Thursday, November 19, 2009

Happy Holidays America! Credit Cards Are Gonna Raise Rates!

Washington Independent:
Moments ago, Senate Republicans blocked a Democratic proposal to freeze credit card rates on existing balances through the holiday season. The bill, sponsored by Senate Banking Committee Chairman Chris Dodd (D-Conn.), would prevent credit card companies from hiking rates and fees on existing balances until the industry reforms passed by Congress earlier this year take effect. Although a few provisions of that law took hold in August, most don’t launch until February or August of 2010. In the meantime, many card companies are hiking rates and fees to beat the law.

Wait, they did what?!! Are you kidding me?!! War on Christmas!! Hannukah!! Kwanzaa!!

As Digby says:
These people are sticking up for credit card companies who are gouging their customers during the holidays in the middle of a recession!...Honestly, this should provoke a Democratic outcry of epic proportions because it's good policy and it's good politics.

Slap this on a Hallmark Card and send it out pronto. Any politician at this point willing to defend credit card companies in general is playing with populist fire. The Dems also have a muck up on this legislation because they should have struck when the iron was hot. They waited too long. But jeez la weez, this is a political meal ticket. So now you have the Republicans as denying health coverage to millions of Americans, pocketing the big banks, Sarah Palin as their crowned leader and defending the dispicable credit card industry. It might as well come wrapped up in bow with a nice card from Santa...

I am Frank Chow and I approved this message

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