Wednesday, May 20, 2009

Dodd's Credit card proposal Hurts Those Who Pay On Time


Print Version: Furthermore [REPUBLICAN AMERICAN EDITORIAL]
Posted by Frank Smith at 20.5.09

4 comments:

Anonymous said...

Chris Dodd obviously just does not get it. His constant pandering to the populist vote is disgusting and is a stark reminder of why we must have term limit reform for ALL government positions.
Do it for your country, NOT for your career.

May 20, 2009 at 10:07 AM
Anonymous said...

If you have been paying your credit cards every month, just stop paying them and Obama will have to send your bills to the ones who are paying their bills. Why be a fool when you can just have your neighbor pay it for you?

May 20, 2009 at 4:05 PM
Anonymous said...

This is disgusting. We use our credit cards and pay ON TIME! We
pay $0 for interest and $0 for fees. ZIP. NADA.

Now we will have to pay an annual fee AND pay immediate interest charges when we purchase items? Thanks Chris Dodd. All to save his wrinkly butt. Thanks!

Meanwhile people that can't/won't pay their mortgages get their mortgages redone and people that run up their credit balance max get their debt relieved BY US, working, on-time paying mortgage and credit card slobs.

WE CERTAINLY ARE THE JERKS. Wake up America. Keep voting "blue" and we will all be singing the blues when the money dries up.

May 21, 2009 at 4:29 PM
Anonymous said...

Congress and Obama Want to Foist Another Wasted Chance Law on Us

Jerry McConnell Bio
Email Article




By Jerry McConnell Saturday, May 23, 2009
As is typical of Senator Chris Dodd, D-CT, with much flair and ballyhoo, introduced legislation to our Congress, aimed at stopping credit card practices that drag consumers into staggering amounts of debt.
He must have felt some shame or remorse after having been so up to his eyeballs in hot water for his questionable ethics in the handling of the bailouts for Fannie Mae and Freddie Mac, and his financial benefits from those two troubled agencies. But undaunted and un-fearing he bravely put forth his efforts to keep credit card companies from helping to drive borrowers into the murky depths of credit card debt.

Going along with this so-called white knight on white horse legislation for the workers and consumers and ‘truly needy’ who use credit cards in their daily lives, was none other that that other fellow, the one in the White House, the usurper of our highest office in the land, Barack H. Obama.

In keeping with the liberal fondness of giving legislative bills tricky and clever names that disguise the real intent of their thinking, such as the Fairness Doctrine that is anything but fair; and the Free Choice Card that actually even takes away any chance of free choice by removing the secret ballot that Americans feel is a basic part of their civil rights, this article is titled gloriously and promisingly titled, the CARD Act, or “The Credit Card Accountability, Responsibility and Disclosure Act .” Those clever cards are at it again.

In an article dated April 30, 2009 in the Washington Post by Nancy Trejos, Treasury Secretary Timothy F. Geithner was quoted for the Obama Administration as saying: “We need to clarify the rules of the game, … for an end to unfair credit card industry practices such as retroactive interest rate increases for any reason, late-fee traps that penalize borrowers with weekend or middle-of-the-day deadlines and teaser rates that last less than six months.” Geithner added, “This administration and this Congress are committed to changing the system.”

The Wall Street Journal on May 11, 2009 stated the president, Mr. Obama is seizing on Americans’ complaints about interest-rate increases, penalties and fees for their cards; and quoted the president as saying, “You shouldn’t have to fear that any new credit card is going to come with strings attached, nor should you need a magnifying glass and a reference book to read a credit-card application.”

But according to Dick Morris, the president and Congress are not going after the most culpable reason to wish for credit card reform, and that is usury, or the fine art of slicksmanship of not putting a cap on any interest rates on unpaid and/or late charges.

Morris and his partner, Eileen McGann wrote on May 22, 2009 that “The widely heralded credit card reform legislation making its way through Congress is a sellout to the credit card companies.” Saying further, “Obama has proposed and Congress has passed a series of minor reforms that deal with the fringes of the problem - late billings, retroactive interest rate hikes, misapplication of payments and such - but fail to reform the most basic offense of the companies: their usury.

“Congress explicitly rejected any limitation on the interest rate credit card companies can charge. It remains perfectly legal for them to charge rates that would make a loan shark blush.”

May 23, 2009 at 9:59 AM

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