Senate Republicans blocked a Democratic effort Wednesday to immediately freeze increases in credit card interest rates, fees and finance charges. Shortly after Democrats passed credit card reform legislation in May, the card companies began jacking up rates in advance of its implementation. Major parts of the act won't take effect until February and August of 2010. Earlier this month, to combat the rate hikes, the House passed legislation to move the effective date up to December 1st. The Senate moves much more slowly and the credit card industry has been arguing that it can't practically get its act together to implement the reforms that quickly. Okay, said Sen. Chris Dodd (D-Conn.), who sponsored the original bill that passed 90-5. Instead of implementing the entire basket of reforms, Dodd proposed instead simply freezing interest rate and fee hikes in advance of the holidays. Surely, he said, that's not too difficult to implement. "We worked long and hard to enact the safeguards included in the Credit CARD Act," said Dodd. "And no sooner had it been signed into law, but credit card companies were looking for ways to get around the protections this Congress and the American people demanded. This bill would end those abuses and further protect customers today." The Senate schedule is packed with nominations, health care and appropriations bills, leaving no time for a prolonged floor fight over credit cards. The only way Democrats could pass the bill in time for the holidays would be with the support of the GOP -- all but five of which voted for it initially. Dodd, on Wednesday afternoon, asked for unanimous consent to move the bill forward. "On behalf of several senators on this side of the aisle, I object," said Sen. Thad Cochran (R-Miss.). And that's the end of it.
OPTIONAL is a clueless Dem true believer. He uses an article with statements by freakin' Chris Dodd ? Dont you know he is an absolute crook ? (And is in big trouble in terms of his re-election for next year. He's trying a desperate move to appear legit, but it ain't gonna work. People in VT are gonna dump him. They'll see through his bullshit 'bill' that he knows will never go anywhere, and I'm sure his bankster buddies are well aware of that. Just like O. saying he'd dump NAFTA during the campaign, while reassuring the Canadians that it was just a bunch of rhetoric for the votiing fools. ) Do some homework for a change, not just go apeshit because he has a D after his name - -search "Dodd" "fraud" "ethics violations" "sweetheart deals" activities on the Senate Banking Committe, etc, and check out the financial activities done under the cover of his wife's name. Guess you'll jump on anything if you can write about 'the big bad Republicans'. What a joke. - - - Thankfully 43 % of voters indentify themselves as 'independents' now - - and the numbers are growing. Those calling themselves 'Dems' are around 35% and "Reps" are around 20%. People are getting tired of the crooks - - whether they have a D or R after their names. - - -
I'm a horrible typist . . . its CT not VT - - - Peter Schiff will take the seat away from that crook.
Lets hope so...although remember that Linda Mcmahon is also running and using something like 20-50 million of her own money to get elected. Last i checked though simmons is leading and schiff is pretty much in last place as far as the polling is going so far. I really dont think schiff will win as much as i would like him to. He is just too out there for the average joe american. They dont want to hear about the economy. They just want their free health care and their american idol and they are happy. They dont care how the system runs and to them, we are in a recovery so no need to vote for someone like schiff.
I just got my rate increased again to 29.9 percent. Mind you, never being late. If one can not make a profit on 15 percent whiile borrowing at 0 from discounted window, one should not be in lending business at all. Index piker. How would you lilke having consustent returns lile that in your indexing world?
Yeah, you may be right. - - It will be whether Schiffs considerable ability to communicate can beat a money disadvantage. He's just getting started, though. I'll send him a little donation. At the very least his sensible economic message will be aired. If he talks to average Joe USA and lets them know that theyve been robbed, maybe it will be a message that's heard. - - -
My usual tendency is toward free market capitalism. - - Unfortunately, we have banksterism instead. They keep the profits, and you pay the tab for their losses (too big to fail) . - As you mentioned, they were bailed out (by the taxpayers who are also their borrowers). They get 'money' actually created out of thin air from nothing, for nothing. And they send out their notices of raising their loan shark interest rates even higher. - - Thats what you get when criminals run things. - - - You can bet, that this bill goes nowhere, and Dodd will claim he 'did all he could for the people'. Incredible. - - -