Dodd Now Shooting For Cap On Credit Card Interest Rate, Merchant Fees

Dodd Now Shooting For Cap On Credit Card Interest Rate, Merchant Fees

www.baltimoresun.com

Dodd said it was outrageous that a credit company could charge more than 30 percent interest on purchases. It was equally appalling, he said, that big credit card companies make so much money from small store owners and other entrepreneurs who have to fork over a portion of their profits when customers pay with credit cards.

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www.harpers.org

Thank you Senator Dodd. It is about time. The legalization of usury has possibly been one of the most destructive acts that have lead to the situation we are now in. We have literally become a country driven by debt, cradle to grave debt. Laws against usury are one of the most ancient of laws governing civilization, yet at the end of the Carter administration the cap on interest rates was removed, and it has been a down hill slide into debt ever since. There are loan shark companies charging payday loans in excess of 100% interest, preying on those caught in the worst of times.

When it becomes more profitable to loan money that to produce things, capital flows from manufacturing and services to banking and investment, which is putting the cart in front of the horse in a downhill run into debt and economic destruction.

An article in Harper's Magazine titled "Infinite Debt" by Thomas Geoghegan provided this information.

"In 2002 and 2003 , financial firms took more than 40% of the profit that accrued to U.S. corporations - that's according to the Bureau of Economic Analysis."

That is insane.

www.baltimoresun.com
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Here is the way it works. You get old enough to get a job, but you need a car to get back and forth to work. If your parents don't buy your car for you, you wind up borrowing money to buy a car so that you can start earning money. You want to go to college, once again you wind up borrowing large amounts of money to go to college. You want to buy a house, you borrow money.

Most people get into debt as soon as they enter the work force buying their first car. They get further into debt borrowing money to go to college to get a decent job, and before those loans are paid off, they buy a house, on a thirty year loan. If you are thirty when you buy your house on a thirty year loan, you will be sixty by the time you pay it off. Of course during this same time you will buy several cars, and borrow money to pay for all of these cars.

No, you don't have to do this, but must people do, trying to live the dream. The saddest thing is that wages have been stagnate for forty year now, while productivity has doubled. Considering that now both the man and the wife work, families are producing four times what they were producing in the path, and yet they are sinking into debt. Even though we are producing far more, we accumulate no wealth for our efforts.

Oh, even worse, our pension plans, our savings for retirement have been losing ground, while investment profits have soared. Trying to save for retirement has been shown to be a waste of effort. 401k plans and other retirement plans have been stripped and robbed, all the while banking profits have soared. The fact that people are not up in arms over this is sad, very sad.

Originally posted by poet1b
Thank you Senator Dodd. It is about time. The legalization of usury has possibly been one of the most destructive acts that have lead to the situation we are now in. We have literally become a country driven by debt, cradle to grave debt. Laws against usury are one of the most ancient of laws governing civilization

That is insane.

www.baltimoresun.com
(visit the link for the full news article)

Before thanking Dodd, Conspiracy Theorists of all people should probably question his motives... or what he is really accomplishing behind the scenes. Dodd is also the SAME one who has been fighting for our 'right' to pay insane taxes for online purchases... as well as having everything we buy monitored by government.

He is the same one screaming 'No Bailouts to go as million $$ bonuses!', while behind the scenes almost single-handedly being one of the people passing the right legislations to allow said bonuses. Check it out, there is a Youtube video where he is called on it and looks like a deer caught in the headlights....

He is NOT to be trusted as looking out for our best interest. He is always behind the scenes looking for new ways to screw us over.... While jumping into the spotlight at the same time, trying to appear to be looking out for us.

Just because he is saying this in public, makes me wonder what he is really doing behind the scenes.

I am sick of this guy. And the rest of the scam artists passing the laws.

Here is a link to a blog which has created graphs to display the situation as it is. For the last 8 years our economy has ran on debt. This is not sustainable, and large fundamental changes will have to be made to restructure our economy so that people can start earning wealth again in exchange for their work.

bp1.blogger.com...

reply to post by LostNemesis


Got any links to back up these claims, or is this just shoot the messenger to stop the message tactics. Sounds like personal assassination, rather than an attempt to discuss the issue.

reply to post by poet1b




Were you not around for this Dodd Fiasco???

www.freedomworks.org... SENATE HOUSING BILL REQUIRES EBAY, AMAZON, GOOGLE, AND ALL CREDIT CARD COMPANIES TO REPORT TRANSACTIONS TO THE GOVERNMENT

Hidden deep in Senator Christopher Dodd’s 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America’s small businesses. The provision, which was added by the bill’s managers without debate this week, would require the nation’s payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.

reply to post by LostNemesis


Looks like nothing but a bunch of political cheap shots put on by the PTB to keep the sheople confused.

All you are providing is gross misinterpretations of laws designed to reign in crooked banking practices by people who are well paid by banks to hide their crooked business practices.

You don't believe government should go after white collar crime?

You don't see how crooked banking practices have robbed our nation?

People on the site often say that "whoever controls the money supply, controls the nation". The only answer to this is for the government, which serves the people to act to prevent anyone one group from controlling the money supply.

If you want back control of your lives, reforming banking is the place to start. It sure beats stock piling food and ammunition and waiting for the end of the world.

Originally posted by poet1bThank you Senator Dodd. It is about time.

Are you kidding me? This is going to hurt the very people it's aimed to help, just like every other government program. What a hack, Dodd is a blubbering idiot.

Originally posted by poet1b
People on the site often say that "whoever controls the money supply, controls the nation". The only answer to this is for the government, which serves the people to act to prevent anyone one group from controlling the money supply.

If you want back control of your lives, reforming banking is the place to start. It sure beats stock piling food and ammunition and waiting for the end of the world.

EXACTLY, since the Government allows a private bank to control the supply of money right now, and the government itself controls the money supply with other outlets that bypass the Fed. I can't believe you actually believe this nonsense, the government is the problem...the government is the monopoly on money.

[edit on 24-5-2009 by yellowcard]

If a loanshark loans money at 30% interest he gets arrested.

If a bank loans money at the same 30% they get bailed out.

Who is the real criminal here.

reply to post by yellowcard


Our money supply in the U.S. is currently controlled by a group of companies given special interest by the U.S. government to control the money supply. The U.S. government does not control our currency, private interests do, and have since the passing of the Fed Res Act. Blaming the government makes no sense when all of the problems have come from the private sector, specifically, the investment community, which has continued to take ever larger chunks of business profit.

Especially considering that since Gingrich foolishly removed the government restriction that had kept us out of a depression for half of a century, it becomes even more obvious that private interests, not government, are creating our current economic woes. Regulations are laws designed to prevent corruption and fraud. It is our governments job to prevent corruption and fraud. Why are people upset when our government does its job?

People who are against the government enforcing regulations, the laws designed to prevent corruption and fraud in the banking industry, are nothing but sheoples herded by the PTB, or sheople dogs working for the PTB IMO.

reply to post by ANNED


EXACTLY, since Usury laws were repealed in the late seventies, loan sharking has become legal, and our nations economy has been in a long slow death march into debt ever since. When banks are getting by with charging people 15, 20, 25, and 30% interest or higher on a loan, then the capital flows to making loans, because they are so much more profitable than actually conducting business, as in providing goods and services.

Why don't we make anything anymore in this country? Because it is too profitable to create debt.