"The Democrats have proved themselves capable of accomplishing big things."

[ProSense]

President Scott Brown Wins Jobs Bill, Tax Cuts

Two weeks ago in this space, I wrote about how the Democrats appear to be totally incompetent at ballyhooing their own successes. And make no mistake, there have been numerous legislative triumphs over the last year.

Really. No, seriously. Stop laughing. There have been.

They rescued the economy. They set new emissions standards. They protected two million acres of national forest. They passed legislation to help unemployed Americans to afford COBRA health insurance. They expanded affordable health insurance for children. They passed historic hate crimes legislation. They passed the largest middle class tax cut in American history. They're tantalizingly close to passing health care reform. All of this despite a record number of Republican filibusters by the crackpot minority party.

So I have to ask: H-H-Hello? Anyone home?

Two events this week have served to illustrate my point about the ongoing failure of the Democrats to self-promote.

The Credit Card Accountability Responsibility and Disclosure Act of 2009 went into effect. Major Democratic triumph. At long last, some of the most predatory and nefarious scams orchestrated by one of the most predatory and nefarious industries have been officially banned. Of course the credit card companies will come up with new, cruel and unusual ways to screw us hard, but this was a major victory in the effort to reform the financial sector. No more random interest rate hikes. No retroactive rate hikes. Fair warning. Transparency.

<...>

The Democrats have proved themselves capable of accomplishing big things. Regardless of whether or not you agree with their politics, you have to admit that their record is pretty solid. In fact, President Obama has been able to usher through more of his legislative priorities than any previous post-FDR chief executive. I believe his record is something like 96.7. But really, you wouldn't know it based on what you hear -- or don't hear -- from Washington. It's no wonder the Republicans and talk radio can get away with such flagrantly dishonest, contradictory lies. No one appears willing to stop them.

So where's the noise, Democrats? You have the palmarès. Start now. Start loud. And don't let up.

CONGRESSMAN GRAYSON PRAISES CREDIT CARD REFORM

Congressman Alan Grayson (D-FL) today praised the implementation of the Credit Cardholders’ Bill of Rights (H.R. 627). Rep. Grayson helped to shepherd this bill through the House Financial Services Committee, and then voted for it in the House. It contains several strict protections for consumers, including banning unfair interest rate increases, and forbidding abusive fees and penalties by credit card companies.

Congressman Grayson said, “Credit card companies will no longer be able to stick it to middle-class families in Central Florida. These huge banks charged exorbitant interest rates, and used gimmicks to burden people with unnecessary fees. These reforms will help hard-working people pay off their debt.”

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[FSogol]

1. Too true. The Democratic Party needs a mouthpiece that would function

the way Norquist, Limbaugh, and others do for the GOP. (Without being total shitheads as the people I mentioned.)

[ProSense]

2. There was hope for a medium to counter the MSM. n/t

[ProSense]

3. More exposure. n/t

[Peacetrain]

4. What we need is an electorate and media that has an attention span

longer than a gnats!

[FrenchieCat]

5. What we need are fucking Democrats on the internet to stop tearing each other up

and this President, and start seeing what he's done,
and seeing that they have been good things!

[depakid]

6. Up is down, black is white works well enough for Republicans

Not so well for Democrats....

[ProSense]

7. Aren't you the one always hyping Bush and Republicans? Democrats, specifically progressive Dems,

rely on facts.

[depakid]

8. LOL- when some BIG things are accomplished, I'm sure you'll be the first to let us know

By way of example, here are two big things (which create positive structural changes):

The Volker Rule and repeal of insurance anti-trust exemptions.

[ProSense]

9. No, you'll ignore the facts just like you're ignoring the Credit Card Act. n/t

[depakid]

10. Precisely the sort of window dressing that makes no substantial structural changes

It's basically a disclosure statute that contained enough lead time for many of the benefits for customers to be vitiated by the credit card companies.

Now, there WERE more timely structural changes on the table- and you can ask some of those who had their interest rates boosted sky high in the meantime to tell you what those were.

[ProSense]

13. "It's basically a disclosure statute that contained enough lead time " Nonsense.

•Bans Unfair Rate Increases
•Prevents Unfair Fee Traps
•Plain Sight /Plain Language Disclosures
•Accountability
•Protections for Students and Young People

[totodeinhere]

11. It's bogus. Credit Card companies will still be able to charge outlandish interest rates.

That bill is too little too late. And they very conveniently allowed several months before it kicked in so that the companies would have time to come up with alternative strategies to keep on screwing consumers.

[ProSense]

12. "That bill is too little too late." Nonsense. n/t

[depakid]

14. It's simply not a BIG accomplishment- and makes no structural changes that get to the root problems

Addressing symptoms and preventing a few of the more egregious abuses (which weren't even a common practice until the 00's) is something that for responsible governments, is par for the course. Restricting "universal default" for consumers (though not for other individuals and entities) is a good example. Bills had been introduced to do that for several sessions.

Considering the extraordinary economic circumstances and the extent of public support, BIG things should have been accomplished here- and yet weren't, which led Durbin to remark in disgust that "they own the place."

[ProSense]

15. You just said it was basically disclosure, you were completely wrong. n/t

[depakid]

17. If you knew how lawyers categorized consumer statutes, you'd understand that that's the case

[ProSense]

18. If you knew what your were talking about,

and that's a big if.

[totodeinhere]

19. Nonsense? OK, you tell me. How many months passed between the passage of the bill and when most...

provisions of the bill kicked in? I rest my case.

[mwooldri]

16. The reforms are being rolled back as we speak.

I know. I work in the industry.

One big reform - the so-called "opt out" provision doesn't work as intended. Before the bill, a credit card company could write to you, saying we're increasing your APR for XYZ reason (even because just because the company wants to) and you would have the recourse of paying the balance in full before the APR increase, or just having to lump it and accept the hike. When Round 1 came into effect in August 2009, the credit card companies were scared, and started offering opt out provisions if they never had them before... because it was believed to be a federal requirement.

But now the credit card lawyers have been over it, and it appears that the opt out business is more a state issue than a federal issue. If the issuing "bank" happens to be in a state without an opt out clause, well... your opt out clause the feds wanted you to have is gone. That credit card company can now turn around and give you notice of an APR increase, for any reason, on future charges only and you would have no recourse other than to pay off the balance, stop using the card and just pay it down, or if you do use the card, prepare for a higher APR.

If you don't have a lot of cash and you have been previously "credit card surfing", you probably already know the big wave has crashed on the beach and there's no more big waves in sight for some time. You got to have pristine credit to get a good card these days. A score below 650 is considered poor credit these days... in the past it was good enough but not any more. Also limits are stingy and those 0% offers have all but dried up, unless you're going to use the card. When Target is rumoured to be discontinuing its Visa card and concentrate on store cards only, then you know something big is happening... plus there are new laws in place that make it harder to apply for credit in store.

Credit cards are going to continue to be profitable. Their business model certainly has to change, and it is changing. Expect retail outlets to be even more grumpy with taking credit cards as the big two networks increase their rate at the beck and call of their bank partners, wanting to get more money per swipe of their Big Bank & Network card.