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Now that the damage is done, our President pledges Credit Card reform

By Uppity Woman on April 25, 2009 at 1:45 AM in American Consumers, Banking Institutions, Credit Card Companies, Larry Summers, President Barack Obama

Pretty much everyone you know has already been gouged by credit card companies while the Band Played On.

Congress said nothing, the President said nothing. Nobody stopped every major credit card company in the USA from screwing with everyone’s credit scores by cranking up their interest rates in mid-stream and offering customers no options other than to “freeze” their cards, which of course would also affect their credit ratings. The Screwing of American credit card holders is pretty much completed.

Even the best, most reliable customers were burned without a place to turn. Very few people knew that they could call their credit card companies and refuse to allow them to do this. Even then, this would involve threatening to pay the card off and refusing to use it again until the company reinstated the original interest rate.

That’s not the only thing these thieves got away with. As far back as February of this year, the usual suspects made arrangements with 30 states to have unemployment checks deposited into debit cards they owned. Then they gouged the Unemployed by charging them fees and squeezing some of their unemployment money out of them. Nobody with any power said boo on their behalf. All the while, these same companies had taken billions in bailout money.

capone_al Companies like Chase, Citigroup, Capital One, AMEX, and Bank Of America have completed their gouging plan. The only effort to stop them came from the Fed with a rule that they couldn’t arbitrarily raise rates……after the year 2010, a rule that was designed to give their goombahs in the banking industry plenty of time to screw America first.

So now that it’s all pretty much over and everyone is duly screwed, President Obama had a meeting with these thieves and he means to make sure credit card reform happens. Unless this is going to be retroactive, it’s all bullcrap.

This is also same man who, as Senator, voted “No” to capping interest rates. His claim early on during the Presidential Primaries was that “30% cap was still too high”. Damned right it was. But apparently, in his own brand of wisdom, Obama deduced that NO cap was better than a 30% cap. In other words, he voted “Present”. See 10:00 in this debate video where that pig John Edwards comes right out and laughs about Obama’s ‘rationale’.

Here’s a video of President Obama roaring like a lion at Credit Card company big shots–now that most all Americans who have credit cards have already been F*cked.

Thanks Barack! Put your teeth back in and make this retroactive, else it will be clear that this is just another pretend photo opportunity where you hand out snowballs in the summertime and the public watches them melt right in their hands. But we can at least say that you stayed awake. Your “Top” financial advisor Larry Summers didn’t. When you you going to fire that arrogant ass? Just wondering.

http://www.youtube.com/watch?v=yhXA3fXpCFk Woman Voter

Frankly I say Hooray because that means that although they won’t admit it, those tea party folks made an impact and they know that their base (working folks) are mad and they aren’t going to take it any more.

So, I give President Obama a B+ as he needs to put the reform in place ASAP ‘NOW’, why wait until 2010 (that will allow the loan Sharking Rates…to be slipped in again by the banks). Also, people are getting wise the fact that it is working class folks that get stuck with the high rates and people are not seeing the change nor the transparency they were promised. So, its time to deliver…otherwise it’s JUST WORDS!

jbjd

You just don’t get it, do you. Funded in large part by thieving financial services providers, BO stole the D nomination and then, the White House, whereupon he stole our tax revenues and left us in debt for successive generations, to re-pay these financial services providers for their support. But, perhaps sensing the groundswell of outrage on display on April 15 was only the tip of the iceberg and, not having completed his mission of looting the Treasury, BO, on the advice of his fellow pickpockets, set out to mollify the masses by appearing to speak to credit card interest rate reform.

‘Getting BO’ has always required that one stops listening to what he says and pays attention to what he does.

Betty

Words of wisdom.

And I just want to add that reading these words:

Nobody with any power said boo on their behalf. All the while, these same companies had taken billions in bailout money.

filled me with a kind of cold anger that I have never felt before.

tek

Betty: you nailed it. I truly believe there is no one in Congress or the WH who cares a jot about the American people. That is the real problem with this country. And it didn’t start with this administration, they are just expanding the horrible policies Dubya implemented. I think there is very little hope for this country. I believe that in our lifetimes, we will see the U. S. break up into several different entities.

I used to think the Civil War was necessary, that we had to keep the country united. I’ve come to the conclusion that it would have been better to let the country separate and pursue cordial relations.

The other huge mistake we made in our history was that Congress passed on the opportunity to annex Mexico. The legacy of slavery and the unfinished business of the Mexican War will undo the U. S

Eleven

Term limits…we have to have term limits for these people. Otherwise, people will just keep voting Nancy Pelosi, Barney Frank in. These legislators need to live under the law they legislate, because we know as long as they have power, they are above the law.

Chelsea Patriot

Terms Limits do not even work.

Here in NYC, Voters have twiced approved term limits in referenda.

The NYC City Council, at the bequest of Mike Bloomberg, over turned the term limits, allowing themselves and Bloomberg the opportunity to run for a third term.
This is beyond party affiliation. Christine Quinn and The City Council are Democrats and God Only Knows what Bloomberg is calling himself these days. I guess he’s back to being a Republican.
This is about Corporations vs. The American people
Even if term limits are inacted, there is no gurantee the politicians will respect them.
gonzotx

TERM LIMITS TERM LIMITS TERM LIMITS TERM LIMITS

http://noquarter foxyladi14

VOTE.VOTE VOTE..

mountainaires

I give BO a big fat F–for FAIL. Here’s the single most important thing you should know about this bluster about credit cards: It doesn’t take effect until 2010. Now, why would that be? Well, that would be so that Obama and the Democrats can use this as an election sound bite: “Obama fought the credit card companies to get relief for Americans.”

You want to know how that is going to work out? The same way his caps on executive pay worked out–they came back later and said, well, it doesn’t apply now, and it doesn’t apply to certain executives.

It’ll work out the same way his Iraq promises worked out: We’re getting out in six months; we’re getting out in 16 months; we’re getting out, but we have to do it responsibly; we’re getting out but we have to leave most of the troops there; we’re not getting out any time soon, it’s too dangerous; we’re moving troops to Afghanistan.

It’ll work out the same way his FISA promises worked out: “I’ll filibuster any change to FISA.” Well, maybe I’ll vote for the changes to FISA after all.

Telecom immunity? I was against it, before I was for it.

Torture? It’s not happening anymore. Investigations? We don’t need no stinkin’ investigations.

That’s our President: Liar in Chief.

B+? You gotta be kidding me.

mountainaires

One more thing, just remember his big promises about “No Lobbyists?” Well, then, when he was busted for appointing lobbyists in his administration, Gibbs equivocated: “Well, sometimes the rules have to be waived.”

F. Big fat F. Liar.

gonzotx

B+? , PUT DOWN THE KOOL AID

http://ezinearticles.com/?Three-Basic-Parenting-Styles&id=744499 Northwest rain

Nothing is going to happen — these are the crooks that helped put that crook and con man in office.

beebop

The Democraps wanted to stop the check cashing companies for basically charging the same damn thing as the credit card companies! I don’t see any ACORN protests, do you?

This is just Bobo’s way of paying back the “good” folks who funded his campaign without paying them back himself … pay to play, anyone?

PainkillerJayne

beebop I voted against that issue. It was absolutely pay to play.The check cashing places were taking money away from credit card companies.

John Smith

You can always refuse the interest rate hike and just stop using the card. That is really only way to go about it. The real solution for most people to return to using cash and through away the plastic.

http://uppitywoman08.wordpress.com Uppity Woman

If that is the opt out offer, that’s fine, but many of them also included a card “Freeze” so that you kept the rate but couldn’t use the card. That’s not too smart. Because the credit agencies have no idea why a card has been “frozen” they just know it’s been frozen—and this WILL affect your FICO score. That is why when Capital One tried it with me, I called them and told them I was going to pay off what was on the card and just never use it again until they returned my rate to me. I had a very low rate card and they were planning to arbitrarily bump it up from 5 to 11 percent. At that very moment I told them that I wanted to electronically pay off the card via my checking account. That’s when they capitulated and didn’t change my rate. Then I paid if off anyways and I am going to let it sit there just for spite.

Tuppence411

Another example of the middle/working class of this country having a huge target with $$ signs on our backs. No matter who is screwing up, we pay for it. Bad decisions and greed at the top? No problem the middle will pay for it. Lack of personal responsibility at the bottom? No problem, the middle will pay for it. I a sick of paying for Wall Street bonuses AND the slacker down the street who ran up 30K in debt living large with no way to friggin pay for it.

Silly me- I thought you actually had to re-pay charges on your card. I didn’t realize they would just hike Uppity’s rates to cover my losses. Sh!t-I should have booked that long vacation to Hawaii……
http://noquarter foxyladi14

good for you UPP..
Ellen D

I don’t understand how the credit ratings make any sense if everyone has had their credit lowered through no actions of their own. Does that mean there is now NO ONE over 700?
This makes as much sense as the coo coo investment rating services whose top ratings are bought and paid for by investment banks.
I’m struggling to figure out who you can trust any more. I feel like Alice in Wonderland.
cali

The rat bastard has some nerve. He never gave a damn about credit card interest caps when he was a Senator. He voted AGAINST them.

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=109&session=1&vote=00020

John Smith

You can always refuse the interest rate hike and just stop using the card. That is really only way to go about it. The real solution for most people to return to using cash and shred the plastic.

beebop

What part of the answer to you hypothetical solution did you not understand? The “n” or the “o?”

John Smith

Now that was a very intelligent answer. I have no clue what you are talking about.

rickrickrick

Joe Biden is from Deleware the Credit Card capital of the country and he has never said a word in defense of “MIDDLE CLASS AMERICA”. He is a crook like all the other politicans. I get great pleasure these days when I am with friends who voted for Obama when they admit they made a mistake. Especially the ones who are unemployed. That was not the Change they expected. Oh well!
http://www.Daily-Protest.com Alessandro Machi

Hey John Smith, Chase bank put a world of hurt on people by NOT ALLOWING the opt out option.

ABSOLUTELY POSITIVELY DO ALL THE CHANGES HAVE TO BE RETROACTIVE, as stated No Quarter’s editorial, but also, OPT OUT MUST BECOME A CONSUMER LAW, rather than the “privilege” it currently is.

http://daily-protest.blogspot.com/2009/04/day-19-chase-bank-protest-peggy-from_2008.html

This No Quarter editorial hits most of the buttons.

Although the theft of Amex frequent flyer miles from consumers so they could be given to citibank instead, so American Airlines would get favorable loan terms STILL is not being reported two weeks after http://www.DAILY-PROTEST.com and http://www.DailyPUMA.com reported it.

check out the link below to learn about stolen frequent flyer miles.

http://dailypuma.blogspot.com/2009/04/breaking-news-amex-and-citibank-have.html

beebop

One of them is also now charging you a percentage to transfer your balance from their card to a new lower interest rate card with a competitor …. google either doesn’t like the way I have posed my query or is being …. uh …. less than forthcoming this morning.

Tess

GGGGRRRRrrrrr. And thanks for remembering the greed of Joey B (as TOTUS calls him): he’s the one who led the charge to make it almost impossible for ordinary Americans to declare bankruptcy.
Nice job, NQ.
Tom Cat “wodiej” Jefferson Esq

I had a Capital 1 for years w a low interest rate. They tried to jack the rate up on me for no reason. They said they were doing it to everyone. I told them not to me, paid the card off before the next statement and closed the card. In the past 6 months I have paid off and closed all cc except one and am working on that one. I will keep my cc from the Credit Union, that’s it and for emergencies only. People should just try not to use them unless absolutely necessary.

http://www.noquarterusa.net/blog/2009/01/25/political-wimps-and-cowards-whining-about-guantanamo-terrorists/#more-12310 marie

This is the only way to beat them. We’ve got to stop thinking that we “have to have it NOW” and remember how previous generations (our parents) saved for what they wanted; at most, there were lay-away plans that let you pay out ahead of time on your purchase. By the time you took it home — you owned it. Free and clear.
http://noquarter foxyladi14

CASH IS KING..

Eleven

He is out to destroy one industry at a time.

If he really want to change something, he can start from the government — change the IRS and the tax code for crying out loud.

He wants legislation to protect cardholders from unfair increases in rates, how about no tax hike?

He wants companies to use plain English to communicate with customers. How about the tax code? It is so long and so convoluted, even your own treasury secretary can’t file his tax correctly.

He says no fine prints. I have an idea, when he says no tax increase for 95% of people, he can use another voice to add “this doesn’t apply to people who smokes, etc, etc.”

Start from government please, Mr. President.
BARB

This credit card proposal is just a distraction…from something we should all be aware of…and frightened by…. the health care rationing plan…as described by Larry Summers on a recent “Meet the Press” show:

http://www.washingtontimes.com/news/2009/apr/21
/rationing-health-care-the-obama-administration-dec/print/

The Washington Times

Tuesday, April 21, 2009
EDITORIAL: Rationing health care

It doesn’t matter what your doctor says; the Obama administration plans to decide if you will have cancer treatment or heart surgery.

Appearing on “Meet the Press” on Sunday, Lawrence H. Summers, President Obama’s chief economic adviser, stated, “Whether it’s tonsillectomies or hysterectomies … procedures are done three times as frequently [in some parts of the country than others] and there’s no benefit in terms of the health of the population. And by doing the right kind of cost-effectiveness, by making the right kinds of investments and protection, some experts … estimate that we could take as much as $700 billion a year out of our health care system.”

Let’s be clear – Mr. Summers is talking about rationing. Total health care expenditures in the United States in 2008 came to $2.5 trillion. The implication of his statement is that health care expenditures can be cut by almost 30 percent. That’s a major amputation to the system. Mr. Summers tried to kill the pain by saying it all wouldn’t have to be cut right away. That’s only comforting if it’s not your loved one’s transplant that bureaucrats reject.

I’m a Linda too

Obama proposed that from the gitgo. He never wanted to provide Universal Health Care. Or, like he told the New Hampshire audience who they gathered for a town hall discussion on the matter after Weary Barry got basically laughed at for attending a Health Care Forum in March of 2007, when he had no Health Care plant to talk of and was trying to do damage control.

He told that group assembled at the newpapers room that he didn’t want “anything like Canada has” and after listening to these folks tell him they believe Health Care is a right and everyone should have access to health care, he replied with “so you’re saying you just want something for emergencies”. They all looked confused and said “NO”.

The reason Obama was losing in the primary at first was because he was actually letting people know his REAL plans. Lets not forget, Obama (in New Hampshire as well-rember, WHERE HE LOST!) told everyone he was all for FREE TRADE. All his later talking points were developed for campaigning only. HIS EMPTY “WORDS” and now he is putting through those policies that he intended on.

Tuppence411

Notice he said “health of the population”, shifting the focus away from an individual’s health outcome. Yeah, sure Larry, it may be “better” (cheaper) for society to pump the kid with cheap antibiotics and tylnenol every few months for a few years than pay for surgery, but not for the child if he is missing too much school, can’t go out and play- basically can’t learn and develop because his throat hurts alot and often. When does his health outcome factor into the decision-making process?

Are there too many tonsillectomies? Of course there are. It’s a simple way for surgeons and hospitals to make a very quick buck. But the answer to that problem is not to ration the procedure for everyone.

http://uppitywoman08.wordpress.com Uppity Woman

Tonselectomies and hysterectomies. Women and children. Just the kind of folks larry hates. I think all the viagra is adding too much cost to health care. And speaking of “ectomies,” Larry’s father should have had a vasectomy.

I’m a Linda too

And not to let the PIG, Larry Summers off, who apparently is so unhealthy himself, he keeps falling asleep in meetings and discussions.

How embarrassing.

Anyhow, you ignorant p o s, Summers, maybe WOMEN (oh, you knew that didn’t you) may have more hysterectomies in one area because maybe there are more toxins in that area giving them problems with their Uteruses, like cancer, tumors or other many problems women have to endure. Gee, maybe this is an area that has a higher rate of Breast Cancer Estrogen related and they are recommended to remove their female organs so they don’t get cancer there too.

But hey, please, continue showing us your ignorance and sexist mind thought.

I’m a Linda too

Oh Hubby was just railing on this one in the news these past few days. Remembering fondly the days during the campaign. Thrilled when Hillary brought up Weary Barry’s vote in the Senate shortly after arriving. (I remembered that one well from the Harpers story in Oct 06 Barack Obama Incorporated, the Birth of a Washington Machine) and there was so much talk and conusion because he voted against the bankrupcy bill, but key issues, protecting against predator charging and gauging on rates were separate from the bankrucptcy bill.

And I even (I’m sure one of many or her people didn’t need me to point it out) had emailed the campaign about this tidbit myself and just about leaped at the TV when she first mentioned it. And even Edwards jumped in with “let me get this straight” at the SC debate.

But alas, the voting American public showed they didn’t cared about ethics and doing the right thing, they were voting for the Empty Symbol. And that’s what they got. A man without principal doesn’t care much about promises and words, HE WAS RUNNING FOR PRESIDENT, “THERE YOU GO”, Obama.

But Obama was busy cementing his cred to the Wall Street and Finance Firms that he was their new guy. And they would remember that. And they did.

last year’s hotly contested bankruptcy bill, which made filing for bankruptcy more difficult and gives creditors more recourse to recover debts. Obama voted against the bill, but Williams was pleased that he did side with The Bond Market Association position on a number of provisions. Most were minor technical matters, but he also opposed an important amendment, which was defeated, that would have capped credit-card interest rates at 30 percent. “He studied the issue,” Williams said. “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 found that very refreshing.”

http://www.harpers.org/archive/2006/11/0081275

Auh, ignorance is bliss. But then someone has to pay for these poor choices eventually, don’t they?

All these years and being one of the key persons who voted for and enabled THIS CRAP TO GO ON with gauging at such high rates.

Lets see if he makes any real substantial changes, or is he just going to market himself and give empty words, but protect his money men on Wall Street anyhow.

I’m a Linda too

In case you couldn’t realize, these issues are the perfect meaning of Obama and why I knew he was an empty suit and one you could not trust.

And to watch him continuously LIE so effortlessly, like where in this same debate he finally found his balls (normally tucked neatly up his ass, where only close friends and man/wife know where they are to SQUEEZE) to dangle and display for all America when he BOLDLY LIED, stood there and CLAIMED, Antoin “Tony” Rezko, aka corrupt, slumlord, fraud, taxpayer slealing SCUMBAG, long time friend of 20 years, business associate and campaign adviser and fundraiser. Where he proudly proclaimed he “did just about five hours of work for the guy” WOW…wasn’t that BALLSY?

Like most everything else from Weary Barry. Say one thing, do another.

When his Senate campaign was based on the “inustices of the pariot act” and the “dumb [Iraq] war” that he wanted to go to Washington to fix.

He did. HE couldn’t have voted any FASTER for the Reauthorization of the Patriot Act and spent the next 2 years voting to keep the Iraq War going with funding….even finding those balls tucked up his ass to dangle in public and vote against the Feingold/Kerry June 2006 bill to end the WAr in Iraq within 1 year. (because it had a time line-no kidding)

Auh yes, and we have the majority of the voting public voting for people because they want to wish them different than what they are. And that is why we are in this mess in our country.

dazey

Screwed all around — losing interest on savings; no jobs — for those on social security, no COLA this year — and they keep bailing and bailing and bailing the bastards who caused it all. We know who runs the country. Voting is just another sham.

I’m a Linda too

speaking of losing on savings. You should be here in a state where the Governor as played his pay for play scheme EVERY WHERE and now even our mandated pay role deducted Retirment funds from the state, he directed funds be placed with his money men who proceded to rape and lose hundreds of millions in their pay for pay schemes.

Everyone thought not turning over the public employee retirement ass plan to Gov. Richardsn, AS HE WANTED, was safe, but he managed to infiltrate it anyhow through Money Managers, etc.

The new Car Czar is now linked to Billie Boy Richardson for the pay for play scheme.

And, just when you think it cant get worse with this down economic situation and losing all this money, Billie Boy Richardson makes law to demand an auto increase in the demanded deductions for the retirement plan from each employees pay bheck for at least the next 2 years. YEP!

http://www.huffingtonpost.com/2009/04/22/pension-fund-scandal-expa_n_190347.html

tek

Uppity: good article, but depressing. But then, this whole administration is depressing. Talk about an amateur, Obie’s newest plan is he’s asking federal workers to tell him how he can save money! Will someone please tell this guy the WH is not an interactive video game or a reality show, he’s supposed to be LEADING the nation, not following.

I also read he’s the first “hip” president. That’s comforting, no?
Tricia Spiegel

This all just makes me sick. Where’s my pitchfork?
fif

Unless this is going to be retroactive, it’s all bullcrap.

Thank you! I just got into a fierce argument with Chase last week, after they sent me a late statement (after the due date), charged me a late fee, and refused to waive it. I’ve never been late on a payment. I paid it off and canceled the card–thus screwing up my credit. They didn’t give a damn. Just got my last statement, and there’s an additional charge for the interest due during the time I knew nothing about because they sent my statement late?!? Of course, I know I have absolutely no recourse. I called, and again, they didn’t give a damn. I know several people who have received notice of arbitrary and significant interest rate hikes.

Knowing this recent show of what a Super Super Guy BO is is another PR opportunity, what makes me sick is that it works. Someone in my office this week, an older woman who has repeatedly been screwed by credit card interest rate hikes, said, “Well, let’s wait and see what happens since Our President is going to bat for us with the credit card companies!”

My stomach turned. He’s a fraud, and it works. People are suckers for some good propaganda, and he and Axelrod make Rove look like a beginner.
fif

Made a comment and it went into moderation. Please rescue.
http://noquarter foxyladi14

the hipster potus well how bout that..
IndianaDem

All of these years of finance industry abuse and absolutely nothing was done. Now Barack Obama pledges prompt and effective action, and we’re angry at him?