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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 |
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