Elizabeth Warren Interviewed By Bill Maher On Credit Card Legislation, Usury (VIDEO)

TARP watchdog Elizabeth Warren sat down for an interview with Bill Maher on last night's episode of "Real Time." One of the topics she and Maher discussed was the current credit card legislation and how usury has regained a place within our society. Warren stated that this is the reason we needed a credit card bill of rights, to prevent companies from arbitrarily raising interest rates and burying people in a mountain of debt. Maher took another angle, saying it proved that we really just don't treat each other very well.

Watch a clip of the interview below.

Comments

[leevntheus]

The creation of the credit card system and its web of reliance on debt to grow economies is the single greatest event leading to the collapse of middle America and the resurrection of the stinking rich all powerful banking elite class.

It should never have been legal. There is no real money backing the debt loan. The banks make up this debt out of thin air and then charge us astronomical fees on it.

It should be banned outright.

[Social Construct]

It's funny how Mr. Maher suggested that people do not treat each other very well and posed the question to Ms. Warren as a philosophical question. That is one of the main tenets that our founders realized when creating our republican form of governance; that people in power, whether by the corruption associated with power or by just a simple explanation that the powerful are corrupt in the first place, need to be ruled by laws that keep them from ruling by the power attained. In the last thirty years or so, as Ms. Warren has pointed out, the powerful amongst us have eaten away at the rule of law set in place to offer and afford all people protections from one another and replaced it with laws and regulations designed to benefit the smallest in population but most powerful in influence. Congress seems to have little backbone to challenge this "law of rule" and return the rule of law. Perhaps we need to redefine our allegiances to the too big to fail political parties and actually vote for substance in political candidates instead of always relying on popular rhetoric that accomplishes little.

[vandegrasse]

Very well said!

[DC]

Well said, and the crux of the matter. Thanks for posting.

[toosinbeymen]

Bill Maher was joking but it's over the top naive to expect people not to screw each other if they can.

Buyer beware.

But I agree, the role of government is to walk that balance of making the game as fair as possible without becoming too onerous.

[october2009]

No, the role of government is protect our rights.

Politicians have no constitutional right to protect companies from failure or consumers from making poor financial decisions.

If you want to hurt the greedy banks and crappy credit card companies, stop using their money.

We win when we stop getting into debt. Period.

[ChristianEcon.com]

"Period." Lol...

"Politicians have no constitutional right to protect companies from failure or consumers from making poor financial decisions.­"

Nice straw man. Guess you don't like to think about people who might use credit to provide for an immediate need.

[WritusMaximus]

That court clerk that long ago literary gave companies same rights as individuals has to go down in American History as one of the most influential NON-JUDGES to render a decision. His boss the judge either went along, was asleep at the switch, or was plain incompetent. The robe indeed does not make the man.

[Cullen Stalin]

I agree with you 100% that Americans need to wake up and stop spending beyond their means. I agree that credit should not be the BASIS of anyone's personal fiscal planning. I agree that we overconsume.

But i disagree that we must lay the entire burden of these decisions on individuals, and absolve corporations of responsibility. Like any thug or dealer, they deceive people in need and they mislead. They utilize the power of the media, and the tools of psychological influence that are available to those with money. If corporations had their way, there would still be lead in paint and cocaine in cola. The fact is governmental regulation is the ONLY mechanism we have in the U.S. to exert any sort of democratic control over corporate practices. After all, the government MUST represent the people - but corporations are under no such obligation, unless compelled.

[taptaptap]

Elizabeth Warren is a goddess! She explains the predatory practices of credit card companies in the excellent Frontline documentary "The Secret History of the Credit Card". Required viewing for all.
http://www.pbs.org/wgbh/pages/frontline/shows/credit/

[justchill]

elizabeth warren also appeared in a movie called "maxed out" -- a very good documentary exposing the evils of the credit card industry..­....excell­ent movie, i highly recommend it...it was made a couple of years ago, and elizabeth had predicted this $hit storm...

[macbabe]

watch if on YouTube
www.youtube.com/watch?v=tch?v=LBOM-D-ds9A

[totaldisbelief]

We definitely need more people like Elizabeth Warren in Government.
Bravo Mam.

[macbabe]

Elizabeth Warren was GREAT and could listen to her for hours, I wish she had been on the panel for the whole show!

[WritusMaximus]

The corporate elites will make sure she never ever wins political office where she can wield any power over them. Right now she has a smoke-and-mirrors job. The elites ignore her advice (that's all she can do---advice), so does Obama.

[DC]

Sadly, so true. Unless there is real revolution among the masses against the credit card industry (which Biden is a pawn).

http://www.youtube.com/watch?NR=1&hl=en&v=dHEh3UsHP0A

[hapiguy]

We have a Lobbiest nation,,Corp America owns the Congress, and in turn own us...greed is bringing us down very very fast,,no etics, morals, or love for fellow man...what vicious group we have bred..

[october2009]

You are absolutely correct! We are witnessing the breakdown of cronyism/ corporatism: Big business in bed with big government.

Both political parties are owned by the same special interests. The game is rigged.

[vandegrasse]

Just write to your Congressmen and Senators to bar lobbyists from entering the Halls of Congress and also make it a law that they speak to no one except through correspondence like emails and letters. This could be done internally with worrying about what the Supreme Court thinks. It would take care of a lot of problems.

[october2009]

As long as our government has a lot of power over the people, greedy people are going to try to buy influence.

Greedy people will naturally gravitate to a big government that has the power to use force on its people. It's only natural.

That's why I'm a big supporter of small constitutional government.

[fresno500]

MAn, this lady killed. She speaks very well. She 's going places. She's an obvious asset to the team.

[1sparrow]

here in the l.a. area, we have witnessed at least 6 police car chases in the last 7 days. --- lights and siren helicopter overhead -- a cavalry of 10- 20 police cars following. last year we had non-stop fires in california. the kind that black out the daylight. only now it seems we find arsonists being charged...­THIS IS A TOTAL MELTDOWN OF CAPITALISM every man - or institution for itself. credit cards are no different --- none of them work on a basis of merit. only previledge and office.

[october2009]

WE DIDN'T HAVE AND DON'T HAVE CAPITALISM. We are witnessing the breakdown of cronyism/ corporatism: Big business in bed with big government.

We do not have and haven't had free market capitalism!

We need to understand this.

[ChristianEcon.com]

True, and we need to understand the *more* unregulated capitalistic principles are implemented, the worse things get.

[BluePrideStephen]

Remove healthcare from corporate domain. Why does your employer decide your healthcare?

[ThePeacemakers]

Correction to a previous comment I made: Paulson and Bush...not Bernanke..­.

[LatteLibertine]

If the lobbyist puppets want to turn over a new leaf and actually represent the majority of the people they should cap interest as well.

[poppahymen]

Smart women are sexy.

Tricks and Traps I like the fact that she calls it like it is.

Out of the Darkness comes light.

Now if only she could find a way to get rid of Dick Cheney.

[babybelle]

I agree that we should all live within our means.

If someone does act foolish and maxes out a credit card, and find they are in a bad predictiment unable to pay it off in a timely manner, the "punishment" should fit the 'crime"

The way it is now , a person is held hostage with extreamly high interest and fees all compounded to leave them totally snowed in with little chance of being able to get out from under.
if they are not able to pay the balance ASAP.

It's no wonder some end up filing personal bankruptcy.

I don't blame them !

[SeattleKurt]

There was a 3 month period a long time ago for me where I had this inexplicable crush on Amy Goodman (of Democracy Now!).

I'm currently on my second month of a crush on Elizabeth Warren.

I love when she says that the financial industry has moved from the notion that when Banks lend us money it is expected that we pay it back to a 'tricks and traps model' where they want to lend money to anyone who is willing to just simply take out a loan and willing to pay exorbitant usury rates and fees.