Republicans Turn Scrooge: Block Dem Bill to Freeze Credit Card Hikes

November 19, 2009

(ChattahBox)—Happy Holidays from the GOP. Yesterday, Senate Republicans made sure Americans would only have a big lump of coal in their holiday stockings this year. At a time of a deep recession with record-high unemployment rates, many Americans are suffering this holiday season, struggling just to put food on their tables.

And Senator Chris Dodd (D-CT), Chairman of the Banking Committee sought to ease the hardships imposed on consumers with the outrageous hikes in credit card interest rates and fees, by seeking consent to immediately introduce a bill to freeze increases, until the Credit CARD Act protections take effect in February. The Republicans objected, siding as usual, with corporate profits at the expense of ordinary Americans.

Sen. Dodd spoke on the House floor, of the shameful behavior of credit card companies, as they have been gouging their customers in order to fatten up their profits, before the Credit CARD Act becomes law. But Republican Senator Thad Cochran (R-MS) objected to Dodd’s request, not in the least concerned with Americans suffering during the holidays.

Dodd’s bill would also have reduced rates for cardholders who fell victim to the credit card companies’ greed with jacked up rate increases in 2009 on existing balances.

Remember who to thank this holiday season when you are forced to pay unprecedented increases in credit card rates and fees. But you can rest easy knowing that Republicans protected your “freedoms” against those pesky “Socialist” government regulations.

Watch:


Comments

3 Responses to “Republicans Turn Scrooge: Block Dem Bill to Freeze Credit Card Hikes”

  1. Tony Book on November 19th, 2009 3:42 pm

    OR…pay off your balances and cancel your cards that do this kind of crap!…Why do you want to pay more taxes to create a government program dedicated to monitoring card companies when ‘WE’ as the people can demand fair practices ourselves!

    Nobody should have a card from a company with zero integrity…If everyone canceled their cards…this creates a massive hole in the supply, so someone gets wise and provides a credit card service that maintains its integrity…But our society is so lazy and irresponsible that we rack up credit card debt and then want the government to bail us out.

    This is the beauty of a capitalistic society…if the government is artificially controlling everything…then supply and demand curves cannot work their magic on competition, efficiency and quality goods. Democrats have absolutely NO RIGHT to complain about taxes! Freaking take a basic economics course!

  2. Old Man Dotes on November 19th, 2009 7:23 pm

    “Nobody should have a card from a company with zero integrity”

    Congratulations! You just eliminated EVERY SINGLE CORPORATION on the planet. Remember, the basis of a Corporation is to make a profit for the stockholders – nothing else; not even the law; matters to them. Microsoft has repeatedly broken the law; Sony got caught distributing viruses; Amazon erased e-books from customers’ accounts that it had previously sold to them; Ford tried to cover up flaws in their vehicles that would (and did) kill consumers. I could go on like this for hours, but the point is that we DO need laws to rein in the greedy corporations because consumer actions (short of pitchforks and torches) don’t matter to them.

  3. About republicans, credit card companies, freeze rates, freeze credit card rates, credit card rate freeze | Find me About on November 21st, 2009 9:12 pm

    […] (chattahbox)—Happy Holidays from the GOP. Yesterday, Senate Republicans made sure Americans would only have a big lump of coal in their holiday stockings this year. At a time of a deep recession with record-high unemployment rates, many Americans are …Read Original Story: Republicans Turn Scrooge: Block Dem Bill to Freeze Credit Card Hikes – Ch… […]

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