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

[juniper76]

I have credit cards, I signed up for it, but no where did I read "and you must spread your cheeks"

[ErnestineBass]

It's in the RCH fine print. lol

[ErnestineBass]

"Maxxed Out" should be required viewing.

[prdamericanmom]

Next I think they should make the companies pay back the consumers for all of the ridiculous interest rate hikes and fees. With interest. They can take it out of their overinflated salaries and bonuses. If that isn't enough, they can start selling off their individual assets. I think it's a fair trade since they've lived off the misery of the people for so long. Time to pay it all back.

Too bad I know this would never happen. We are living in the Bizarro World where everything's backwards. You'd think that the banks would jump through hoops for the People. After all, without us who do they have?

[veracity]

Nothing is as emblamtic of the DEMOCRAT's COMPLICITY with the Republican/corporate/oil-baron LOOTING of America workin' stiff consumers and taxpayers as - the CREDIT EXTORTION banking bill, aka the BUSH-BIDEN Bankruptcy Bill!!!
http://www.californiaprogressreport.com/2008/08/oh_no_not_joe_b.html

The INABILITY of the DC Democrats to make PHIL GRAMM, KARL ROVE, GROVER NORQUIST, Dick Cheney, and NEWT GINGRICH THE PERSONIFICATION of America's fiscal, economic crisis, is THE FAILURE of this decade, even greater (in terms of who controls America's political power) than Bush & Cheney's invasion of Iraq.

The above men have been at the VERY EPICENTER of a decade's worth of policies that HAVE MADE AMERICA 100% DEPENDENT on FOREIGN OIL and FOREIGN CREDIT.

The FAILURE of Nancy Pelosi to make the above argument to the American people explains HER DISMAL 9% approval ratings - and why the Democratic presidential campaign is only a few points ahead of the McSame campaign.

[MilwaukeeMike]

These cards are the OTHER bailout. The rates being charged are nothing more than another private tax income stream.

Rates should bever be allowed to accelerate, but should be able to adjust based upon Prime.

A 45 day notice period is meaningless.

There should be usery laws. This isn't much of a step in the right direction.

[dhertzfe]

Think of it this way. If a child goes and does something that is wrong and is not corrected, then the child continues to repeat the wrong and then it becomes an entitlement issue. The parent does not correct the child or set boundaries because they don't want to deal with all the screaming and door slamming.

Same with banks, if we don't correct them by letting them fail or merge with other banks, then they never learn their lesson. In the future they will too have and entitlement issue when history will repeat itself down the road. As parents, we will suffer too. High interest rates, unemployment, etc. Well, for the past two years we have been dealing with the skyrocketing food prices and rents. So what's a little unemployment and no credit cards?

All must suffer to get things corrected and so that history won't repeat itself.

[ErnestineBass]

This sounds like a case for "SUPER NANNY"! LOL

[vippy]

and how blatantly daring are these people. They care nothing about those who keep their jobs
alive. I hope people will wake up and vote for the right senators and congressmen next time around which is 2012. I hope no one forgets this mess. We have to put an end to this.
this is the rich versus the poor and the country we once were is gone.

[ErnestineBass]

Ummm...correct me if I'm wrong, but isn't EVERY member of the House up for reelection in November?

[pattio66]

I cut up my cards a couple of years ago and have been knocking down the balances ever since. I get at least ten offers for new ones in my mailbox every week; all those go directly into the shredder.

Some common-sense tip to my fellow Americans: cut up the cards, change your oil every 3,000 miles and do other regular maintenance to extend the life of your car, and live within your means. You may not get to take a cruise every year for vacation, but if we rise above playing the banks' game, we can force them to change the rules.

[Leonard]

Maybe keep one card but do not charge unless you can pay it off at end of month.

When you get your paycheck..pay yourself (savings) and don't touch. Pay your bills, take some to spend and when that is gone and it is a couple days or so before payday do not go in to your savings.
Pretend you are broke. Your bills have been paid for the month so you can make it.

Also, take your lunch, give up Starbucks. Huge savings. Quit going out to eat too often.

[Zeje]

Home cooking is better too.

[OnceProudAmerican]

Here's what I do . I mail the crap back to them in their own postage paid envelope! Minus my name and address, This really messes with their heads!

[lissak]

Great idea.

[bhshore]

NO TO THE BAILOUT - - FUCKEM - - - FUCKEM ALL - LET ROME BURN.......

[TheJibreelaMonsters]

Tell that to the Dems!

[MeanGreenMachine]

As opposed to the house republicans that are pushing their insurance scam.

[ErnestineBass]

Blow it out your arrears, Jibberjabber.

[bhshore]

i EMAILED THIS SCUM BAG - - AMERICAN BANKER ASSOCIATION

NEWS RELEASE
Sept. 23, 2008
-->>>>>>>>>>>>>>>ABA Media Contact: Peter Garuccio
[phone]
-->>>>>>>>>>>> E-mail: [e-mail]


FRIGGIN LOAN SHARKS - - WWW.ABA.COM
--------------------------------------------------------------------------------


ABA STATEMENT ON HOUSE PASSAGE OF H.R. 5244

by Edward L. Yingling, president and CEO, American Bankers Association

“The American Bankers Association is very disappointed by the action today of the House of Representatives. The so-called “Credit Cardholders’ Bill of Rights” (H.R. 5244), while well-intentioned, will increase the cost of credit for consumers and small businesses across the country, result in less access to credit for consumers and businesses alike, and may further roil the securities markets – all at a time when our economy can least afford it. BLAHHHHHHH

BUT WANTS OUR $$$$$$$$$$$$$$$

“Legislation resulting in higher prices to consumers makes little sense at any time, let alone when global markets face the degree of turmoil that confronts them today. By limiting their ability to manage risk in making loans, this bill will force lenders to increase prices for everyone to compensate for that added risk. That’s unfair.

“Sometimes things that appear attractive on the surface often come with too high a price tag. Increasing prices for consumers, reducing low-cost credit alternatives for small businesses, and causing more ripples in the securitization market make little sense.”

[SouthPrairie]

Fellow Citizens,

If you would like to send a message to your senators, please do. And if you are at a loss for words, please use mine:

I am appalled by the corruption that the Bush Administration has enabled and as an American citizen I would like to express my deep concern with the Democratic and Republican Party's weak kneed responses to their anti-Constitutional behavior. The last 7+ years have been torturous for those of us who are educated, family oriented, and patriotic in our thinking.

WHEN IS THE HOUSE GOING TO STAND UP AND FIGHT FOR WHAT AMERICA STANDS FOR?

This bail out had better not be a blank check to Wall Street. The house allowed bankruptcy laws pass that would have protected the consumer to some extent, and now you expect that same consumer to save the banks who practiced unsound, predatory lending practices? You have been elected to serve the tax payers of our state and here is where the tire meets the pavement.

I will not vote for you again if you allow this to go through without protections for the American tax payer that was duped by these corrupt practices.

[AmandaBC]

"WHEN IS THE HOUSE GOING TO STAND UP AND FIGHT FOR WHAT AMERICA STANDS FOR?"

My guess is **AFTER** the revolution and not a minute before...

[ErnestineBass]

Grease the tumbrel wheels, I'll bring my knitting needles!

[TheJibreelaMonsters]

Those are one of those bills that Joe B of A Biden voted for

[Fabini]

A "Bill of Rights" is bogus. What we need is to rethink usury laws. Also, insist banks include algorithms in their credit system that keeps credit card borrowers from over extending themselves. Yes, that means less spending by individuals, but it also means more responsible spending. This is an incredibly easy system to set up based on existing credit and income data.

[Deeniwhoo]

"Algorithms in their credit system the keeps credit card borrowers from over extending themselves". You would ask the banks to protect us from ourselves? The banks are the people who push us to live above our means, to have what we want when we want it, who push us to use debit and credit cards instead of cash. We, the tax payers, consumers and credit card borrowers need to practice restraint on our part. This would force the banks to tighten up their nefarious predatory practices, as well as other issues now coming to light. Keep one card for emergencies, cut up the rest.

[dhertzfe]

They should also add the rate adjustment to 29%+ for being one day late on paying a statement.

If think the rules should change if the simple mom and pop have to bail these a$$holes.

[themodernleader]

My new regional bank sent me two sets of credit cards and I was written several times, then called by a vice president twice explaining the advantages of the credit cards. I told them for about the fourth time that I did not want their damned cards.
For the use of a credit card service, my company is charged almost 5 percent after fees and other charges are included. There is no protection for the small businessman or card holder. It is a license to steal. Another example of financial terrorism.

[ErnestineBass]

Hallelujah!!! and Amen!!! brother leader!

I know of three separate small businesses that have gone to all cash because credit card fees were cutting into their already thin profit margins.

What's next? I can already tell you. The financial masters of the universe want to convert us into a cashless society.

Rent the DVD "America: From Freedom to Fascism" by Aaron Russo.