate increases on existing balances. Really? What a surprise? Of course not. The Federal Reserve is going to protect those who scratch their backs-the credit card corporations. But who is standing up for the consumer?

            Look, here is the bottom line. Our economy was fine back in days of our parents and grandparents before credit card companies took a strangle hold on the average American lives. For all those of “traditional values” they should be happy if consumers go back to save and spend, instead of incessant spending on credit cards. Correct? Let’s go back to the traditional value of spending what we earn, not based on easy given credit.

            Okay, so credit card companies will no longer make an obscene amount of money on consumers. And yes, they may become stricter on extending credit. Now to all those critics is this bad thing? Gee, people who are high risk will not get credit and they will have to earn it. Is it a bad thing if our nation as a whole becomes a nation of responsible spending? Would be a bad thing to escape rapid consumerism? How can you criticize that?

            Personally, I feel some people just need to complain about those who are not on their side of the political line. It doesn’t matter what is said, or if it makes sense.  And I just think that’s sad. We, the American people need to stand up for each other instead of bending over for a corporation’s paddle.

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.