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Eisboch Eisboch is offline
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First recorded activity by BoatBanter: Jul 2006
Posts: 5,091
Default A silver lining?

There may be a bit of a silver lining to the economic mess we are in.
In addition to exposing Wall Street frauds and con artists, the attention
given to the problems is starting to light a fire under some Congress
Critters and causing them to clean up their own acts.

Just saw a investigative report on CNN. The reported was digging into a
credit card reform bill that has been languishing in Congress for almost 3
years. The proposed bill (now being or has been passed) prevents credit
card issuers from doing things like raising interest rates on previous
balances and requires a 45 day notice to give the holder an opportunity to
shop for other card providers.

But, this bill has been sitting in Congress for years. When Chris Dodd, the
Chairman of the Senate Banking Committee was asked why no action had been
taken until now, his comment was "We've tried but have met with strong
resistance from the banks who issue the cards."

Now, what the *hell* does *that* mean? The bank is holding Congress
hostage? What a wimpy answer.


Eisboch