Democrats are not just like Republicans

[sealybobo]

the Senate Banking, Housing, and Urban Affairs committee passed the Dodd-Levin Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (CARD Act, S.414).

This legislation will put an end to a host of deceptive and unjust credit card practices that impose additional financial hardship on consumers who are doing their best to stay afloat.

This legislation seeks to put an end to unfair credit card practices that mire millions of American families in debt. The Dodd-Levin CARD Act results in part from an ongoing investigation into abusive credit card practices I initiated as the Chairman of the Permanent Subcommittee on Investigations. In May 2007, in response to the abuses brought to light as a result of this investigation, I introduced the Stop Unfair Practices in Credit Cards Act (S.1395). I am pleased that nearly all of the provisions from S.1395 have been included in the CARD Act of 2009.

The landmark bill approved by the Banking Committee earlier this week would ban the most egregious credit card practices that are unfairly deepening or prolonging credit card debt for many consumers. Under this legislation, for example, credit card companies would be prohibited from applying higher interest rates retroactively to existing credit card debt, hiking interest rates on customers who pay on time, and collecting interest on credit card debts that were repaid on time. In addition, this bill would crack down on unreasonable fees, including repeated late fees, over-the-limit fees, and fees to pay your bill, and would prohibit charging interest on those fees. It would also prohibit so-called “universal default” interest rate hikes in which a credit card company hikes a cardholder’s interest rate for reasons unrelated to the account held with that company. It would also make sure that cardholders get their bills 21 days before the bill is due and give them until 5:00 p.m. on the due date to make a payment.

I have called on the full Senate to pass the Dodd-Levin CARD Act as soon as possible. At a time when working people are struggling, common sense credit card reform is essential to protect American families from unfair fees and interest charges.

You can view both my press release on committee passage at []Technical difficulties. and my statement upon introduction of this bill at []Technical difficulties..
Sincerely,
Carl Levin

 

[sealybobo]

Why did the GOP allow credit card companies to do these things?

Oh yea, free market. Free to fuck the American consumers butt good.

 

[KittenKoder]

Hmm ... allowing them to or forcing them to ... the only difference I see is the wording.

 

[sealybobo]

Hmm ... allowing them to or forcing them to ... the only difference I see is the wording.

What? See, you right wingers can defend anything.

This is just like when the GOP allowed mortgage companies to predatory lend, and you blamed the consumers.

Now I'm showing you that under the GOP, the credit card companies were allowed to basically turn themselves into loan sharks, and you don't see a problem with that? This is exactly why they need to be regulated.

Let me explain what this story should tell you, since you clearly can't comprehend it.

The GOP allowed the credit card companies to fuck us for 8 years!!! All the shit this bill is going to fix, shouldn't have been allowed in the first place. But the GOP thought it woudl be ok to let the credit card companies and bankers regulate themselves.

And they have done a great job, huh retard?

The government's job is to protect us. So yes, the Dems are going to FORCE THEM to stop.

Why did the GOP allow this? Because they work for the bankers and credit card companies. Fuck the citizens.

That's why we elected the Dems and thats why we kicked the GOP out of office. One reason anyways.

Yes, force. Government sets the rules, not corporations.

You right wingers need to stop thinking that corporations are more important than people. They are not. And if they threaten to leave, they can sell their shit to the country they go to.

Democracy - Not "The Free Market" - Will Save America's Middle Class

 

[Annie]

KK right wing?

 

[driveby]

KK right wing?

Bozo's world, anyone that isn't a flaming left wing nut is right wing......

 

[KittenKoder]

KK right wing?

You have to love the partisan asshats huh?

Bobo, I am FAR from a right winger ... hell I don't like them any more. I don't justify anything, as a matter of fact I am an embarrassed Democrat supporter who just uses their brain for a change instead of pointing fingers where ever the great leaders say. I still see no difference between the two, now go back to your ass kissing or start thinking. Dems forced companies to make loans and offer credit to high risk borrowers ... fact is, no one is forced to take those loans or credit, so even then it's neither party to blame it's those idiots who live beyond their means and spend money they didn't have. Pointing fingers are parties doesn't help fix a damned thing.

 

[sealybobo]

KK right wing?

Bozo's world, anyone that isn't a flaming left wing nut is right wing......

The GOP ALLOWED the credit card companies to turn themselves into shady loan sharks who cheat American consumers.

One very small example is moving the due dates around. Before the GOP deregulated the CC industry, they weren't allowed to do that.

So now Americans are saying that they missed their due dates and the CC company jacked up their interest to 20%??? And not annual, but monthy!!!

And the the rates they charge now were not acceptable before Bush got into office.

So what interest do you think a credit card company should be allowed to charge? 20% monthly? 40%? 50%?

One difference between Dems and Republicans is I guarantee you the Dems will say a much lower number than the Reps will.

 

[KittenKoder]

KK right wing?

Bozo's world, anyone that isn't a flaming left wing nut is right wing......

The GOP ALLOWED the credit card companies to turn themselves into shady loan sharks who cheat American consumers.

One very small example is moving the due dates around. Before the GOP deregulated the CC industry, they weren't allowed to do that.

So now Americans are saying that they missed their due dates and the CC company jacked up their interest to 20%??? And not annual, but monthy!!!

And the the rates they charge now were not acceptable before Bush got into office.

So what interest do you think a credit card company should be allowed to charge? 20% monthly? 40%? 50%?

One difference between Dems and Republicans is I guarantee you the Dems will say a much lower number than the Reps will.

... and Democrats forced mortgage companies to give out loans to people who couldn't make the payments then pass the bill to the tax payers who weren't stupid enough to get credit ... your point?

 

[editec]

Credit cards are a cancer on the body politic, folks.

 

[AllieBaba]

KK right wing?

Bozo's world, anyone that isn't a flaming left wing nut is right wing......

The GOP ALLOWED the credit card companies to turn themselves into shady loan sharks who cheat American consumers.

One very small example is moving the due dates around. Before the GOP deregulated the CC industry, they weren't allowed to do that.

So now Americans are saying that they missed their due dates and the CC company jacked up their interest to 20%??? And not annual, but monthy!!!

And the the rates they charge now were not acceptable before Bush got into office.

So what interest do you think a credit card company should be allowed to charge? 20% monthly? 40%? 50%?

One difference between Dems and Republicans is I guarantee you the Dems will say a much lower number than the Reps will.

Do you ever post anything that remotely resembles the truth?

Please explain what, exactly, the right did to encourage or even allow predatory lending? Specifics please.

 

[WillowTree]

Credit cards are a cancer on the body politic, folks.

and who exactly put the gun to the heads of those who use and abuse credit cards?? doyathink?

 

[KittenKoder]

Credit cards are a cancer on the body politic, folks.

and who exactly put the gun to the heads of those who use and abuse crdit cards?? doyathink?

Um ... they picked them up themselves.

 

[driveby]

Those damn "predatory" pre approved mailers ......

 

[Skull Pilot]

Credit cards are a cancer on the body politic, folks.

only to those who don't understand them.

A credit card is the most useful tool to increase one's credit rating. But sheeple don't have the discipline to use that tool correctly.

And whose fault is that?

I say it's the fault of the individual.

 

[KittenKoder]

Credit cards are a cancer on the body politic, folks.

only to those who don't understand them.

A credit card is the most useful tool to increase one's credit rating. But sheeple don't have the discipline to use that tool correctly.

And whose fault is that?

I say it's the fault of the individual.

What you say is true ... except why would one need to improve their credit rating if one is smart enough to live within their means, and still enjoy such luxuries without credit?

 

[amrchaos]

Credit cards are a cancer on the body politic, folks.

only to those who don't understand them.

A credit card is the most useful tool to increase one's credit rating. But sheeple don't have the discipline to use that tool correctly.

And whose fault is that?

I say it's the fault of the individual.

What you say is true ... except why would one need to improve their credit rating if one is smart enough to live within their means, and still enjoy such luxuries without credit?

I have a different question.

These "individuals" that misused their credit existed long before this problem popped up. In fact, Banks knew that such people existed.

So, why did the Banks give credit to so many of these "individuals" in the first place?

Before you make that lame excuse that the Government made them do it(I did not know Republicans were communists) , or Barney Franks and the Black Congressional Caucus threatened to march on them(If that makes a bank throw money out the windows, then we have a legal way to rob a bank) Think about how your right wing ideas could go wrong.

 

[KittenKoder]

only to those who don't understand them.

A credit card is the most useful tool to increase one's credit rating. But sheeple don't have the discipline to use that tool correctly.

And whose fault is that?

I say it's the fault of the individual.

What you say is true ... except why would one need to improve their credit rating if one is smart enough to live within their means, and still enjoy such luxuries without credit?

I have a different question.

These "individuals" that misused their credit existed long before this problem popped up. In fact, Banks knew that such people existed.

So, why did the Banks give credit to so many of these "individuals" in the first place?

Before you make that lame excuse that the Government made them do it(I did not know Republicans were communists) , or Barney Franks and the Black Congressional Caucus threatened to march on them(If that makes a bank throw money out the windows, then we have a legal way to rob a bank) Think about how your right wing ideas could go wrong.

Aaah ... this was the government forcing them to give credit to these high risk applicants actually, and it was done by Democrats. As for "my right wing ideas" ... seriously? This again? Republicans allowed banks to do what they want, which was wrong, but Democrats forced banks to make bad loans, which was wrong as well.

 

[MaggieMae]

Bozo's world, anyone that isn't a flaming left wing nut is right wing......

The GOP ALLOWED the credit card companies to turn themselves into shady loan sharks who cheat American consumers.

One very small example is moving the due dates around. Before the GOP deregulated the CC industry, they weren't allowed to do that.

So now Americans are saying that they missed their due dates and the CC company jacked up their interest to 20%??? And not annual, but monthy!!!

And the the rates they charge now were not acceptable before Bush got into office.

So what interest do you think a credit card company should be allowed to charge? 20% monthly? 40%? 50%?

One difference between Dems and Republicans is I guarantee you the Dems will say a much lower number than the Reps will.

Do you ever post anything that remotely resembles the truth?

Please explain what, exactly, the right did to encourage or even allow predatory lending? Specifics please.

What they DID was nothing, nada, zip. They allowed one bill after another which would have better regulated their scams to get dropped. America's big credit card companies have effectively inoculated themselves from any potential regulations by having friends in high places. And ironically, they "won" a huge fight (thank you lobbyists) by managing to get the new bankruptcy law passed which makes it even MORE difficult for people to get out from under the massive debt that they imposed.

Should people have been more careful? Of course, but don't forget, we've become a nation of greedy materialism where everyone has to have what the ones who can better afford it all have. And who knew that better than the credit card banks (many of whom aren't banks at all) who leeched off the ignorance of people.

 

[amrchaos]

By the way--the only time people demand regulations in the market place is when right wing ideologues refuse to look at the mess they cause.

Among conservatives, this is called "overreaching". Apparently, conservatives "overreached" with their beliefs in deregulation and Economic/Social Darwinism.