As is typical of Senator Chris Dodd, D-CT, with much flair and ballyhoo, introduced legislation to our Congress, aimed at stopping credit card practices that drag consumers into staggering amounts of debt.
He must have felt some shame or remorse after having been so up to his eyeballs in hot water for his questionable ethics in the handling of the bailouts for Fannie Mae and Freddie Mac, and his financial benefits from those two troubled agencies. But undaunted and un-fearing he bravely put forth his efforts to keep credit card companies from helping to drive borrowers into the murky depths of credit card debt.
Going along with this so-called white knight on white horse legislation for the workers and consumers and ‘truly needy’ who use credit cards in their daily lives, was none other that that other fellow, the one in the White House, the usurper of our highest office in the land, Barack H. Obama.
In keeping with the liberal fondness of giving legislative bills tricky and clever names that disguise the real intent of their thinking, such as the Fairness Doctrine that is anything but fair; and the Free Choice Card that actually even takes away any chance of free choice by removing the secret ballot that Americans feel is a basic part of their civil rights, this article is titled gloriously and promisingly titled, the CARD Act, or “The Credit Card Accountability, Responsibility and Disclosure Act .” Those clever cards are at it again.
In an article dated April 30, 2009 in the Washington Post by Nancy Trejos, Treasury Secretary Timothy F. Geithner was quoted for the Obama Administration as saying: “We need to clarify the rules of the game, … for an end to unfair credit card industry practices such as retroactive interest rate increases for any reason, late-fee traps that penalize borrowers with weekend or middle-of-the-day deadlines and teaser rates that last less than six months.” Geithner added, "This administration and this Congress are committed to changing the system."
The Wall Street Journal on May 11, 2009 stated the president, Mr. Obama is seizing on Americans' complaints about interest-rate increases, penalties and fees for their cards; and quoted the president as saying, “You shouldn't have to fear that any new credit card is going to come with strings attached, nor should you need a magnifying glass and a reference book to read a credit-card application."
But according to Dick Morris, the president and Congress are not going after the most culpable reason to wish for credit card reform, and that is usury, or the fine art of slicksmanship of not putting a cap on any interest rates on unpaid and/or late charges.
Morris and his partner, Eileen McGann wrote on May 22, 2009 that “The widely heralded credit card reform legislation making its way through Congress is a sellout to the credit card companies.” Saying further, “Obama has proposed and Congress has passed a series of minor reforms that deal with the fringes of the problem - late billings, retroactive interest rate hikes, misapplication of payments and such - but fail to reform the most basic offense of the companies: their usury.
“Congress explicitly rejected any limitation on the interest rate credit card companies can charge. It remains perfectly legal for them to charge rates that would make a loan shark blush.”
So whadda ya’ know; it looks like smoke and mirrors legislation; all hype with little substance. Oh there’s a lot of fancy sounding rhetoric written into this law, enough to make the most ardent Obama and liberal Democrat supporters chortle with glee. But to the hard and steady gaze of ‘cutting through the smog’ scrutiny, we find that the most egregious rip-off the credit card issuers can pull on its customers, excessive interest rates without shame, is nowhere to be found amongst the language that makes the new law tick.
So once again, under the sham of illusionary language which sounds sweet to the untrained ear, Obama and the libs have plunged the knife of deceit into their gullible followers but have also skewered the rest of us credit card suckers.
This Administration talks a lot about “transparency”; wouldn’t it be nice if they actually started utilizing it?
Gerald A. “Jerry” McConnell, 92, of Hampton, died Sunday, February 19, 2017, at the Merrimack Valley Hospice House in Haverhill, Mass., surrounded by his loved ones. He was born May 27, 1924 in Altoona, Pa., the fifth son of the late John E. and Grace (Fletcher) McConnell.
Jerry served ten years with the US Marine Corps and participated in the landing against Japanese Army on Guadalcanal and another ten years with the US Air Force. After moving to Hampton in 1957 he started his community activities serving in many capacities.
He shared 72 years of marriage with his wife Betty P. (Hamilton) McConnell. In addition to his wife, family members include nieces and nephews.
