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Now this tragic. What exactly does anyone benefit from this other than banks and credit card companies?
The Senate should be tarred and feathered over this.
That such heavy-handed lobbying of veritable loansharking tells us Jefferson’s nightmare has in fact come to light, yet no-one is saying anything. Two comments here and counting.
Is there a conspiracy of duncery at work here?
— KalThat’s all I needed to know.
The Democrats can whistle for my vote in 2010 and 2012. From now on I vote with my feet, which is to say, Independent. I hope the Democrats lose their shirts in 2010. They deserve to. I knew it – I knew there’d be no substantive help for us while they frantically funnel truckloads of money to help the banks get out of THEIR debt.
Congress has just given its approval to loansharking. I will not vote for a major party candidate again.
— Elizabeth RenantProof-positive that the Senate is unable to REFORM anything! If something matters right now to millions of Americans, it is getting credit at a reasonable cost. I personally do not use revolving credit, but realize that for many it is a necessity. This latest Senate action is unacceptable. Democrats and Republications have much to be ashamed for today! How dare they hamstring their constituents like this!
— Paula BurkhartWho allows banks bailed out with taxpayer funds to lobby against the taxpayers?
Without the taxpayer bailouts, these banks would have gone bust. Money is fungible. The banks effectively are using taxpayer funds to lobby. The gov’t stopped Freddie and Fannie from lobbying because they took taxpayer bailouts. Why not BofA and the other banks?
The same banks claiming the markets will tank with an interest-rate capped also assured us the sub-prime MBSs were really, truly, absolutely AAA. Other than massive campaign contributions and expensive lobbyists, what could the banks possibly have done to get Congress to believe them this time?
— GarakI got a nasty phone call about $15 due from an account from one of the country’s biggest stores and I never even got the bill!! Imagine a call for $15 “past due” about 1week. I just canceled the account. Enough said. Bank of America called to get me to use an account again when they jacked the rate up 10%, I guess because I did NOT use it. I think they did not think I could read. It is best not to owe anything in these times, even if government wants us out shopping again.
— GeorgeCome now, if the credit industry can’t charge whatever rates they likes, however will they produce all of those valuable goods and services they contribute to our society?
Oh, wait, never mind….
— EricWhen is the American public going to wake up???!!!! As the stock market is to legalized gambling, credit cards are to legalized loan sharking. If the Senate is unable to effect reform, we the people are going to have to continue to keep our wallets–and our plastic–firmly shut.
— joan DahlgrenHow could the Senate Democrats not pass this legislation? I thought the Democrats were looking out for us and would stop the banks from charging these outrageous interest rates. I never expected Republicans to go along, but expected alot more from the party I support. I would love to know which Democrats opposed this reform.
— jacquesSo…..my liberal friends and supporters of Obama….how’s that ‘change’ workin’ for ya?
— rvn1965I heartily concur with all the above..but it should really surprise no one. After all we do live by the golden rule: “He who has the gold makes the rules.” Disgusting but not surprising.
— James CookWe really need major reform of the relationship between legislators and private interests (aka lobbyists.) Until that happens, government is going to continue to be utterly dysfunctional.
— HopskotchI learned something a long time ago. Do NOT use credit cards. Ever! We have a choice as consumers to use them or not. It really is that simple. I truly believe in pay as you go in my personal finances and live within your means. I drive an 1987 Toyota camry with 267,000 miles and it STILL goes! I do not buy into the car payment trap. I do not care what people think of my old car. Besides, I have used my debit cards with a VISA or MC logo and have never had any trouble. Why can’t most AMericans learn these few simple rules? Now do not get me wrong. What these credit cards companies do is beyond a doubt usury. But we are not forced to use their financial products. Credit cards are not required to live a decent life.
— DiegoAren’t they part of the same financial system that taxpayers having been paying to fix.
I propose we further “fix” them, as in “neuter, emasculate, castrate.”
— MarshallWhat?! The Senate obviously no longer works for the people. Is it time for another revolution in our country? We citizens are going to have to get off these blogs and into the streets the way the Europeans do to get real change. We have been distracted with a fake battle between the GOP and the Democrats. The real battle is between the thieving elites running our country and the remaining 98% of our country being treated like idiots. I am furious over what the Senate has done.
— Chris B.They are all in on it. Democracy in this country is for the privileged few. We, the (little) people, just pay the taxes to support the elite.
Do you really expect anything different?
— Jane M. JordanHave any of you read the bill? It actually hits upon all the areas it needs to (ie, drop of the hat rate changes, double billing, changing payment dates and time, etc.). If they tried to set interest rates at 15%, most of the people who depend on having access to credit each month will not have it. No business is going to take the risk of loaning money to these people without a higher reward. I’m not saying they shouldn’t cap the rates at about 35%, but 15% is way to low. It would only hurt the people the bill is intending to help.
— BenThis just confirms what I fear the most. Our democracy isn’t what the politicans tell us it is, what it’s supposed to be. It’s corrupt. Let me say that again.
OUR POLITICANS ARE CORRUPT.
Both the government and corporations are out to get us. They work for each other but not us. Obama must bring change, and much sooner than he has..
— C Gallagher1> credit card rate law rejected
2> bk reform rejected
govt for the people by the people
hahahhahhaha
— btb