Keep the Bank Pirates on the Run
President Obama seems to be hearing the growing outcry against the big bank pirates' declaration of war on the American people through their outrageous increases in credit card interest rates.
On Thursday in this blog I detailed the organized banksters' unleashing of their Weapons of Mass Depression and called on the American people to rise up and demand bold, meaningful action from Congress and the President to force these predators to cease and desist.
We have gotten the attention of the government. On Sunday the Administration announced its intention to move the issue. White House economic advisor Larry Summers said the President is "going to be very focused, in a very near term, on a whole set of issues having to do with credit card abuses."
It was also announced that Administration officials will meet at the White House on Thursday with leading executives of the credit card companies.
But what has been proposed so far in Congress does not go nearly far enough. Nothing short of a retroactive federal usury law with real teeth will solve the problem, and that is what we must demand--loudly, forcefully and frequently.
Contact President Obama, Representative Barney Frank, and Senator Chuck Schumer to demand meaningful action now.
The bank pirates are on the run, but this battle--let alone the war--is far from won.
{Historian Robert S. McElvaine is Elizabeth Chisholm Professor of Arts & Letters at Millsaps College & author of:
The Great Depression: America, 1929-1941 
(Random House) and
Down and Out in the Great Depression: Letters from the "Forgotten Man" 
(North Carolina).
His latest book is Grand Theft Jesus: The Hijacking of Religion in America 
(Crown).}
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THE FIRST rule of War is "Know your enemy."
We know where the "BANKING PIRATES" are - Mr. Obama has STACKED his administration with them!
Lawrence Summers FIRED the Harvard Management Quantitative Analysts for warning him (in a _single e-mail_!) that the Management company was BUYING RISKY DERIVATIVE "investments" - without ANY understanding of their real value or risk!
http://www.thecrimson.com/article.aspx?ref=527380
He was shortly shown the door from Harvard, NOT for financial losses, but for being a cad.
Needless to say, shortly after Summers was force to leave, Harvard's endowment DID INDEED MELTDOWN... like everyone else's 401ks.
ROBERT RUBIN also had a MISERABLE year 2008 - his company, CITI-group, MELTED DOWN into BANKRUPTCY, SAVED ONLY by HANK PAULSON's HUNDREDS of BILLIONS of TAXPAYER bailouts!
Timmy Geithner had an even worse year! Despite his perch atop the APEX of America's banking world, he (cluelessly) PRESIDED OVER THE MELTDOWN of the ENTIRE US banking system, only 2 or 3 behind BEN BERNANKE. (who STILL presides, along with rest of Obama's crew, OVER CHAOS in US banking system.)
Mr. Obama has GONE BACK ON HIS OWN PLEDGE to PREVENT REVOLVING DOOR CORRUPTION, nominating the above banksters and their minions - Mark Patterson, Gary Gensler , Neal Wolin - to OVERSEE their OWN FORMER PARTNERS & companies!
Even RAHM EMANUEL was a BANKSTER PIRATE - using his "Inside Dem. Party" CONNECTIONS to MUSCLE through WassersteinPerella TAKEOVER deals in late 1990s....
the best thing anyone can do is continue to pay off their balance ASAP.
cc's are a necessary evil because the corporations have manipulated the economy as such. online purchasing, rental car deposits, the simple high cost of everything...
but we as a nation really need to get our balances paid down and not give them anymore money in interest. i am trying to do this myself, and i know it's NOT EASY. (damn near impossible)
good luck, citizens, i'm rootin' for us all!
HEAR-HEAR!
Thank you Robert. Good work.
In days of old, the practice of charging excessive interest was "a damnable crime" called Usury. You got your right hand chopped off for it, just like a common thief. (And if you subsequently bled to death, as you undoubtedly would, then c'est la guerre...)
"The 21 banks" are wasting no time shooting themselves in the foot. They seem blinded by the fact that they have for so many years been able to swindle and defraud so very many people. It seems to me that they have no concept of the idea that "the jig is up ..."
What these banksters are doing is only further restricting the economy and nothing less than criminal loan sharking and blood sucking usery...!
We are a government of the banksters, by the banksters and for the banksters...not the people..!
cut up your cards and don't use em... you don't need credit cards really... pay for stuff with cash, if you can;t afford it you don't need it.
Sadly, I order over the internet and a credit card has to be used. As soon as it comes in, I pay off
the credit card. I am afraid Chase will not renew my credit card for they don't get to make money
off me. Plus, I think the credit card issuers are the ones that encourage identity theft. Why would they saddle me with charges to cover myself when they are doing nothing to prevent such crimes?
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