Banks Condemn Credit Card Restrictions While They Receive Taxpayer Bailout

LA Times:

You've got to love the banking industry.

As our friends in the financial sector were passing the hat among taxpayers last week for $700 billion in bailouts to cover their crappy mortgage investments, they were simultaneously condemning the House of Representatives' passage of a "Credit Cardholders' Bill of Rights," which aims to crack down on some of the industry's more troublesome practices.

Read the whole story: LA Times

Comments

[4TJefferson]

If the billionaire wall street banking crowd wants the $700 billion, then they are going to have to crawl on all fours and beg like the common pan-handlers. Oops, I didn't mean to degrade the common-pan handlers. Stop McKeating5. Vote Obama/Biden 08.

[norkas]

All of us are mad about this bailout. No bank employees or ceos goes to jail or tried in court for fraud that they comitted. Phony appraisals on houses were rapant and and everyone knows it. The ceos of almost all banks told the officers to write more paper even though it was B.S.

This is the biggest PONZI SCHEME in Americas history and NO one will pay for it except the tax payers.

The politicans did NOT loan the money but many voted and promoted NO oversight such as John Mc Cain.

The 3 pages presented to Democrats and Republicans by Paulson was a act of Treason aganist America. How in the hell do you hand over 3 pages ask for 700 billion plus and promote everyone to sign off fast.

Your fathers fought for our country and this country and its people are GREAT please stand up and let you congressman ,senators, mayors, and all others that big business needs oversights and very strong regulations aganist any of this happening in the future. Please tell them you want those that committed this FRAUD to be prosecuted ot this will continue over and over again.

Take the time out all of you have computers . Write this in your own words but please write a e- mail or letter.

Do not allow wallstreet or baks to get a pass on this tragedy that we will pay for.

[ManyColored]

Voluntary oversight did not work. Shocked, sir; I am shocked! How many centuries of voluntary oversight on anything to do with financial, material, sexual, or power gain has to crash and burn before somebody gets the idea that IT DOESN'T WORK WITH HUMAN BEINGS. I can't believe anybody with 2 or more gray cells can conceive of such a scenario actually doing something.

[fredlonsdale]

I never understood why Congress, both Republicans and Democrats, enabled the banks to remove almost all consumer protection laws with respect to credit cards. This latest "Bill of Rights" does little to correct the situation.

The sweet spot for the CC companies are the 10 to 20 % of customers who pay the minimum each month The banks do not want anything to disrupt the flow of up to 25% interest and the late fees etc.,.

I bet we will see another bank mess similar to the current credit crisis when we enter a deep recession or depression. Those minimum payment types will stop paying alltogether and all the accrued intrest assets the banks hold will disappear. Then what?

[Nancy84]

The other thing that may be happening here and what may be the real Bush plan is the merging of companies and gobbling up of smaller companies. In the end, a very few fat cats will be charge of everything. Real capitalism only works with competition. That is another big problem of deregulati­on.....

[fredlonsdale]

Wasn't there something about Trust Busting in history. Oh yeah, Theodore Roosevelt. Say, wasn't he a Republican? Aint that a kick in the butt.

Businesses have always hated competition and innovation.

[Everybody Should Vote]

This is exactly why the government needs to grow a set and fore go a bailout. The companies have not learned their lesson. The only way they will learn this lesson is if their bottom line is affected.

The 700 Billion Dollar Concession
http://voteforamerica.net/editorials/Comments.aspx?ArticleId=71&ArticleName=The+700+Billion+Dollar+Concession

Sept 27 Polling Update
http://voteforamerica.net/editorials/Comments.aspx?ArticleId=75&ArticleName=Poll+Update

The Associated Press Does Not Proofread
http://voteforamerica.net/editorials/Comments.aspx?ArticleId=74&ArticleName=It%27s+%22Barrack+Abeam%22+According+to+AP

The Debate: Live Analysis
http://voteforamerica.net/editorials/Comments.aspx?ArticleId=73&ArticleName=The+Debate%3a+Live+Analysis

Obama 292, McCain 246
http://voteforamerica.net/electoral.aspx

[pupbayer]

No wonder the credit card companies are unhappy. The boy B iden isn't there to protect them. I'm sure he'll take care of them the first chance he gets, though. He always does.

[OnceProudAmerican]

If these AZZHOLES want our heip then they should have no qualms about the rules !
It's about time they get a taste of REALITY and find out the world does'nt revolve around them.

[XME]

This is what worries me about this "bailout". They seem to look at is as the government giving them money so that they can KEEP doing what they've been doing to create this mess in the first place!

[JiminNC]

So you want to play take our toys and go home you pompous b@stards?

[MeanGreenMachine]

The great "Con" is coming unraveled.

The rubes are getting wise.

I suggest we engage in a time-honored American Tradition:

tar and feather 'em, then run 'em out of town on a rail!

[Iheartniki]

Better yet, charge 'em 39.999% interest calculated from the date they received the $700,000,000,000 cash advance. No grace period of course. Then if they miss a minimum payment, call them at all hours, asking "When may we expect payment?"

[Revanchist]

Thanks. The trusty fiance and I are laughing ourselves to tears here.

[Mahi Joe]

LOL I am laughing so hard but the weird thing is, I think you got it right.

[Madmomnyc]

When hospitals and doctors offices STOP taking plastic causing another meltdown then all of these idiots in the current admin may have an idea what is going on. The health care system participates in this travesty. Witness handing a $33 doctor's bill to collections agencies when it is inadvertantly missed (out of about $9000 in PAID out-of-network loss-leader non-reimbursables for our kids' separate hospitalizations (2yr old asthma, 1 yr old pneumonia and meningitis in a 4 wk old fullterm baby girl)) (by the way we had $1000 per month insurance which was simply not active when we went to the er's while traveling.­....oops..­...sick kids on the road! We must have deserved that in this Strict Calvinist Regime!) (should have set aside more cash for that spinal tap as we might have in Wasilla Alaska!))). Thereby ruining our family's credit score for maybe forever. Our BUSINESS line of credit was frozen as a result of this $33 bill---amazing but true. We will probably declare bankruptcy if we can wait it out until a better law excludes any un-reimbursed "health insurance" avoidance-­of-payment or whatever. We can't express strongly enough how the cash crisis and health crisis and credit crunch are related. We awkwardly flail against system while simply trying to survive and feed our kids. Much like this post, we are kind of nuts as a result. But of course, it's our children's fault for having been unwise as healthcare consumers.

[Rog49Thomas]

Well, if we've learned anything from the subprime crisis, it's:

(1) Government regulation is always bad because it interferes with the workings of the "free" market..

(2) The free market always self regulates to prevent abuses and crises.

We did learn that didn't we?

So why would we want regulations on credit cards? It's downright "unAmerican" and probably socialistic to boot.

[maying]

i hope you are being sarcastic

[pupbayer]

Thanks for your thoughts, Joe.

[Agent420]

Screw all those financial morons. We don't need no stinkin' bailout. How will that help us? This is what they all pull. "The world as we know it will end." I say let them eat cake.

[democratforever1988]

Amen. Who needs credit. Spend what you have and nothing more. Let them eat cake!!

[Heyman]

The SEC Chairman has been asleep at the helm since the beginning of Bush's presidency.
These mergers of large financial institutions are bad. Real bad. Imagine two or three of them stealing billions. Then crying poverty to the Feds. What do we feed them? Trillions?
Here's my take on this whole Disney World farce.

SOLUTION: To ALL Criminal Corporations/BANKS
ARREST ALL CFR/TRILAT­ERAL/BILDE­RBERG MEMBERS. ANYONE CONNECTED TO THESE EVIL, VILE PEOPLE.
All corporate bankruptcy would end. (So would the illegal Federal Reserve.)
All wars would end. (Since Banks finance both sides.)
It's going to be up to us to end this David Rockefelle­r/Rothschi­ld loonacy.
Don't bullshit yourselves.

To bankrupt OUR Country? Is appalling, illegal and an National Security risk. Do you want to see riots in the streets?

[OgreDaddy]

Threaten to take your bank to court on usury laws.

Withdraw all you can in cash or gold.

Pay your bank payments on the the very last day possible before they can damage your credit,
then threaten to take your business elsewhere.

.If they charge you an over draft fee, make a huge scene in front of other customers in line.

DO NOT STAND FOR THIS TREATMENT!