Monday, January 24, 2011


Barack Obama, recently:
From child labor laws to the Clean Air Act to our most recent strictures against hidden fees and penalties by credit card companies, we have, from time to time, embraced common sense rules of the road that strengthen our country without unduly interfering with the pursuit of progress and the growth of our economy.
It sure is a good thing that keeping (American) children out of factories didn't "unduly" hinder business, or else they'd still be right there fitting their little hands into the machines. Luckily, business could just get other children in other places.

His other examples are so ludicrous that I won't even mention them.


Walter Wit Man said...

Obama is full of shit. Credit cards now charge what was once considered usurious rates for even the best customers. At a time when banks get new money for less than 1%, the best customers still pay above 10% and others pay above 30%.

Plus, in addition to the fake credit card reform, banks are simply transferring fees to other areas. I just got a notice that my bank is going to start charging a monthly fee for my checking account.

Ethan said...

I'm increasingly wondering why I want to have my money in a bank.

David said...

Yeah, the "Credit Card reforms" provided little other than a bogus "progressive" talking point for politicians to show how much . They limited a few of the really egregious practices that are difficult to (i.e. posting payments received over a weekend as "Late").

Other items, like the so-called "Opt-in" to over-limtit fees were simply noone. People don't generally (maybe never) charge over their credit limit without realizing it. They charge right up to it and are put over the top by interest and late fees. The reforms didn't address that.

The whole thing was pretty much window dressing.

David said...

Oh, and as an added bonus, Our always hurting credit industry now claims that the onerous new legislation means that they have to fuck their clients even harder than before on the usual litany of minor "Gotcha!" breaches of terms in the 90 5pt type booklet that comes with the card.

Randal Graves said...

All you whiners don't realize that without maintaining the profit status quo, progress will begin to slow & we'll have to start resticking the hands of little children in the machines, do you want that? Thank Mammon *someone* is thinking of the children.