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Sounds pretty straight forward... They need Republican support to get it done in time, the Republicans made it clear they would not be supporting this in a blanket statement by Cochran.....
What they were missing is that in the original article, the republicans supported the bill and voted forward. The democrats could pass it WITHOUT the republicans but have members that don't want to do the rush-job patch before the holidays and neither do the republicans.
So, the huffington post...which is as bad as FOX news....paints it as Republicans blocking the bill.
Essentially political hack job ala Rush etc. and most of the posters here fell hook line and sinker for it. But at least they are smart and open-minded unlike the Rush and Hannity fans.
Ugh, this forum reeks of mindless partisan stupidity.
In the last eight years the wealthiest 1% of taxpayers have doubled their wealth while ordinary working folks have gone without an effective increase and when mortgage foreclosures, bankruptcies etc. enter the picture the average lifestyle has been hit harder than at any time since the Hoover days.
In 1950 a corporate executive earned about ten times what an assembly line worker or carpenter earned and now a CEO, CFO etc. earn about 350 times what an assembly line worker or carpenter earns. It's a wonderful country the Republicans own.
Credit cards can be a great convenience and a no-hassle way to pay for things. However, for those people who use credit cards as long-term loans, they simply could not be more foolish. To enter into a long-term loan with a company that has carte blanche to change the loan terms at any time, and who can blacklist you by degrading your credit report (which makes it harder for you to qualify for jobs and insurance, rent housing, and obtain legitimate loans, such as mortgage loans) is just plain playing with fire.
We should require that high-schoolers take mandatory classes on personal finance. JUST SAY NO TO CREDIT CARDS should be another mantra we chant to kids, just as we tell them to say no to drugs. We should warn them about how one little credit card, with a small credit limit, can, very quickly, escalate to a $10,000 debt at 29% interest. Kids need to be taught he perils of credit card use, and taught it early. And credit card companies need to be seen for what they are....loan sharks with way too much power over their debtors.
With record foreclosures and loan defaults there is a vast group of Americans who have fallen into the debt pit and the numbers keep growing. As credit card companies raise their interest rate they only invite more and more defaults. According to Nightly News credit card companies are now requiring a credit score of at least 740 to get a new credit card. I wonder how important a good credit history is as we see record numbers of people with a bad credit event. If banks limit their credit to only those with the best credit they will not have enough customers to sustain their profits. Without customer credit retailers will fold like a wet newspaper. Secondly, as banks raise the charges for credit cards especially through annual usage fees people who have been paying off their charges will switch to debit cards or cash.
The current trend is with upside mortgages is simply to walk away. How long before others just walk away from car loans and credit card debt? Banks are leaving few options other than to just walk away.
And what happens when these credit card companies start to lose billions? We'll use the term "too big to fail" just to remind some of what will happen. It's probably no coincidence that these credit card companies are the same ones that took huge losses when the last "too big to fail" mishap took place.
IMO it looks like a double edge sword. On one hand no one wants to pay larger fees but on the other if we don't these companies start reporting losses, and if big enough, their stock starts getting dumped and irrational exuberance takes over...
What they were missing is that in the original article, the republicans supported the bill and voted forward. The democrats could pass it WITHOUT the republicans but have members that don't want to do the rush-job patch before the holidays and neither do the republicans.
So, the huffington post...which is as bad as FOX news....paints it as Republicans blocking the bill.
Essentially political hack job ala Rush etc. and most of the posters here fell hook line and sinker for it. But at least they are smart and open-minded unlike the Rush and Hannity fans.
Ugh, this forum reeks of mindless partisan stupidity.
It sure does..this bill passed last May with a Feb freeze. The banks have had 6 months so far to jack up rates and fees..that's what prompted the earlier "freeze". Gee..did the lawmakers think the banks wouldn't do that ?
Those that pay attention to the details can see right through this.
And what happens when these credit card companies start to lose billions? We'll use the term "too big to fail" just to remind some of what will happen. It's probably no coincidence that these credit card companies are the same ones that took huge losses when the last "too big to fail" mishap took place.
IMO it looks like a double edge sword. On one hand no one wants to pay larger fees but on the other if we don't these companies start reporting losses, and if big enough, their stock starts getting dumped and irrational exuberance takes over...
What are you talking about..the banks have had since May to "modify" their fees and rates. Don't you see the 29.99% CC's ?
None of the interest rates on anything I have has gone up nor has any of them implemented non-usage fees or anything else refereed to in here, and I've checked.
Good for the GOP! At least someone has some dam backbone in DC
You call being in the pockets of the corrupt credit cards companies (actually they are more like legal shylocks) backbone? I call it represenatives on the take and only representing themselves.
I am not defending the block but what was also attached to the bill?
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