Comments on: Senate Passes Credit Card Reform Bill

President Obama Could Sign The Credit Card Bill Of Rights This Week; Would Ban Excessive Rate Hikes And Fees

[newsfreek]

mrcrosbyll, ya who every you are, you had it pretty much perfect.....

[budmag06]

"Left out of the bill, thanks to credit card industry lobbying: Two proposals to impose rate caps of 15 percent and 36 percent annual percentage rate on credit cards and other loans"


After reading seven paragraphs of "those evil credit card companies" and "How great this is for the hard-working family" This little "doozie" is hidden way down in the eighth paragraph, tells it all. Since there are NO caps on interest rates, even if you pay your credit card bill every
month, you are going to get socked with 36% interest!!! Do you think the credit card companies are going to do without??? Thank you all Senators for this attack on the American family who are facing Obama's new taxation!!!

[strangeworld]

"The FED will have two choices - raise interest rates dramatically or devalue the dollar"

I question how the average guy will make any money on his savings if interest rates stay where they are...as far as the value of a dollar, the Bush administration quit reporting on how much new money was printed - any value that it still has is largely a perceived notion fed by those that stand to continue to fill their bank accounts if the story is belived by the unwashed masses.

[stevemd2]

I've got to talk about my own situation. We are probably in the upper 1% of net worth in this country. But we saved and saved, and paid off our home in 1981, and haven't had a mortgage since. We have about $300k invested in a 30 year old home in a upscale neighborhood, but not a McMAnsion.

I drive a honda civic - why - because not sending our money to the Saudis and Hugh Chavez's of the world is terribly important if our country is to get out of debt. My wife drives a honda Accord 4 cylinder. Also a great mileage car.
\
And we don't keep up with the Joneses. We have a big bulky 27 inch TV and won't replace it with a flat panel until it dies and isn't worth fixing.

And every year we give 5 figures to various social justice causes, including some to college scholarships. I've helped a couple kids I know get off dead center / fool around lives. One wwill enter Med school next fall. The other graduated National Honor society in Accounting from Clemson.

That is what life is supposed to be about. Not stealing from people for filthy wealth. And my two married kids, in their 30's, also own their homes, one free and clear, the other with only 50,000 mtg.

All of this from lessons my parents taught me about the great Hoover REpublican depression, and how that Jerk of a President did nothing, and it got worse and worse.

And that depression was world wide, and the collapse of Germany's economy -made the people susceptible to a right wing demagogue, and 50 million died to break that monstrosity, which was based not on "socialism" despite the name, but on hate and collusion between the govt and big business, looking for war profits.

BTW the name Bush is from the German Busche. And his grandfather Sen Prescott Bush's bank lent the Nazis tens of millions in the `1930s, helping them to rearm. You know the result.

[egresor]

I drive a honda civic - why - because not sending our money to the Saudis and Hugh Chavez's of the world is terribly important if our country is to get out of debt. My wife drives a honda Accord 4 cylinder. Also a great mileage car.
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so instead of sending your money to those you mention you forgot to mention the part about not buying an american made car and sending your money to japan....didn't you?

oh.....didn't even think about that one!

:((

[stevemd2]

Same old BS from the people rattling about socialism

The same people who gave us a winner take all, rape the middle class philosophy that is totally the opposite about Jesus said to the rich man - "give your wealth to the poor, for it is easier for a camel to pass through the eye of a needle then for a rich man to enter the kingdom of heaven."

And it was the socalled moral values people who violated this scripture, and supported the near collapse of our economy, as long as they got their millions etc.

The same people who ran the banking system into the ground, and then stole billions in "performance bonuses"

Hypocrits hardly fits. Criminal is the best definition.

The way you fix this is to have national standards for credit card operations. And a special quick reaction court empowered to look at all the new tricks that will be tried, and stop them.

And yes, we will have to get off our debt binge.

And yes I did work pt time retail for 7 years, and saw how people were to be blunt screwed left and right by the same banks like eg citibank, who took billions. Let alone the games they played, the best ever credit card interest rate I ever saw on the Circuit city / Citibank card was 20%. While on my credit card it is about 7.5%, and I get a refund of 1.2% at year end.

And pay it off every month, and haven't paid a cent in interest in more the 20 years.

Back in the old days, Brinks was robbed in Boston about 1`950. A million was taken. None of the employees were hurt. Most of the perpetrators were caught and got life in prison.

What should we do with people who steal billions?

Crushing their scams is first order of business

National standards for credit card terms is another. If the banks don't like it they have the right to restrict card issuance, or cancel cards.

But not the right to sell people, and then steal their life savings.

And note that the Senate passed the bill 95 to 5. Even the republicans realize what George Bush licensed with his corruption.

And from another point of view, the central issue through almost all of western history has been the struggle between corrupt kings allied with the 'lords', who lived with great wealth. While the ordinary people were Serfs, who had a life of unending toil. Serf, btw comes from the word slave.

[nearl451]

The only problem with this bill is that the reforms are delayed.

CITI and CHASE have legislated for usury for decades. The delay is to let the ecomomy recover, I guess.

[scabbard2]

The tyrant will always find a pretext for his tyranny, and it is useless for the innocent to try by reasoning to get justice, when the oppressor intends to be unjust. (AESOP)
This credit card isuue is a smoke screen to divert attention from the banks and insurance companies use of 'credit' to knowingly make bad loans, and then sell the paper as investments. The people that 'bought' homes in this scam were in over their heads twice from the start. Overvalued homes in a very narrow market, and dishonest realtors and mortgage brokers. Those buyers are being called dummies. The people that bought the paper, worldwide you see, are I suppose just s.o.l. The process that led to the 'crash' took years and was open for all to see and yet congress did nothing, except humor George W Bush, and spend us, the American taxpayer, dry. So now, we need credit card reform. Not even. We need banking reform and a new government.

[texasbeta]

I love President Obama, at least he is doing something to help the working man....................
Posted by shoedog20 at 6:14 PM
+++++++++++++++++++++++++++++++++
In about 18 months or so, you'll find out exactly what Obama has done. You think Obama just 'saved' maxed out idiot consumers?? Who's gonna save a maxed out gov't?? The FED will have two choices - raise interest rates dramatically or devalue the dollar - Here's a hint - they're both very bad things.
Posted by despido

You moron. Just come out and say it...you care nothing about the legislation; you only care that the black guy is doing it. What a freaking idiot. Devalue the dollar? He idiot...that is not a direct process. Raise interest rates? They are at.05% retard...do you think they will be there forever? Enacting legislation to monitor the credit card companies from jacking up your rates with no warning or reason is a good thing, regardless of what your neocon hate-everybody who isn't trying to abuse everyone else around them for a dollar mentality that you apparently have. What a farkin jerk

[texasbeta]

The cycle of debt begins...and never ends.
Posted by texasbeta at 6:14 PM
+++++++++++++++++++++++
So how is this my responsibility?
Posted by despido

What role do you play in it either way? Don't be so egocentric. IF this bill has nothing to do with you...then MOVE ON! The credit card companies rape the country and go unregulated...now they are starting to enact regulation. Targeting kids the second they go on campus is ridiculous. Lots of things they do is ridiculous. Your taxes aren't going up...so shut your mouth and move on if it doesn't affect you. What would you even ask that? If this doesn't affect you, then why the hell are you reading the posts and commenting?

[despido]

I love President Obama, at least he is doing something to help the working man....................
Posted by shoedog20 at 6:14 PM
+++++++++++++++++++++++++++++++++
In about 18 months or so, you'll find out exactly what Obama has done. You think Obama just 'saved' maxed out idiot consumers?? Who's gonna save a maxed out gov't?? The FED will have two choices - raise interest rates dramatically or devalue the dollar - Here's a hint - they're both very bad things.