"jps" wrote in message
...
On Tue, 19 May 2009 17:15:23 -0700, "Calif Bill"
wrote:


"jps" wrote in message
. ..
On Tue, 19 May 2009 19:17:44 -0400, Tom Francis - SWSports
wrote:

http://www.nytimes.com/2009/05/19/bu...1&ref=business

You're already helping to pay off deadbeats' homes. Why not help free
them up to rack up some more credit-card debt too?

The Socialist Paradigm - You ain't go it, we'll give it to you.

OBAMA!! OBAMA!! OBAMA!!

I saw that language in the news this morning and knew it was a bell
ring for the Pavlovian response.

You don't miss much.

It's just like that old refrain about Cadillac drivin' welfare moms.

Ding, ding!

Doesn't have to be true to get the "fair and balanced" crowd jumping
up and down. Just one Cadillac and one welfare mom will do.

Poor suckers in debt have been financing the CC owners lavish
lifestyle. Now they're threateing to distribute the burden more
broadly.

I have been given a free ride by these folks. Mileage galore for just
using the card. Don't incur interest since I pay it off every month
and talked them out of the yearly fee.

In that industry, I'm known as a deadbeat. They want suckers who
carry balances and screw up payment dates so they can throw them in
usary jail.

It's a ****ed up system that needs updating and that means the burden
needs to be distributed a little more fairly.

So be it.

The credit card companies made out like a bandit on my card. Yes, I do
not
carry a balance and pay off every month, but they collected 2-3.4% of
every
transaction. Pretty high interest rate right there!

It certainly takes some of that to pay for their operations.

When I saw that language about the rich paying for the poor I knew the
marketing folks had been taping into the "outrage" of progressive
taxes.

Credit card fees are part of doing business. I expect most businesses
that pony up the processing fees to clearing houses work that expense
into their retail price.

We all just pay more for the stuff we buy and have the illusion of
getting mileage for free.

Sure it takes some of that 3% vig to pay for operations. Not a lot of the
3%, figuring the amount of transactions and the amount of automation. Large
chain grocery stores work on an about 1% vig on sales. Depends on lots of
sales through. They pay a minor amount for the use of the money for an
average of 15 days. 6% a year, and they probably get it for less than that
and you are only looking at 0.25%.