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GOP Blocks Freeze On Credit Card Interest Rate Hikes

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depakid Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 05:40 PM
Original message
GOP Blocks Freeze On Credit Card Interest Rate Hikes
Edited on Wed Nov-18-09 05:54 PM by depakid
Source: Huffington Post

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."

Read more: http://www.huffingtonpost.com/2009/11/18/gop-blocks-fre...



One would think that the Dems would see this and other opportunities to paint Republicans as the bankster supporters as early Christmas gifts.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 05:42 PM
Response to Original message
1. Put the GOP on Suicide Watch!
First Sarah Palin, now this.
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jasi2006 Donating Member (544 posts) Send PM | Profile | Ignore Thu Nov-19-09 07:09 AM
Response to Reply #1
29. Put the Dems right behind them. Why are the Dems not raising hell
aboout this? Someone should be at every Palin booksigning to ask her her opinion of this RW move. That would get the info out there to the dittoheads who don't keep up with the real news.
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Tansy_Gold Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 08:15 AM
Response to Reply #29
34. Why are they not raising hell? BECAUSE THEY DON'T CARE
If they gave a fucking rat's ass about consumers, they wouldn't have put the "implementation" of their so-called reforms out 18 months. What did they think the credit card companies were gonna do in the 18 months? Take a cruise? Practice yoga? They KNEW the credit card companies were gonna jack up rates, jack up fees, squeeze every last drop of blood from the card holders.

NONE OF THEM GIVE A SHIT. NONE OF THEM. DODD? OH GIVE ME A FUCKING BREAK.

And who spoke up for us, for the consumers?

chirp. chirp.



And who is screaming from the rooftops that the pukes are ripping off their own supporters?



chirp. chirp. chirp.




TG
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superconnected Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 05:44 PM
Response to Original message
2. Bastards.
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CLANG Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 10:25 PM
Response to Reply #2
23. I second that emotion! (apologies to Smokey Robinson & the Miracles)
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Hawkeye-X Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 05:45 PM
Response to Original message
3. GOP just hung themselves over this action
And a VERY good reason to use the nuclear option to pass a freeze and enact a usury limit of 5%. Anything more will force the corporation to be classified as criminal enterprise and will be sentenced to mandatory life in prison without parole. For all executives involved.

Hawkeye-X
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Liberal_Stalwart71 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 05:47 PM
Response to Reply #3
4. Sadly there are too many Democratic corporatists in the Senate.
Does Harry have the guts to go nuclear? I'll believe when he actually does it!
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redqueen Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 05:51 PM
Response to Reply #4
5. Perhaps we should start calling to suggest it. (nt)
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FarLeftFist Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 05:58 PM
Response to Original message
6. That's actually evil.
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naaman fletcher Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 06:09 PM
Response to Original message
7. Personally,
I don't so much mind what the interest rate is, so long as the companies are upfront and fair about changing it, and about all the BS fines and charges, etc.

The main problem with the industry is that they are liars and frauds.
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KansDem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 06:46 PM
Response to Reply #7
13. I agree...
When I got a notice that my terms were changing the first time, I was flabbergasted and thought "But aren't contracts binding?" Of course, I assumed when you took out a credit card, you agreed to the "Terms of Service" at that time, and that those terms were like a contract between you and the CC company.

Little did I know...
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customerserviceguy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 06:11 PM
Response to Original message
8. Sorry if I'm not getting something here
with this. How can forty Repukes "block" something all by themselves? Don't they need about ten Democratic Senators to join with them to "block" something?
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endless october Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 06:11 PM
Response to Original message
9. what did we bail those fuckers out for again? n/t
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muntrv Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 06:12 PM
Response to Original message
10. Repukes and corporadems are pro-loan shark.
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FreeStateDemocrat Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 06:12 PM
Response to Original message
11. Please explain to me why it was so fucking important that we have a 60 vote majority?
Edited on Wed Nov-18-09 06:12 PM by FreeStateDemocrat
Every time the pukes want to, they put the cabash on anything that may help the working class while our sixty vote majority says to bad we can't do anything about it. Democracy in action, big bucks and corporate America call the shots in both parties. Fuck the ruling class.
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glinda Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 06:47 PM
Response to Reply #11
14. then we need to elect better Dems and more of them
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boppers Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 03:13 AM
Response to Reply #11
28. ITYM Kibosh, not "cabash". eom
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ElboRuum Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 10:19 AM
Response to Reply #28
35. Actually, it's kybosh.
Edited on Thu Nov-19-09 10:23 AM by ElboRuum
At least that's how I've always seen it spelled.

On edit:

RETRACTION: Checked out MW and both "kibosh" and "kybosh" are correct spellings, "kybosh" is the accepted British variation. Nevermind.
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boppers Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-20-09 01:10 AM
Response to Reply #35
46. Oh, those crazy Brits and the ways they colour the American language...
:evilgrin:
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Missy Vixen Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 07:30 AM
Response to Reply #11
30. Thank you
I wish I could recommend a single post. We've been fed this over and over and over since the eighties. "All we need is a majority." "All we need is sixty votes in the Senate." "All we need is a Democratic president."

Again, if Dodd can't get this legislation through with the majority and Obama in the White House, it's time to give up.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 01:14 PM
Response to Reply #11
38. GOP Senate Put in a Rule--Harry Reid Hasn't Taken It Out
which side is Harry on, now?
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Auggie Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 06:37 PM
Response to Original message
12. I'm getting angry enough to Hulk out
:mad:
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SoCalDem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 06:52 PM
Response to Original message
15. Actually, this may not do much harm.. what good is a freeze @ 30-99% interest
dems would do well to start over and have a ROLL-BACK of rates, to reinstate usury laws and set a MAXIMUM that can be charged
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depakid Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 10:55 PM
Response to Reply #15
25. +1
That would be not only catching the ball (and a clue) but running with it.
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Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 07:54 AM
Response to Reply #15
31. 99% interest? really?
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SoCalDem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 07:58 AM
Response to Reply #31
32. yep.. I forget the card issuer, but someone posted about it a few weeks ago
:grr:
Even Leo the loan shark had better rates than that :)
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KansDem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 06:55 PM
Response to Original message
16. Why?
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.


That's it? :shrug:
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Hawkeye-X Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 07:19 PM
Response to Reply #16
18. On behalf of every Americans out there.. FUCK YOU Thad
and resign, effective IMMEDIATELY.

Thank you.

Hawkeye-X
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glinda Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 01:09 PM
Response to Reply #18
37. I second that
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annabanana Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 07:06 PM
Response to Original message
17. Did they even bother making up some EXCUSE for this action?
Or is it just their standard.. "Screw YOU, Americans" thing?
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CatholicEdHead Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 08:02 PM
Response to Original message
19. But the free market does not like anything under 35% intrest
:sarcasm:
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penndragon69 Donating Member (409 posts) Send PM | Profile | Ignore Wed Nov-18-09 08:05 PM
Response to Original message
20. The banking and insurance industry
is controlled primarily by the MAFIA anyway.
Just like waste disposal and many sectors of the construction biz.
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benld74 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 08:55 PM
Response to Original message
21. I would REALLY like to see the GOP get what Comes around AFTER they Sent it AROUND!
WHAt goes around comes around
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KingBob Donating Member (47 posts) Send PM | Profile | Ignore Wed Nov-18-09 10:17 PM
Response to Original message
22. Surprise Surprise Surprise
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DesertDiamond Donating Member (838 posts) Send PM | Profile | Ignore Wed Nov-18-09 10:42 PM
Response to Original message
24. I'm amazed at how hard they are working to become extinct as a party!
Who is going to vote for them anymore except the corporate CEO types?
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LynnTheDem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-18-09 11:08 PM
Response to Original message
26. Protecting the rich elites from We The People!
It's the GOP Way of Life!

Funny how the freepery rightwingers haven't actually realized yet that they're part of the WTP, not the rich elites. Voting against one's own best interests...very strange.
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classysassy Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 01:01 AM
Response to Original message
27.  A buy a congressperson
Democracy at work,to the highest bidder goes the spoils.They don't pretend any more,yes we take bribes.There are crooks on both sides of the aisle.
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DU GrovelBot  Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 07:58 AM
Response to Original message
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xxqqqzme Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 10:54 AM
Response to Original message
36. Dec 1 is too late
There were interest rate increase notices in each statement I received over the summer.
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fascisthunter Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 01:14 PM
Response to Original message
39. the Political Party of Leeches, anti-middleclass GOP
always has been, always will be... party of the religious occult as well.
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unblock Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 02:57 PM
Response to Original message
40. ah, the card companies can't implement reforms quickly, but they sure can raise rates quickly!
trust me, if the "reforms" made them more money, they'd find a way to implement them really quickly.
most of the reforms we're talking about are not particularly hard to implement. there's plenty of testing, to be sure, i'm not saying it's trivial. but the original timeline gave them, what, 18 months?

ridiculous.
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robinlynne Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 04:19 PM
Response to Original message
41. and that majority we have? how can the GOP block anything without Dem help?
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onethatcares Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 05:16 PM
Response to Original message
42. ladies and gentlemen, the party is over.
the money class enjoys its' privlege, it enjoys its' lording it over the pee-ons. The senate is just a bunch of white rich guys(of course there's a token darkie in there somewhere)that has all it needs to live a very comfortable life, for the rest of its' life. They're taken care of by us, the bankers, the insurers, the mega farmers, the captain in the dell, the three ladies milking and any other faction they can squeeze some coin from.

Now what? Rebellion, hahahhahahahhahahaha, don't pay your bills, double hahahahahahahha, we're fucked.
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katty Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 05:37 PM
Response to Original message
43. GOP=Greedy Old Pricks
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Fearless Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 05:41 PM
Response to Original message
44. HOW????
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MilesColtrane Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-19-09 07:25 PM
Response to Original message
45. GOP shitheels!
Just got a letter from my credit union concerning my credit card today.

They will be raising the rate from 7.49% APR to anywhere from 7.99% to 18.00%. (Care to guess what number the final rate will be closer to?)

Cash advance rate goes from 7.49% to 18.00%.

I've only had the card since June and I have a spotless credit history.

Since I must have a card for my business, I guess I'll have to bend over and take it.

:grr: :grr: :grr:
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