The recent “credit card bill” is make-work for Congress. They want to look busy, they want to look like they care, so they pass a bill that doesn’t really address the major problem with credit cards today. All the senators and representatives want is to be re-elected so they can avoid a real job working their fingers to the bone like the rest of us. They don’t care about you or me or anyone else. The only people in this country they care about stares back at them from their mirrors.
While striking down the “universal default” clause is a good thing–if we consumers had some accountability, some way to check whether the banks were, in fact, abiding by the so-called “law,” which we don’t and Congress knows it–this bill does nothing to address the higher than high interest rates. The bill gives the banks NINE MONTHS to jack those interest rates to what the banks would deem an acceptable level (of greed).
The banks are borrowing our money from the Federal Reserve at nearly zero percent, yet they are charging the average credit card consumer double digit interest, not to mention collecting their percentages from the merchants on every purchase we make.
So, what does the bill do for us really? Nothing. It’s a vehicle to give every Congressman and woman some accomplishment to point to come election time. They certainly can’t point to the numerous bailouts or backing Obama’s plan to tax and tax again everything we consume as a feather in their caps now, can they?
Time to quit falling for this orchestrated crap and fire all of our so-called elected “employees” who’ve obviously forgotten that the People they were hired to serve do not smile back at them from their mirrors.
Writing Large 