Comments on: Obama Targets Credit Card Industry

Democratic Hopeful Proposes "Bill Of Rights" For Debtors

[l8c6]

national boundaries mean nothing to the global elite, security in the form of militia is in their minds to protect their private enclaves. The global corporate elite are threatening humanity in the manner of any sociopathic dictator that the world has ever faced.

[missingamerica]

Obama''s right, but he''s made some powerful enemies for sure now...who do you think owns the Republicans in Congress who passed and the President who signed the new bankruptcy legislation that enabled such predatory lending by both the credit and mortgage industries?

Not to mention the Fed''s entire policy of using consumer credit to "prove" the "cut the taxes of the wealthy and it will trickle down" theory?

[l8c6]

That is a start, the credit cards should be regulated and have caps on interest rates. I know one person paying 27% and has no hope of ever paying off his debt. But where is our current and past government officials been all this time? Not doing their jobs!!

Posted by fstop100

They have been doing their jobs, you are incorrect.

Bush said to a group of global elite. "Many call you the haves and the have mores, I call you my base". The United States government is no longer for the people, it is no longer We the people of the United States but rather we the global corporate elite do solemnly swear to speak superficial nationalism but their objectives extend over boundaries and over the concerns of honest wage earners all over the earth.

[fstop100]

That is a start, the credit cards should be regulated and have caps on interest rates. I know one person paying 27% and has no hope of ever paying off his debt. But where is our current and past government officials been all this time? Not doing their jobs!!

[omega39-2009]

I don''t know what a president can do about this but veto the nuttiness coming out of Congress. As an example, a bipartisan bankruptcy bill went to Clinton, he vetoed, another bipartisan bankruptcy bill went to Bush, he signed it.

Lesson, we might be better off keeping an eye on our bought and paid for Congressmen and Senators.

[panhandlpete]

Obama also spoke of his opposition to an overhaul.....

He should have added that "he would repeal this overhaul and go back to the drawing board for someone other than the credit card companies to write the laws." A review of the senators and repsentatives who voted FOR this bill should have their names posted so the voters will remember them in their next bid for office.

Obama is saying a lot of good things, but unless he has the congress working WITH him and not as they are doing now, he can do nothing other than VETO and make speeches.

The whole world looks to US as a consumer market, but without good jobs to produce money to buy these goods and pay those credit cards, the house of cards will eventually fall. The most important part of the American Dream was getting a good job with good benefits, so you could move up the economic ladder and own your own home,drive a nice car, send the kids to college, and put some money into savings.....all became a fleeting memory as credit became too easy and big corporations became too greedy for profits by outsourcing the jobs. (Not just corporations but our state, federal and local governments outsource as well.) THIS IS THE RESULT OF GLOBALIZATION.

[hypnotoad72]

ozilot - our economy is driven by consumer spending. Saving money will ruin everything!!!!1!!11!!!!!12

[pepperp1]

Actually it is Senator Levin not Obama still championing this issue but the warning to the credit industry last year should have been enough, when the Dems sweep in 08 this needs to be a priority legislation for 09 top of the list with Iraq are children are being enslaved.

........the practice of raising customers'' interest rates when their credit scores decline, even if they make their card payments on time.

And for those of you not familiar check your credit and score, the big 3 credit reporting companies are in cahoots with the credit card companies and they control these score they drive up their own rates and they are horrible at it. We just started a transaction that required a credit report and score and found over 300,000. Worth of debt, not our debt our report not ours ever was, yet the situation is you have to prove it is not your, not they have to prove it is. The processes to clean up the report for all three companies were different by the way, and all three require a challenge was several days of man power to clear the *** off the reports.

Its outrageous, Senator Clinton has a point, Obama seems to play the politics of political convenience, scratch the surface not sure their substance under that surface and we just had 7 years of terror under a similar resume.

[greeneyes222]

It''s about time somebody brought up the banking and credit industry. Predatory doesn''t begin to describe what''s going on or the misery it causes. It''s loansharking under the sponsorship of the Federal government, nothing less.

[pepperp1]

Excellent excellent topic and issue Senator Levin teed this issue up with a hearing he held but this has not been resolved and it is predatory what is going on to the uniformed and poor. Watch those store cards Xmas offer that give you an extra percent off when you open an account even if the chain has or had a service reputation.

[antoniof123]

My favorite one is when the credit card companies send you a check and say cash it. Then you read the fine print if you can find it. It says use your card and earn up to $200 dollars per year rebate. A little further down in even smaller print it say you only pay $20 per month to maybe get this rebate. Now you may not even get a rebate if you do buy items that qualify. But if you do the math that is something that they hope you won''t do are can''t because the writing was too small to read 12 X 20 = $240 per year. So let me get this straight for only $240 dollars per year you can maybe get a $200 dollar rebate.

I would say these used car salesman need to be put on a lease just like the idiot President and his cohorts.

[soldat44]

what a shame Barack raps hope and and ethics, while throwing mud since the last 3 months, breaking PAC rules, preaching no lobbyist funding while taking money from lobbyist during senate campaigns...offering money to early primary state campaigns...looking up old clinton videos to attack hillary while preaching to steer away from old politics.....WHAT A PHONY.....NOT WHAT AMERICA NEEDS COS ITS BEGINING TO SOUND TO ME LIKE A ONE-TIME TEXAS GOV. that promised change in washington but turned out to be the biggest Joke of all time....What the country needs is a tested group of smart people that will fight for America as always..

Posted by hip323773 at 08:20 PM : Dec 03, 2007

What?

[adian1-2009]

He must say it bluntly. The whole set of laws have been designed and drafted by bankers and financiers, and then supported by all executives past and present, and yielded to by congresspersons and senators. It''s a shame that nobody dares to address with honesty. It''s greed, greed, greed. And it seems that nobody realizes that for every penny that anybody makes above a certain reasonable return for their investments, there must be and in fact there IS the effort, time and sweat of some worker whose name is buried somewhere in the system. Monopolies here, monopolies there; and then, in a shameless contradiction, politicians yield to demands from the greedy to deregulation here and deregulation there. It''s all rotten. From head to toe!

[tbweb]

There was a time when you could deduct credit card interest on your Tax Returns, bringing that back may be a good alternative!

[hip323773]

what a shame Barack raps hope and and ethics, while throwing mud since the last 3 months, breaking PAC rules, preaching no lobbyist funding while taking money from lobbyist during senate campaigns...offering money to early primary state campaigns...looking up old clinton videos to attack hillary while preaching to steer away from old politics.....WHAT A PHONY.....NOT WHAT AMERICA NEEDS COS ITS BEGINING TO SOUND TO ME LIKE A ONE-TIME TEXAS GOV. that promised change in washington but turned out to be the biggest Joke of all time....What the country needs is a tested group of smart people that will fight for America as always..