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PUNDIT ALERT! Obama and Predatory Credit Card Interest Rates

By SusanUnPC on January 16, 2008 at 1:54 PM in Uncategorized

So far, Barack Obama’s lack of full disclosure has gone unnoticed by the pundits jabbering about the Las Vegas Democratic debate last night.

The unpleasant truth is that Sen. Obama wasn’t honest, in response to Tim Russert’s question, in describing his entire voting history on the 2005 U.S. Senate bankruptcy bill.

Barack Obama “talked the populist talk” last night, lumping in credit card companies as targets of his economic rescue plans. But, in his first year in the U.S. Senate, Sen. Obama voted “Nay” on the Dayton Amendment to the 2005 bankruptcy bill that would freeze credit card interest rates at no higher than 30%. Obama sided with credit card companies over our nation’s bedrock middle-class families as well as young adults susceptible to the companies’ alluring, deceptive marketing.

That specific vote garnered Obama the admiration of his many corporate donors who find him “reasonable.” After all, credit card companies comprise his second largest donor bloc. Harper’s magazine noted in “Barack Obama Inc.: The birth of a Washington machine” that “it is also startling to see how quickly Obama’s senatorship has been woven into the web of institutionalized influence-trading that afflicts official Washington. …”

By the way, Sen. Hillary Clinton voted for the cap on predatory credit card interest rates.

Here’s what Obama said last night in Las Vegas:

MR. RUSSERT: Senator Obama, the 2001 bankruptcy bill, the 2005 bankruptcy bill.

SEN. OBAMA: I opposed them both. I think they were bad ideas, because they were pushed by the credit card companies, they were pushed by the mortgage companies, and they put the interests of those banks and financial institutions ahead of the interests of the American people. And this is typical.

Now, Hillary’s exactly right, but we’ve got to modify some of the fraudulent practices, predatory lending practices. I put in a bill a year and a half ago to make that happen because it does affect communities, including my own on the South Side of Chicago.

But unless we are able to rid the influence of special interest lobbies in Washington, we’re going to continue to see bad legislation like that. And that’s why we’re going to have to change how politics is done in Washington.

Talk is cheap.

In “Obama Inc. vs. Working Families” on January 5, 2008, I quoted several corporate executives and top attorneys pleased with Obama’s “Nay” on the anti-predatory-lending Dayton Amendment:

Barack Obama Sided with Credit Card Loan Sharks While Hillary Clinton Stood Against Them

Obama’s numerous corporate donors were pleased — especially The Bond Market Association‘s legislative affairs guy Mike Williams. While Obama voted against the 2005 bankruptcy bill, he voted against “an important amendment, which was defeated, that would have capped credit-card interest rates at 30 percent.”

Williams was tickled that Obama stood up to those “consumer advocates” who work tirelessly to protect ordinary Americans aganst credit card usury:

“[Obama] studied the issue. … Some assumed he would just go along with consumer advocates, but he voted with us on several points. He understood the issue. He wasn’t closed-minded. A lot of people [especially those corporate lobbyists] found that very refreshing.” — “Barack Obama Inc.,” Harper’s

Those predatory credit card companies constitute Obama’s second biggest single bloc of donors. From the Mother Jones article, “Campaign Contributions from Credit Card Companies? Priceless“:

Obama, who made a strong floor speech in opposition to the 2005 bankruptcy bill, nonetheless voted against a key amendment that would have put a cap of 30 percent on interest rates. Financial firms, according to Ken Silverstein’s much-discussed Harper‘s article “Barack Obama Inc.,” “constitute Obama’s second biggest single bloc of donors.” You’ll find nary a word about the debt crisis on his campaign web site.

You’ll also want to check out David Sirota’s retort to the Obama camp’s uproar over a Washington Post story on the 2005 Bankruptcy bill: Obama Camp Feigns Outrage, Distracting From Obama’s Vote to Allow Loan Sharking.”

Here is one of Sen. Hillary Clinton’s statements on predatory credit card lending practices:

“Statement by Hillary Clinton on Credit and Bankruptcy Concerns,” November 25, 2007:

… “I will put an end to abusive practices by credit card companies that impose enormous fees and astronomical interest rates on unsuspecting borrowers. I will improve oversight of credit card lending policies, and vigorously enforce our laws against unfair and deceptive practices. I will change the bankruptcy rules that unfairly squeeze middle-class homeowners who have seen the value of their homes fall as their mortgage payments skyrocket. …”

“Obama – Mr. Opportunity (return of the hollow man)” — posted here at No Quarter on January 6th, author Wayne Williams reveals the misleading talk in Sen. Obama’s campaign speeches:

Under the guise of being all things to all people, Mr. O is heartily solidifying corporate America’s control of the political process in the name of – you guessed it, change. It’s no surprise that clever advertisers have once again figured out how to sell the same ole – same ole as something new. Young Americans say that they are enthralled because Mr. O gives them hope.

I can appreciate the great appeal that Sen. Obama has for young people.

However, those young Americans should review the interest they’re paying on their credit cards, and then ask themselves why Barack Obama backed credit card companies’ predatory interest rates instead of protecting their financial futures.

  • TeakWoodKite

    AUDIENCE MEMBER: (Could we stop talking ?) race-based questions coming from you two? These are race-based questions. (Off mike) — race-based and (gender ?)-based.

    I heard “race bait”
    Hillary Clinton:

    But I think that, you know, there is a difference here. You know, I do think that being president is the chief executive officer, and I respect what Barack said about setting the vision, setting the tone, bringing people together. But I think you have to be able to manage and run the bureaucracy. You’ve got to pick good people certainly but you have to hold them accountable every single day

    Why do the facts matter if I have hope?

    • http://noquarterusa.net/ SusanUnPC

      That was such a good response by Clinton. I don’t know how she does it… she had so many details in all of her comments last night / she reportedly sleeps two hours a night, but her brain is firing on all cylinders. Amazing.

      • Fred C. Dobbs

        >>> I don’t know how she does it…

        I do. She has a brain the size of an asteroid, a strong, driving curiosity, coupled with a visceral need to master every topic.

        I met her twice, before and after Watergate hearings, and I was impressed.

        I am rarely impressed with my fellow bipeds.

        • norris morris

          I have met and listened to Hillary Clinton at several private fundraisers and observed a person of uncommon energy [palpable], and remain stable as a rock when discussing and/or being challenged on incredibly complex issues.

          She is able to summon up data and express issues from many points of view, but her command of issues is tremendously impressive.

          She is also a fundamentally cheerful and optimistic person who can laugh and DOES loosen up in small [100 or so] groups in smaller settings.

          I am skeptical of most politicians, but Hillary does have it to be president. Obama is still cutting his baby teeth next to this woman’s accomplished grasp of the issues.

          Also, Obama lied outrageously last night, and Russert didn’t call him out. He voted AGAINST the cap on interest rates for credit card users. Hillary voted for it. It was an out and out lie. The vote can be seen on WshingtonPost online..click Politics and menu to Congress.
          Everyone’s votes on ea bill in entire congress with bill description is recorded.

          Why can he get away with this? And there are other votes in Illinois and US Senate he can’t be proud of.

          Why is he still teflon?? MSM wants him along with GOP which of course seems logical. Then…the knives will come out.
          Much of his buried Illiois record is known by the right wing.

  • Simon

    But those advertisers miss the greater point, miss what’s going on under the radar, politically.

    How is corporate America being gamed?

    And even if the advertisers win this election, too, they still are losing the war.

    Just ask the republicans.

    It takes time for real change to take effect.

  • Cee

    Who doesn’t want votes counted in New Hampshire?

    Confirmed: PayPal sabotages New Hampshire vote recount
    By JimInNY | January 16, 2008

    I received the following in an email from an AFTF coordinator in CA:

    Hello Volunteers!

    On our California Conference Call earlier this evening, I mentioned that I had been
    informed that the Granny Warriors’ PayPal account had been frozen at the last minute
    by PayPal and the freeze prevented the transfer of the fee for the New Hampshire
    vote recount. I promised to verify this information and I have now done so.

    I am informed directly by the Granny Warriors that PayPal did in fact freeze the
    funds earmarked for the Recount Fees! So, now you know who to blame for the failure
    to get a recount of the New Hampshire vote count. PayPal.
    The application for a recount of the New Hampshire vote required a deposit of
    $55,600 to the New Hampshire Secretary of State no later than 3:00 P.M. this
    afternoon, January 15th. A huge and successful effort by the Granny Warriors raised
    the money and they ordered the transfer to the Secretary. However, at the very last
    moment, PayPal FROZE THE ACCOUNT and did not transfer the money. The deadline for
    payment of the deposit passed and the recount application was rejected for lack of
    payment.

    Emergency efforts by our folks on the scene in New Hampshire to push the recount
    through the Secretary’s office were not successful and a lot of frustration has been
    expressed on both sides as a result. The problem was not with the Secretary of State
    for New Hampshire, it was with PayPal. I understand that the matter may remain
    unresolved and a recount may still be possible. I am hoping for additional
    information early Wednesday, January 16th.

    I am sure that PayPal will have a lot of excuses, but lame excuses are not
    acceptable under these circumstances.

    Here is the PayPal contact URL:
    https://investor.shareholder.com/paypal/contactus.cfm

    Thank you to the Granny Warriors and to the others on the ground in New Hampshire
    who went beyond the call of duty for the recount and a big BOO to PayPal. We should
    remember who our friends are. And we should also remember which companies,
    organizations and people act to oppose our fight for Liberty and Self-Determination.
    I will pass along more information as it becomes available.

    (https://investor.shareholder.com/paypal/contactus.cfm)

    I redacted the signature line, but will provide it to Info Wars if they contact me directly at jim111@midtel.net
    http://www.ronpaulwarroom.com/?p=1751

    • susanunpc

      Was there sufficient time given between the submissions and the payment by PayPal? PayPal takes at least FIVE BUSINESS DAYS to transfer funds. Did the Grannies have a debit card set up with PayPal? That’d enable them to provide instant payment without a hassle. Just wondering…

      • Bill Keyes

        I agree with you Susan,k also there is a limit on how much you can transfer..

        According to the way PP operates as you mentioned there would have been no way they could have gotten the funds in less than two days. Even if the monies were transferred to their bank account i sure then there would have been more delay because they probably need a cashier’s check for the recount.

        I would add this link…

        Democratic Ballot Recount Under Way In N.H.

        http://www.wmur.com/news/15062536/detail.html

        It this the same recount?? In the article it mentions that Kuncinich paid the fee which was $27.000..

        I’m confused, but I am also getting old so I guess it natural.

        • Cee

          Two accounts.

  • Cee

    Susan,

    They started raising money the day after the NH vote as to the rest, I don’t know.
    No wonder people hate paypal.

    Now for more news. What does anyone know about this guy?

    Ex-Lawmaker Charged in Terror Conspiracy

    Jan 16 03:04 PM US/Eastern
    By LARA JAKES JORDAN
    Associated Press Writer

    WASHINGTON (AP) – A former congressman and delegate to the United Nations was indicted Wednesday as part of a terrorist fundraising ring that allegedly sent more than $130,000 to an al-Qaida and Taliban supporter who has threatened U.S. and international troops in Afghanistan.
    The former Republican congressman from Michigan, Mark Deli Siljander, was charged with money laundering, conspiracy and obstructing justice for allegedly lying about lobbying senators on behalf of an Islamic charity that authorities said was secretly sending funds to terrorists.

    http://www.breitbart.com/article.php?id=D8U767QO0&show_article=1

    • http://noquarterusa.net/ SusanUnPC

      Well, those practices are very clearly stated on PayPal’s site. When people helped me before my surgery, I wasn’t able to access the donations for about 8-10 days following receipt. I had to set up a transfer to my personal bank account, and that takes five business days. Additionally, I was told I couldn’t apply for a debit card until three months after i set up the account. it sounds like someone in Granny Warriors didn’t read the restrictions or set up a debit card (provided they had set up the account at least three months before the flurry of donations came in). Perhaps, if they had, they could have contacted PayPal and asked PayPal to verify to the state of New Hampshire that the funds were in place and enroute… dunno if that would have satisfied NH / just a thought.

      • TeakWoodKite

        It is interesting that Pay Pal gets to kite those funds since we are talking about credit. Also, I am sure they have to comply with federal laws regarding wire transfers. Instruments like Pay Pal are used for money laundering so Big Brother watches these conduits.

      • Cee

        This is why I scraped up my meager funds to send you somethng via mail.
        I’ve read to much funky stuff about them.

        • http://noquarterusa.net/ SusanUnPC

          Other than the delays, I haven’t had any problems with them. ALSO of note, and this impressed me: A man at PayPal called me up to see who I was. In other words, he was checking me out. Who was this woman who was getting donations? Was this legit? I assured him it was, and I didn’t volunteer a lot of information, but he seemed satisfied. I thought it was pretty cool, actually, that they wanted to make sure I wasn’t operating a scam on the ‘net.

          CEE! Thank you so very much. I wrote to everyone who helped me — that is, I hope I wrote to everyone. My lists that I kept got mixed up, and it got confused. Plus I was going back and forth to Seattle, and didn’t have access to a computer half the time and was in the most excruciating pain.

          I still worry that I didn’t thank each person. Tried to write each one a thank you note — spent two full days doing that, and just hope I got to all.

          One thing is sure: I’d have never have been able to have the surgery had I not had help. The expenses were enormous — besides all the pre-op procedures not covered by insurance, there were all the travel costs. And I’d just gotten new insurance that was costing me $350+/month, etc., etc.

          I still have a lot of pain but it is so much better than it was. NEXT UP: My back. Will go to Seattle soon to tackle that one. The therapy pool is helping me so much — still can’t believe how fancy that pool is. The bottom of the pool is a treadmill, and the therapist keeps speeding it up. I nearly fell over the other day trying to keep up with the speed / the therapist is also trying to help me regain my balance. There’s so much left to do. But it’s exhilirating. I feel so good after every session.

          THANK YOU!

          If the Republicans had their way, I’d be bedridden in a nursing home. Thank god for some progressive Democratic administrations along the way — like Lyndon Johnson.

          • Cee

            No thanks needed. :D

            The Ron Paul folks are reporting that the funds have been released. Complaining must have helped.

    • TeakWoodKite

      A few years back, wasn’t that the US was funding this guy?

      “The indictment charges IARA with sending approximately $130,000 to help Gulbuddin Hekmatyar”

      http://en.wikipedia.org/wiki/Gulbuddin_Hekmatyar

  • Mr.Murder

    Ex-Lawmaker Charged in Terror Conspiracy
    By LARA JAKES JORDAN – 55 minutes ago
    http://ap.google.com/article/ALeqM5hw36mXsH7fbogLzqW06NU31aQAmgD8U75UU83
    WASHINGTON (AP) — A former congressman and delegate to the United Nations was indicted Wednesday as part of a terrorist fundraising ring that allegedly sent more than $130,000 to an al-Qaida and Taliban supporter who has threatened U.S. and international troops in Afghanistan.

    The former Republican congressman from Michigan, Mark Deli Siljander, was charged with money laundering, conspiracy and obstructing justice for allegedly lying about lobbying senators on behalf of an Islamic charity that authorities said was secretly sending funds to terrorists.

    A 42-count indictment, unsealed in U.S. District Court in Kansas City, Mo., accuses the Islamic American Relief Agency of paying Siljander $50,000 for the lobbying — money that turned out to be stolen from the U.S. Agency for International Development.

    Siljander, who served two terms in the U.S. House of Representatives, was appointed by President Reagan to serve as a U.S. delegate to the United Nations for one year in 1987.

    …
    WASHINGTON (AP) — A former congressman and delegate to the United Nations was indicted Wednesday as part of a terrorist fundraising ring that allegedly sent more than $130,000 to an al-Qaida and Taliban supporter who has threatened U.S. and international troops in Afghanistan.

    The former Republican congressman from Michigan, Mark Deli Siljander, was charged with money laundering, conspiracy and obstructing justice for allegedly lying about lobbying senators on behalf of an Islamic charity that authorities said was secretly sending funds to terrorists.

  • Mr.Murder

    Just like when those Texas oil men were found to have been involved with fuckery in the oil for food program or that Republican fund raiser that turned out to be a Chinese spy. Details will be suspiciously absent on the few stories that report it.
    –John Gillnitz – Woodsman

  • Mr.Murder

    SILJANDER, Mark Deli, a Representative from Michigan; born in Chicago, Cook County, Ill., June 11, 1951; attended the public schools; graduated from Oak Park-River Forest High School, 1969; B.S., Western Michigan University, Kalamazoo, 1972; M.A., same university, 1973; trustee, Fabius Township Board, St. Joseph County, 1972-1976; real estate broker; served in the Michigan State house of representatives, 1977-1981; delegate, Republican National Convention, 1980; elected as Republican to the Ninety-seventh Congress, by special election, to fill the vacancy caused by the resignation of United States Representative David A. Stockman, and reelected to the two succeeding Congresses (April 21, 1981-January 3, 1987); unsuccessful candidate for renomination to the One Hundredth Congress in 1986; delegate to the United Nations General Assembly, September 1987-September 1988; president of a consulting firm in Washington, D.C., and operates an import-export firm; radio commentator; unsuccessful candidate in 1992 for nomination to the One Hundred Third Congress; is a resident of Reston, Va.

    Nevertheless, a politician’s past is often a prologue. Siljander has been a steering committee member of the secretive, theocratic Coalition on Revival (COR) since 1986. In 1990, he was listed as a leader of a COR political arm, the National Coordinating Council (NCC) whose agenda includes the abolition of public schools, the IRS, and the Federal Reserve by the year 2000. The NCC also calls for taking over county governments and the establishment of “Christian”-controlled county militias.

    • Nellie

      Yuck on his groups – Seems like we need anti-fascist laws similar to the Anti-Nazi laws they have in Europe.

  • Mr.Murder

    The White House Web site yesterday excitedly announced that Bush himself would host ” Ask the White House” at 1 p.m. and answer questions about his trip. It’s supposed to be a “live chat” — and would have been Bush’s first.

    But somehow, the ” transcript” of the event was up on the web site before 11 a.m.
    –1Watt, Hermit

    • TeakWoodKite

      Who is the communications director at the WH? Homer Simpson? I should stop laughing long enough to hit the “Add comment”

  • Mr.Murder

    There is video. stoller went on and on about how progressives should admire reagans’ something. obama goes on and on on how reagan was transformative or something. I guess there was just no dem obama cloud have praised or admired. Video:
    http://openleft.com/showDiary.do…do? diaryId=3263

    and here:
    Obama: Reagan Changed Direction Of Country In Way Bill Clinton Didn’t
    http://tpmelectioncentral.com/ 20…nt.php#comments
    –hadenough

  • Mr.Murder

    Did he say good things about Reagan from the church of brotherly love,

    or a town named after it,

    like Philadelphia, Mississippi?

  • norris morris

    Susan,
    thanks for your investigative work re: today’s post.

    why is this information kept out of the press?

    • http://noquarterusa.net/ SusanUnPC

      Because they’re still smitten.

      And — this is hard to describe properly but I’ll try — I fear that they’re hamstrung by an upper-class white-guilt thing that disables them from viewing his candidacy critically and rationally.

    • Nellie

      Susan, I ditto that. Your posts are always terrific and well documented.

      How do you ever find the time and energy to keep up with everything?

  • http://politickybitch.blogspot.com/ nunya
    • TeakWoodKite

      Obama did say he would implement 9/11 commission rec’s at the debate last night?
      Why the NV (no vote) on:

      Implementing the 9/11 Commission Recommendations Act
      HR-1

      http://votesmart.org/issue_keyvote_detail.php?cs_id=14534&can_id=9490

    • Nellie

      I saw that also – amazing isn’t it? Exactly what do we pay them for in DC? Sounds like a terrific job – 1/2 Million in Salary plus benefits and do whatever you want even if it has nothing to do with your job.

      • http://www.evergreenpolitics.com shoephone

        Where did you hear the half-million $ figure? It’s way off the mark. As of 2006, the average yearly salary of a senator was $165,200 (which is a bit better than the $6 a year they started out with in 1789).

        http://www.senate.gov/artandhistory/history/common/briefing/senate_salaries.htm

        • Nellie

          I took the average annual salary of $169, 300 – add premiums for their Cadillac Health care plan (My neighbor pays $638/mo for Tufts Health Plan for one person, which requires a $250 co-pay for each separate procedure approved, but not included in an ‘average’ annual physical exam) add the ‘free air travel’ back and forth to their home districts plus other educational or otherwise trips, add franking privileges and all other ‘benefits’, such as ‘free gym membership’, It really does average out to about 1/2 million a year.

          http://usgovinfo.about.com/library/weekly/aa031200a.htm

  • Cee

    Back to Siljaner…is Hekmatyar in the photo on this site

    http://www.thought-criminal.org/article/node/981

    I can’t wait to hear his defense on the charges.

  • ybnormal

    thoughts:
    “…OBAMA: I opposed them both” [the '01 & '05 bankruptcy bills]
    vs
    nay on the Dayton Ammendment
    - NOW who’s triangulating?

    Meanwhile, Norris Morris asks above, “Why is he still teflon??”
    Never underestimate the power of promise for a better future, to persuade people. Evangelical preachers and snake oil salesmen have been doing it since the beginning of time. And don’t think the non-thinking are the only takers.

    Veteran reporter Robert Parry, who I respect and read often, says in The Logic of Obama-mania;

    “Given Obama’s relatively thin résumé, his candidacy may require a leap of faith. But it is at least a leap toward something new and untested, rather than something old and failed.”

    It’s like when Bob Barker asks if you want the display full of familiar appliances, or whatever’s behind curtain #2. Barker can always count on a percentage of takers for the unknown.

    • Nellie

      I love the ‘snake oil salesman’ phrase. I haven’t heard that since my grandfather passed away.

      Speaking of snake oil – There was a diary – briefly at Kos before it slid into oblivion, that does a great job explaining the birth of Obama’s presidential ambitions, 2 years ago, using a ‘power point pitch’ to the heavy donors in the Financial Industries. Did anyone else catch it?

      http://www.dailykos.com/storyonly/2008/1/14/0410/60782

  • longwalksinparis.blogspot.com

    Dems don’t get ahead of yourselves, there is no real populist in this troika… you could use a wm jennings bryan hammering away at wallstreet and the cross of gold that the middle class has been crucified upon. Instead you get obama, dragonlady, and the breck girl… all decidely better than the gop whack pack but a far cry from what this country really needs.

  • 1950democrat

    Here is more detail about Obama’s vote against capping credit card interest, at a site with lots of interesting stuff. I’ve verified this; they are quoting a Chicago Tribune profile last summer (not the recently sanitized version).
    http://209.85.173.104/search?q=cache:pYgQc-uyol0J:prorev.com/obama.htm+Chicago+Tribune+interest+rate+30+%22random+number%22+Obama&hl=en&ct=clnk&cd=5&gl=us&client=opera
    To some liberals, the proposal was a no-brainer: a ceiling of 30 percent on interest rates for credit cards and other consumer debt. And as he left his office to vote on it, Obama planned to support the measure, which was being considered as an amendment to a major overhaul of the nation’s bankruptcy laws.
    But when the amendment came up for a vote, Obama was standing next to Sen. Paul Sarbanes (D-Md.), the senior Democrat on the banking committee and the leader of those opposing the landmark bill, which would make it harder for Americans to get rid of debt.
    “You know, this is probably not a smart amendment for us to vote for,” Obama recalled Sarbanes telling him. “Thirty percent is sort of a random number.”
    Obama joined Sarbanes in voting against the amendment [....] There remains no federal ceiling on credit card interest rates.

  • 1950democrat

    As for PayPal freezing accounts, a lot of people have been complaining about that for a long time: see http://paypalsucks.com/

    No conspiracy required here.

    (Personally I’d love to see as many states recounted as possible before November — system tests.)

    • TeakWoodKite

      Watching MSNBC for Michigans primary Kieth O stated that the was a problem with counting the vote due a “machine glich”… Turned to CNN and they had the numbers…I agree with you 100%

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