Town Square

Give Him Credit...

Original post made by Ken in South Pleasanton, Downtown, on May 26, 2009

Obama pushed through his credit card revision act last week. Once again he has kept his promise to FIRE - AIM - READY on important issues.
The newspaper headline in the weekend paper was something along the lines of "Credit Card Bill Has Unintended Consequences" and the body of the report included a photo of President Obama and his demo-cronies smiling as he signed the bill into law. If even newspaper repeaters (NOT reporters, we lost those long ago) can discern that this bill will end up raising the cost of credit for all of us, why can't our lawmakers and President Obama see the 'unintended consequences' before they approve the law? These unintended consequences included such things as more and higher annual fees, possibly dropping the grace period for credit purchases, tighter credit and lower credit limits, and higher interest rates.
If President Obama and his demo-cronies really wanted to help, wouldn't they have addressed the predatory interest rate practices of card issuers and their unbridled distribution of credit cards to young people who haven't a clue how to use credit? This bill doesn't stop card issuers from raising interest rates to nearly 20% and beyond, it only delays the process. Isn't this called USURY? Banks pay you less than 1% for your money on deposit, yet turn around and charge more than 2000% more for the balance you carry on your credit card.
The photo would have been more appropriate if everyone in the photo had dressed in black pin-stripe suits with black shirts and white ties. I'm sure President Obama's signature reads something like "Don Barackeoli Obama".