Republicans Block Dodd’s Effort to Immediately Stop Credit Card Rate Hikes
From Sen. Chris Dodd--Republicans Block Dodd’s Effort to Immediately Stop Credit Card Rate Hikes:
Senate Republicans blocked Banking Committee Chairman Chris Dodds (D-CT) attempt to pass legislation to stop credit card interest rate hikes.
Dodd went to the Senate floor to ask for consent for the Senate to take up and pass his Credit Card Rate Freeze Act, which would prevent credit card companies from hiking interest rates, fees and finance charges on customers existing balances until Credit CARD Act protections take effect in February. Regrettably, Republican Senator Thad Cochran (R-MS) objected to Dodds request, blocking the bill from Senate passage.
Consumers obviously have a responsibility to spend within our means and to pay what we owe. We bear that responsibility. But the credit card industry as well has a responsibility to deal with their customers honorably. There is nothing honorable about whats happened with these significant rate increases and fees. Most importantly, they dont have a right to rip off American families, especially when the Congress has already gone on record opposing the very actions they're engaging in, Dodd said on the Senate floor.
Happy Holidays from the GOP.
John Amato:
This is outrageous. The Republicans are actually blocking freezes on credit card rate hikes as the holidays approach us? What would Santa say? Where's the outrage from the Democrats and the Villagers? Will David Broder write a juicy article showing his disdain for the treatment of the American people by republicans? I mean he's the ultimate bipartisan scold. I bet if you asked the teabaggers waiting to see Sarah Palin at a book signing, they would say that it's un-American and Socialist to stop credit card companies from raising their rates. "That's their right as Americans if you support freedom and the Constitution." Maybe Palin will write something about it on her Facebook page for the media to lap up. You know, the Democrats are trying to use death panels on the poor credit card companies in a down economy. That's can't be good, right Katie?
These people are sticking up for credit card companies who are gouging their customers during the holidays in the middle of a recession! What do they have to do to provoke some outrage from the Democrats, gun down Tiny Tim? (Of course, the Republicans would simply say they were defending their constitutional right to bear arms.)
Honestly, this should provoke a Democratic outcry of epic proportions because it's good policy and it's good politics. They missed the boat by failing to draw attention to the fact that the Republicans blocked the unemployment insurance extension for over a month but this issue is hitting both the employed and the unemployed, all across the country.
Why on earth does ANYBODY vote republican?
I mean, there are people who are not-so-bright and some down right dullards but the republican position is always so obviously against the people.
What has the republican ideology gotten anybody except misery.
UGH!
"I know that there are people who do not love their fellow
man, and I hate people like that! " ~ Tom Lehrer (1928 - )
..ask her what she thinks about the Senate NOT freezing credit card rates. I'll bet it will be a classic response!
Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"
Palin: "I'll have to get back to you with that"
"I know that there are people who do not love their fellow
man, and I hate people like that! " ~ Tom Lehrer (1928 - )
She'll talk about her humble beginnings and the commonsense approach of 'living within one's means' (which apparently includes billing the State of Alaska for per diem expenses, schlepping your kids around as campaign props, and getting a $150,000+ wardrobe).
Call the fools and complain bitterly..1.800.828.0498!
Yes, give the credit card companies more time to jack up the American people..with huge interest rates...that will bankrupt more people!
They're far more interested in American Idol, the Super Bowl or whats on Oprah than they are with paying attention to what's going on in DC. Besides, politics makes their heads hurt.
Go back to sleep, America. Here, here's American Gladiators. Watch this. Shut up.
Yep, that's the problem right there. I would have expected this to make the national news and cause an uproar, but all I hear is the sound of crickets. Yet people will continue to bit*h and moan but do nothing to fix the problem.
i am a lifelong democrat
when they don't respond in outrage to this
kind of blocking by the gop, then you have to
blame the dems as well for the shit economy
this country is experiencing. what does it
take for Americans to understand when it comes to
the harm that is being committed on the
middle class and poor of this country by
ALL THE CORPORATIONS who are really in charge?
this country is fucked by the ennui tightly
wrapping a mindless public.
..get enough money so I can start an internet bank. So I can charge customers a LOT less than traditional loan shar..er, I mean banks do. Same with mortgages, loans, home and car insurance. Doesn't any MONEY person out there see the potential to make money charging less interest than a bank, insurance company or loan shark?
That's my lotto dream not to be confused with my lotto boat!
Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"
Why does Senator Thad Cochran (R-Visa/MC) hate Christmas?
..what his reasons were for blocking the bill other than he's a republican't. I mean, that's reason enough (I guess) but what exactly was so bad in a time of recession when rates get to 20% that he had to do this?
I hope his constituents really like the guy.
Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"
One underlying reason for everything the republicans are doing now is just to be obstructionist. Forcing Democrats to go on the defensive next election cycle and explain why nothing was accomplished, or play the “blame game” so to speak. Once again, Republicans demonstrate party over country despite the campaign mantra of "Country First".
…or, maybe Sen. Cochran’s just bought and paid for by the credit card industry.
..but I want to hear one of those obstructionist ba$tards say it! Cowards!
Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"
and that is why I simply don't get the "bipartisan" fever the Dems are going through. They are trying to work with a party (the GOP) which has no intention of collaborating with them, and which has the failure of Dems at the core of their electoral strategy.
Basically the Dems are wasting time and effort, which will only benefits the GOP as delaying things allows them to run on 2010 using a platform blaming the Dems for lack of results.
It is so elemental which I almost feel embarrassed for the Dems having such neutered and dumb leadership.
It's almost as if the Dems are in on it or something.
Bipartisanship is an excuse for the Dems to not upset the same corporate interests that run the GOP.
.
The big banks required a $700 billion bailout from taxpayers.
Now, in addition to awarding themselves million-dollar bonuses as part of 'God's Work,' we have to stomach this tripe?
Hello, CONGRESS! The banks are loaning us OUR MONEY and charging us exorbitant interest rates, when we should be CHARGING THEM. Where is the 'oh, we need to restore the public's faith in the banks and financial institutions'?
As one of your employers, I'm immediately recommending a pay cut / pay freeze, and putting a letter in your personnel file.
one more way to suck the lifeblood out of the "people"... those of us who have become the corporate serfs. Appalling!!
It is way more than $700 billion.
That was only the surface.
$14 trillion is more like it.
To be perfectly fair to the Republicrats, they passed a credit card bill earlier on that ALLOWED this very thing.
The Congress is OK with usury. The Pope of Hope is too, he signed it.
statusquObama, change you can only pretend in
"Here, we want to address the problem of interest rates, but we'll give you nine months to milk every last penny out of your customers, and even though we know you're going to pull a raise-it-15-dial-it-back-10 and pat yourselves on the back."
so, after the credit card companies rec'd bajillions in taxpayer money (in other words, they were propped up by govt action), the "free" market crowd argues that the govt should not legislate just how the socialized-credit industry screws their customers.
wunderbar.
the free market is a 2-way street. corporations/banks get govt protection and tax payer money to pay salaries, but the taxpayers/customers/consumers receive no such protection from the govt.
today's GOP/blue dogs: socialize business, screw the consumer
Why did the original bill have an effective date that allowed this in the first place, Senator Dodd?
“Why would anyone with a functioning brain believe this guy?”
Some guy with an eating disorder
Precisely what respect is due?
Dodd has been caught as the bag man for the crooks. He is is up for re election and they are coming out of the woodwork after him.
Dodd has suddenly got working class religion. Too little to late.
statusquObama, change you can only pretend in
How can these republican(t) ba$tards keep doing this without suffering some sort of ramifications?! Seriously... WTF?! They are definitely not for the people and definitely for the corporations... as another poster said, why would anyone vote republican?!
... that I'm glad I paid off and canceled my credit cards years ago.
my Christmas this year . . . pay off credit cards, never to be used again.
It's a feeling of relief like none other.
... are working on that right now. We're moving the handful of recurring items (automatic toll transponder, ISP) to a low rate card, and zeroing the others.
because he whipped Palin. They did the same to Clinton, then set him up on the Monica thingy.
he works for us?
everyone knows the political class work for their corporate masters...
I have not used or even owned a credit card since, maybe, 1995 or so. Every time I read an article like this I'm reminded why, and I think fondly back to that day years and years ago when I dumped that last little pile of plastic slivers in the wastebasket.
After the wife and I put ourselves in a terrible hole in regards to credit cards, we diced ours up and began the eventual climb out.
"When are we going to stop trying to tell elected officials what to do. Our job is to spend the taxpayers' money the best way we can." -- Tommy Watkins, Justice of the Peace, Crawford County, Arkansas
Good wine and good whisky, small gifts if any.
Guess that I won't be using the credit card much - if at all.
We're giving ourselves the gift of not buying into that shit.
... we'll get presents for her kids, but the adults don't have to exchange gifts.
She's fine with that, because she's trying to make ends meet (including planning ahead a couple of years for the kids' high school education/college).
Digby says:
But the Dems aren't raising much of a stink at all. Why?
Could it be that they're taking money from the same banks and don't really have a problem with this result?
If not, then how the hell can the numerically irrelevant Republicans stop anything.
60 votes is 60 votes. Unless there isn't 60 votes.
Who's caving?
Why are they able to simply point to Republicans and escape responsibility?
Why are we helping them escape responsibility?
Corruption favors the wealthy.
corpoRats a place to charter their bidnesses without moving off-shore.
South Dakota is almost wholly owned by Citi-corp.
Any state with a large Credit Industry is liable to provide an agent more than willing to do their bidding...
Yep. There's no reason the repugs should be able to block anything.
This is Dodd's Bill. He needs to shown to be acting against the banks. It has nothing to do with Dems getting money. It's just that the Dems are always slow to exploit these situations, unlike the Repubs.
And apparently you haven't followed the story because the 60 vote rule isn't involved in this hold.
You can do virtually anything in the Senate with sixty votes. This Hold has it's basis in the filibuster, or, more properly, the threat of a filibuster. Senator Cochran's refusal of unanimous consent simply put him in filibuster mode, and his maneuver could then be overcome by a successful cloture vote. This wasn't done.
As the U.S. Senate site glossary notes:
The Dems repeatedly allow the mere threat of a filibuster to be an effective veto despite supposedly having 60 votes necessary to overcome any such tactics.
Corruption favors the wealthy.
Where's Tim Kaine? Where's the DNC? Where are the TV/viral video ads? Why is it the Republicans are able to obstruct the Dems. and suffer nothing as the Dems. ratings go down because they look incompetent?
As E.J. Dionne writes, "Republicans know one other thing: Practically nobody is noticing their delay-to-kill strategy. Who wants to discuss legislative procedure when there's so much fun and profit in psychoanalyzing Sarah Palin?"
http://www.washingtonpost.com/wp-dyn/content/...
Why is nobody (other than the small percentage of people that reads liberal blogs and E.J. Dionne) noticing this?
will do ANYTHING to curb corpoRat predation?
Hmmmmmmmmmm?
Is that you?
Corruption favors the wealthy.
... the precise young man, wouldn't you hmmmmmahhhhmmm say, my dear?
.... can see now why hmmmaahhhhmmmmm we must have that bloodline Hmmmmmmaaahhh?
Corruption favors the wealthy.
Bottom line: The usury limits need to be lowered and applied to all banks--including national banks--so that this bullsh*t ends once and for all. And while they're at it, apply to payday lenders, too.
Where's Jesus when you need a table or two flipped over?
Beware of anyone promising a future full of yesterdays.
Dems missed exploiting the Repubs delay of unemployment insurance, now it's credt card interest rates. Well, they can get a twofer then,and do it right now. Using a couple of people who will be benefiting from both....and, of course, remind people that it's the banks that benefit from the delay.
But something tells me that the "call your Senator' Ad won't air because Reid is probably afraid he will lose Republican support for his health care BIll. Hah!
At this point, I expect the repugs to block everything but I'm with you. I don't get why the Dems aren't even calling their obstructionism out on every opportunity. Part of politics in my mind is not just having the right policies but also inspiring people to vote for you. Use fiery rhetoric to clarify to the voters what the other side is doing and show them you're standing up for them. Since Ted Kennedy's passing, there don't seem to be any passionate liberals in the Senate willing to take on the repugs. Perhaps Franken will do it once he's more settled in.
Is to rid ourselves of republicans in governmemt. It is the only thing we can do to fix the mess we are in. It is almost entirly a republican/conservative fuck up we are dealing with. Like the economy you cannot trust the people that screwed the pooch to turn around and be good pet owners now.
The blue dogs are just republicans in dem clothing.
We need to show all but a few and I do mean a few, the door. Do not pass go do not collect 200 dollars.
republicanism/conservatism is a mental illness that is killing America!
The Dems helped block similar legislation back in May.
http://www.boston.com/business/personalfinanc...
"The Senate soundly defeated legislation in May that was introduced by Senator Bernard Sanders, the Vermont Independent, to cap most credit-card interest rates at 15 percent. Nearly half of the Democratic senators joined Republicans in defeating the measure, 60 to 33."
And it's still facing opposition from both sides.
"But Sanders faces strong opposition from many Democrats, particularly those who have major credit-card business in their states. One prominent opponent, Senator Thomas R. Carper of Delaware, said in an interview that he understands the anger among consumers who have received letters from credit-card issuers informing them of big rate hikes. But Carper said he opposes any effort to cap the rates because it would hurt the ability of banks to charge higher rates to customers who have a greater risk of default."
Makes me sick. I feel bad for the people who will be paying their credit card bills for the next 30 years because of these rates. It's just not right.
Bipartisanship...aaaah...the smell of it!
While Lieberman (I-Israel) and the blue dogs tie up healthcare, it frees up time for the GOP to turn around and start blowing the credit card companies.
Vote GOP and move forward to the 18th Century.
This is what'll happen - repubs will reiterate that the Dems now "own" the economy and blame them for credit card companies NOT freezing the rates - they will put it on the dems, mark my words! And must dumb-asses out their who have drunk the koolaid will believe them.
Never underestimate the ignorance of the American public.
Vote GOP and move forward to the 18th Century.
Dodd can cry all he wants to. But if he was REALLY serious about the usurious rates credit card companies are charging, he should have stopped them months or dare I say years ago.Even democrats can play the CYA game too. Shame on both parties.
When the repukes were in power it seems they were able to do what ever they wanted. Now thay are not in power and it seems like nothing can be done. Maybe it is time for a one-party repuke state.
That's a Republican solution. We, whether we are Democrats or independents, believe in the resilience of America and her people, the Constitution, the Bill of Rights and the freedom of association. We are not imperialists. We are not fascists. We should not give up on our ideals and what is right because we have to fight for them.
Might I suggest that those that read this take action and I mean strong action.
The assholes on the right think it is much better to screw us then PROTECT us, we are suppose to manage our money but these scum bags give Billions away with NO accountability.
Now lets strike back, first I know that a lot of us have it hard and our pride stops us from admitting that hurt, swallow the pride.
1) One almost every major store is pushing credit cards remember if you use a credit card you are a LOSER.
2) Poor people use Credit cards people that manage their money wisely do not use credit cards, Credit Cards are for Losers.
3) The more for your money and the cash in reserve is the BIG LIE remember these MORONS are after your indenture ship, once you use the card they OWN YOU.
4) Send emails to all the major stores you shop at tell them their employees are NOT to talk to you about their company Credit Cards.
5)These sales people are their to HELP you with the product not give unsolicited Financial advice (any of you Lawyers see some test cases here)
Look America, this season is upon us and we can celebrate with our Family and Friends and that celebration does NOT have to be judged by what we spend or don't spend. These Clowns are stopping US from getting the assistance that we need, now lets SINK them, show them who is boss.
Pay in Cash, only buy what you can afford(believe after the Holidays past it is a GREAT feeling no year long Debt)forget the guilt,and remember the Family and Friends the gift may be gone and forgotten but the memories are always with us.
Now write your letters DEMANDING a cease and DESIST on ALL employees asking you to purchase a credit card. Lets kick these Morons in the Balls remember these assholes waited to put all their eggs in one basket now lets kick that Holiday basket over, make them eat SH*T.
folks.
The only credit card I have is my Debit card with the Visa logo on it. Not really a credit card, (But of course Visa gets a cut of the action regardless).
If I still had credit cards, I would be more than happy to simply stop paying them and change my phone number. Screw em and let them pretend to damage your credit rating.
And since I don't have a job anymore, why would I even remotely consider acquiring any credit anyway.
I always tell young people to ignore the great American lie: "You need get into debt to build your credit"
Rule #1: Credit should only be used for two purchases in your life: A Home/house and a new car.
Rule #2: Drive a used car that you saved money and paid in full in cash.
Rule #3: DO NOT SIGN ANY CREDIT CARD AGREEMENTS, TRANSFER BALANCES, OR PURCHASE ANYTHING YOU DO NOT HAVE CASH TO PURCHASE.
Absolutely, unequivocally, stone cold, indisputably and obviously the best damned advice the human race could and should adhere to!
Why in the PHUCK don't people simply cut up ALL their credit cards. You just THINK you have to have them.........You Do Not!
The GOP has gone off the deep end.
It used to be that businesses were 1st class citizens and humans 2nd class.
Now it seems that huge corporations are 1st, small businesses (> 90% of all businesses in the IIR) are second and humans now third.
The CCC will be raping in higher payments and the small businesses'll are thrown to the wolves.
How the hell have the thugs managed to convince people that they are pro small business?
Sucking off the banks, CCCs, big oil all dick the little businesses by increasing costs and cutting profits. And many of those businesses pass the dicking along to us.
We're in the midst of the biggest transfer of wealth, and now property, from the masses to the Aristocracy of corporations and the filthy rich.
Who remembers when one parent could support a family comfortably?
When, and how, did it change to both working and still losing ground?
What're the scariest words to hear?
"Hi, I'm from the government and I'm here to sell you out."
E Pleb Neesta
GODISNOWHERE
Blessed are the cheese makers.
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