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Credit Card Firms Try End Run Around New Federal Rules


Business  (tags: obama, business, banks, credit, cards, reform, law, corruption, crime, abuse, lies, greed, bailout, americans, dishonesty, government, economy, corporate, ethics, finance, money, politics, investments, consumers )

Tom
- 2064 days ago - latimes.com
Banks are quietly changing the terms of millions of credit card accounts as they brace for a tough new law that will limit rate hikes. The law will restrict interest rate hikes unless a card has a variable rate, so banks are doing away with fixed rates.



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Comments

Jamie L. (195)
Wednesday July 8, 2009, 3:50 pm
Sounds like we need to pay off the credit cards and not use those anymore... Wouldn't hurt to pay a bit closer attention to making out a budget, and sticking to it... Thanks Tom!
 

Leigh B. (211)
Wednesday July 8, 2009, 4:35 pm
This is absolutely outrageous, thanks Tom
 

Tom M. (819)
Wednesday July 8, 2009, 10:45 pm
The bankers are today's "railroad barons" and see themselves as nobility and the rest of us as peasants who have absolutely no rights and are there to be exploited. They get away with it because they hide behind the "corporate shield" and are rarely held personally accountable for the actions of the corporations they run.

This theft of human rights and money will continue as long as corporations have the right to "free speech" and to participate in elections. How did this happen?

Democracy vs. Corporate "Free Speech"

"Back in 1971, a corporate lawyer named Lewis Powell wrote a telling memo to the U.S. Chamber of Commerce. He asserted that big business should seek power through “careful long-range planning and implementation” and that power “must be used aggressively and with determination, without embarrassment…” Powell specified that ”The judiciary may be the most important instrument for social, economic and political change.”

A month later Richard Nixon appointed Powell to the United States Supreme Court. Powell went on to write the opinion in First National Bank of Boston v. Bellotti, a 1978 decision that created a First Amendment “right” for corporations to influence ballot initiatives and other political campaigns. As one writer commented at the time in the American Bar Association Journal, the Court had constructed a “monster…like Dr. Frankenstein's creation” that was likely to trample over democracy. The Bellotti decision is a big reason why corporations now dominate national politics and why companies like [banks] can impose the will of corporate executives on [the American people]."
 

mary f. (183)
Thursday July 9, 2009, 11:48 am
yes outragious
 

sue M. (184)
Saturday July 11, 2009, 3:17 pm
I ripped up my credit cards years ago and I only pay cash now. I love it, I know exactly how much I have and how much i can afford and makes my life soooo much easier.
Why support criminals????
 

Kyle S. (0)
Thursday July 23, 2009, 8:09 am
Tough to see my credit cards turned to variable rates or lowered credit limits, but its only fair. Americans carry way too much debt, its insane what some people on low salaries charge. They kill their credit scores and credit score range.That said, maintaining a solid credit history and paying off any balances will keep you intact. Seriously though, credit card companies should have had to abide by such rules a long time ago.
 
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