Politicians! Yuck!
I got up this morning and the first thing I did was turn on CSPAN. The various Cspan chanels were covering the Congressional debate on the pending bill sponsored by Demorcratic Representative Carolyn Maloney of Astoria. This bill is for the regulation of Credit Card companies. It is designed to protect consumers against unfair and unregulated Credit Card activities. I found it very unpalatable to listen to a Republican Congressmen argue against regulation of the credit card industry. He’s position was that it would create a credit crunch. I couldn’t believe my ears, hear we are in the midst of a monumental distaster because these clowns weren’t watching our backs, now they basically want to maintain the same course. He’s position was that there was already new regulatory rules being passed with the Wall Street fiasco and it’s bailout this would be redundant. To wit, US citizens, consumers are charged the highest fee’s in the world by credit card companies on transactions. As a comparison we were compared to Australia, Britian and several other nations. Our fee’s were 6 times compared to Australia so on an so forth. Customers can be charged any amount of interest, they can be back charged for interest, the billing cycles are manipulated to create over charges and the list continues. Our current national debt on credit cards is around 1 trillion. Consumer protection should have been in place in the first place. I got disgusted and switched to the Senate hearing on the new bailout.
I don’t know if I have just gotten older. I see everything with a jaundiced eye. Weren’t these the same senators that were in office when Wall Street was committing these financial robberies. To hear them speak as if they were also the victims. I am not even a politician, I don’t have the staff, I don’t have the budget but, I knew in 2005 we were heading for big trouble. No one could afford the houses they were buying. Where was their voice of concern when it was happening? I am so sick of this. Enough is enough! We are in a stinking mess because these politicians aren’t doing their job. They are owned and paid for by the special interests. I find the hypocrysy so vile. When Ron Paul kept speaking of these exact economic circumstances people laughed at him. The Republican party rejected him and tried to paint him as a kook. His supporters as fringe groups. Who is the fringe group now? Who is the kook now? Our problems are directly related the printing of money, which easy credit essentially is the same. I am not going to get into how this effects the market place. I will assume you are intelligent enough to see this for yourself.
This bailout will not work. It will maintain a system that is fundamentally a fraud.
Filed under: Opinion