'Come to Jesus' Meeting Today Between Obama, Credit Card Companies
I expect a bit of deja vu, in which Obama tells them he's the only thing between them and the pitchforks:
This afternoon President Obama will tell top executives from 14 credit card companies -- including American Express, Bank of America, Discover, MasterCard and Visa -- that greater consumer protections are coming for their customers, with or without their cooperation.
The House Financial Services Committee on Wednesday passed "The Credit Cardholders' Bill of Rights," a bill from Rep. Carolyn Maloney, D-NY, that would require companies to provide a 45-day notice before any rate increase; prevent the companies from retroactively imposing higher interest rates to existing balances; and ban "universal default," which the companies use to raise interest rates on consumers late in payments to completely different creditors.
Oh yeah, universal default. That's the policy that allows them to jack up your credit card rate because your payment to the phone company was late!
Treasury Secretary Tim Geithner, senior adviser Valerie Jarrett, and National Economic Council director Larry Summers will join the president at the meeting.
An industry source tells ABC News that the executives expect to hear from the White House that "the industry is unpopular right now." The source forecasts that the meeting will be "a carrot-and-stick" deal -- the administration will tell the executives that they need their help in dealing with problems such as high interest rates, but they will emphasize the threat of legislation.
"It will be a come-to-Jesus type of meeting," the source said.
Sounds sticky.
Diabolus est Deus Inversus
"Sticky"?
You put it up all the time and I don't get your meaning.
It's rather a bummer not to understand someone first up in your face all the time.
It helps if you have a dirty mind.
I gues you could say I'm overdue for a brainwashing.
Diabolus est Deus Inversus
You mean xi-nao don't you?
It was very funny, and a most welcome entry to the thread. Did laugh out loud.
We may be in the gutter, but we're looking at the stars. (A twist on Oscar Wilde.)
far left loon >.<
The sooner the better, IMO.
What I find funny as hell is that it was originally the credit card companies who scheduled this meeting with the president. They were coming for a little love and what they got was a spanking.
Say what you mean. Mean what you say. But don't say it mean.
because of Obama's vote on the bankruptcy bill in 2007.
To piss on the carpet.
Bad little puppy.
woodguy
Do you mean the bankruptcy bill of 2005?
statusquObama, change you can only pretend in
Go piss on someone else's carpet
http://www.senate.gov/legislative/LIS/roll_ca...
Nay means nay. Someone who worships the party of NO should be able to understand this. Oh, I forgot that puppies can't read.
That was in 2005. Can't read, can't use a calender. Obedience school summer session starts June 1.
Please be there.
woodguy
I appreciate your link and your sentiments, however facts should prevail.
Fortunately for Obama he voted no on that travesty of a bill which put we the peons seriously behind the eight ball with these shysters.
However the senior Senator from Delaware voted yea, as did half of the other Democrats.
In bankruptcy now one is required to pay credit cards in advance of mortgage payments which has increased foreclosures and contributed mightily to the housing crisis.
Fie on them. We have government of and for the Corporations which knows no party bounds.
They will buy anyone they need to buy.
statusquObama, change you can only pretend in
The original post by the puppy who made his daily visit to
piss on the carpet implied that Obama voted for the bill. He did not. He voted "Nay" which I think means "No". Those are
the facts.
I'm well aware that Sen Dodd voted against it, I sent him an e-mail to protest his vote. He is the senator from the state which is home to a huge number of credit card companies and he skews the laws to please them. The post to which I responded did not contain Dodd's name.
However, his name is Dodd, not Obama. Facts are curious things. I don't like all of the things Obama has proposed, far from it, but I'll be damned if I'll let the goopers on this site or anywhere else lie about his record.
woodguy
I was referring to Biden who was for the bill.
That bill is a complete travesty.
statusquObama, change you can only pretend in
And my mistake about Dodd (D-Conn.). I was thinking about Biden, not Dodd being from Delaware.
woodguy
Biden is the VP, the first of a number dubious choices made by someone who campaigned as a change agent.
That is the way of politics. Campaign like you mean well, do the opposite once you are in.
Dodd who mostly talked a pretty good talk, especially on FISA, now has developed his own serious political problems.
FISA is what got me off Obama's bus.
I will give him accolades when they are due, not until.
statusquObama, change you can only pretend in
See my comment above, last paragraph.
woodguy
And my take on this whole thing, casually reading between the lines, back when it happened, and I saw a snippet in the Korean news...
They knew the housing bubble would collapse sooner or later. If you can't pay your credit cards, they lose, but if you can't pay for your house, they can at least take it. It's not rocket science, what they were thinking. Make sure these people pay!!!!! Unsecured debt gets paid first, secured debt second, or foreclose. But make sure it all gets paid.
(Optional: Give the card holders an increased limit now.)
far left loon >.<
I'm (whap) doing (whap) this (whap)only (whap) because (whap) I (whap) love (whap) you (whap)(whap)(whap).
And people wonder why my generation is so screwed up.
http://www.youtube.com/watch?v=i0XknwXqLDo
Diabolus est Deus Inversus
Fell asleep during the meeting:
http://www.gettyimages.com/Search/Search.aspx...
Browse through the pictures and you'll find a few...
Oh boy.
"The US has an army of 90,000 soldiers in Afghanistan and is spending $100bn a year, but has still been unable to defeat 20,000-25,000 Taliban who receive no pay at all." - Patrick Cockburn
The credit card companies have merged with the mega banks who have merged investment with commercial banks and insurance companies to boot, doncha know.
They are now too big to fail and maybe too big to save, that is question.
Here
As it stands in a meeting, they will remind the Prez of their investment in his campaign coffers.
Follow the money.
What must be done is to break up the banks.
Simon Johnson here.
statusquObama, change you can only pretend in
and imprison, deport, banish, or execute the bankers...
just sayin...
I hear you, get the money first.
But as Trotsky said, 'do you think they will just hand it over to you?'
statusquObama, change you can only pretend in
It should be a "come to prison" moment for these jerks.
These credit card hacks are some of the biggest criminals in the land.
I'd feel safer getting jacked in South Central. Those guys will just steal whatever's in your wallet at that moment. These chumps will steal whatever's in your wallet FOREVER.
Obama needs to be less about the Ja-HEE-sus, and more about the Old Testament wrathful fire-and-brimstone action here.
These jerks are guilty of usury on a MASSIVE scale.
I find it hard to believe that Obama will do what is necessary regarding credit card companies. He may improve the situation, but unless they re-instate usury laws and put severe limitations on interest rates, fees, and the grotesque way that credit card companies screw card holders the problems will continue.
One of the troubling things I read was that Obama is worried about the banks and anything that would make it more difficult for them to offer credit. The problem with that perspective is simple -- the higher the rates and fees, the easier it is for banks to offer credit. So, if that is Obama's primary concern, then his "solution" will be nothing but window dressing.
I'm hoping for more.
1) Well, that ought to show those people that keep claiming he's Muslim.
2) Obama [source] invokes Lord Jesus during talks with money lenders -- more 'Obama as Messiah' put downs ensue.
me-oww!
is pretty roundly known as a euphemism for a "listen up, you fuckheads" meeting.
it's just the language is taken so literally these days by some when it suits. That's what I was pointing out.
Warning:
New [Stupid Assed, Lying] Memes Ahead!
me-oww!
Got straw men?
woodguy
don't get in the way of my pitchfork... step aside.
just waiting to be pulled out.
NOBODY 2012
This is NOT A COME TO JESUS MOMENT.
The banks have made it difficult for Congressional Democrats and the White House to give stretched homeowners a stronger hand in negotiating lower monthly payments on mortgages and to prevent credit card companies from imposing higher fees and interest rates.
Having won some early skirmishes by teaming with Republican allies, the banks now appear to have the upper hand and may wind up killing — or at least substantially diluting — both pro-consumer measures.
BANKS SHOW CLOUT ON LEGISLATION TO HELP CONSUMERS: Click Here
the threat of legislation
howzabout a promise?
ok, i admit it, i lean left... thus i ask, why allow these predators a chance to wiggle and riggle their way around meaningful legislation/regulation? if anything is obvious, these assholes and the corporations they represent are completely UNtrustworthy. they deserve neither the benefit of the doubt nor a "chance" to avoid what should befall them.
instead of what should be happening (ie, break up the largest banks, fire the CEO/CFO/senior mgmt, etc.), the administration (including some of the people at fault for the crisis--geithner, summers) is going to work with the companies to get their buy-in?
how come i smell whitewash?
Whitewash, diversion, distraction, now the clock runs out, time for another election.
We need change, vote for me.
Wham bam thank you ma'am.
Next cycle.
statusquObama, change you can only pretend in
http://www.youtube.com/watch?v=7tBAY0LOPBw
Diabolus est Deus Inversus
that Obama can call the credit corps in and read the riot act to protect "consumers"--credit card users, vital to the consumer economy-- but is easing back from his support for the EFCA, which would help "workers" to organize--which history has shown is the ONLY way to create a functioning Middle-class...and as far as I can tell, he's still spying on us, so our rights as "citizens" are expendable, too...
See that's how it works: Consumers get protection, but workers and citizens get it in the ass...
I don't see how that counts as change...
But I've already done my protest - I got rid of every single fucking credit card I had, Gold, Platinum, you name it. Cut 'em up with scissors, every last one. I won't have a credit card - I've got a debit Visa that I can use to pay for things on-line, like a credit card, except it pays the bill immediately from my account. If I don't have the money... I don't buy it. Yes, it was a bit rough at first - actually, it was tremendously rough at first - but it's amazing how quickly you can adapt to NOT buying things, or waiting until you can afford them. And I will never, ever again pay a single penny toward extortionist usary rates charged by CCCs (credit card companies) who then use my patronage as leverage to control my life well past what I can afford to buy.
My bank recently told me my account was in such excellent shape, my savings doing not too badly, I'd been an exemplary customer - wouldn't I like one of their credit cards at a special rate? The clerk looked rather taken aback as I rather more forcefully than intended told her no, thanks. When I needed credit cards to survive, I was punished for it. Now that I don't need them - they can go fuck themselves.
Way to go NM!
NOBODY 2012
I'm a cash only type of guy, too. I have one Visa card in my wallet, for emergencies, mostly when I travel. It's easy not to buy crap you don't need, once you get used to it. If I don't have the cash in my wallet, I keep walking. (And my balance is paid in full on that Visa card-- never pay interest.)
BTW I often ask for, and receive, a discount if I offer to pay cash. No discount, I walk out.
Get on the wagon-- enjoy the freedom. Debt is a killer.
far left loon >.<
I had to buy a new laptop just before Christmas. I had wanted to wait until after Christmas for the sales, but my 8 year old laptop gave up the ghost. So I dragged my flatmate's 18-year-old daughter around with me as I went from store to store to store. 'I'm going to buy a new laptop, today. What's your best deal?' was my opener. Each time I said thank you, wrote it down and left. At the next shop, I quoted the price the previous shop had offered. At the fifth shop, I had a 20% mark-down off the laptop, with a printer, keyboard, speakers, optical mouse, USB port adaptor, and a bunch of other goodies I've still got in the shrink-wrapped boxes. I went with them.
'Damn,' said the 18-year-old, impressed. 'I never knew you could do that!'
I haven't seen anything in any advertised sale since that has bettered the deal I spent a day and some shoeleather wearing out to find. :)
Now, if only I could find a car mechanic on the same principles....
to make a deposit. After I was done, a customer service called me over to his desk. I had time in my day so I figured what the heck, I could give him some time.
He asked me if I had a credit card with them. I said yes, unfortunately. He then asked me if I wanted to have my credit limit increased if I was eligible. I respectfully declined and said have a good day. That's all I need: More Debt!
My bank got enough damn money from the bailout. Now they want more of mine. Like the old song goes, I can't go for that.
No can do.
NOBODY 2012
nonsence and whats the word oh yeah..........POPPYCOCK obamas going to do nothing for the suckers allready hooked by the banks and credit card companys , its more smoke up you butt folks wake up and smell the coffey, the people who are allready hooked will get nothing from obama but screwed!!!!!, obama and bidden voted to screw them the borrowers on bankruptsy, with the bidden screw the borrowers bill , these pigs are all in the bag for the richboys and your ass is next in the barrel!enjoy the humping !
Try again.
woodguy
read it slower then it might!
If you check my second comment above really, really slowly (or slower, if you like) and click on the link I provided, you can see that Obama didn't vote for S 256. He voted "Nay".
Hint: "Nay"="no".
Try to follow me now; voting "Nay" means he voted against the bankruptcy bill, no matter how much you hate him .
woodguy
Leave it to the Democrats to finally do what is right and shut down the deceptive, manipulative, immoral methods employed by Chase, Morgan Stanley, Citibank and other loan-sharks-posing-as-banks. Those responsible for devising and promulgating these aggressive credit card tactics are more of those who found success but are devoid of merit; they are of the same rank as identity thieves, mail fraudsters and Fox News commentators.
Half the Democrats are in the bag.
See woodguy's link above here (and our exchange).
And see the votes on the 2005 Bankruptcy bill here.
statusquObama, change you can only pretend in
http://www.youtube.com/watch?v=A99fzxi8rfY
Diabolus est Deus Inversus
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