Obama makes push for credit card legislation
On the AP Wire: Putting himself on the side of fuming consumers, President Barack Obama is pushing Congress to send him legislation by Memorial Day that would put a tighter rein on the credit card industry. "Americans know that they have a responsibility to live within their means and pay what they owe." Where has the President been the past few months? Just who does he think was partially to blame for the current economic criisis? How about all of the folks who moved into houses they couldn't afford or just chose to make money by flipping houses and were stuck with 2or 3 additional homes? Did they pay what they owed or did they just walk away from what they owed? Or even worse did they allow the taxpayers to bail them out using Tarp money?
President Obama continued, "But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all-too common. I'm calling on Congress ... to pass a credit card reform bill that protects American consumers so that I can sign it into law by Memorial Day," Obama said. "There is no time for delay. We need a durable and successful flow of credit in our economy, but we can't tolerate profits that depend upon misleading working families. Those days are over.'"
What do the banks say about his newest consumer protection plan? The banking community is fighting back. Credit-card executives maintain that new restrictions could backfire on consumers, making it harder for banks to offer credit or put credit out of reach for many borrowers.
I guess the President has not read up on his Economics 101 lately. I think it is time for this blog to give some lessons on cause and effect, scarce resources, and other fun ideas.
On the AP Wire: Putting himself on the side of fuming consumers, President Barack Obama is pushing Congress to send him legislation by Memorial Day that would put a tighter rein on the credit card industry. "Americans know that they have a responsibility to live within their means and pay what they owe." Where has the President been the past few months? Just who does he think was partially to blame for the current economic criisis? How about all of the folks who moved into houses they couldn't afford or just chose to make money by flipping houses and were stuck with 2or 3 additional homes? Did they pay what they owed or did they just walk away from what they owed? Or even worse did they allow the taxpayers to bail them out using Tarp money?
President Obama continued, "But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all-too common. I'm calling on Congress ... to pass a credit card reform bill that protects American consumers so that I can sign it into law by Memorial Day," Obama said. "There is no time for delay. We need a durable and successful flow of credit in our economy, but we can't tolerate profits that depend upon misleading working families. Those days are over.'"
What do the banks say about his newest consumer protection plan? The banking community is fighting back. Credit-card executives maintain that new restrictions could backfire on consumers, making it harder for banks to offer credit or put credit out of reach for many borrowers.
I guess the President has not read up on his Economics 101 lately. I think it is time for this blog to give some lessons on cause and effect, scarce resources, and other fun ideas.
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