I have two credit cards. I know that the rates are high, and if I don't use my account responsibly, the credit provider will hammer me with fees and high interest. If the rates go high quick, I will change companies, and be done with the credit card company that did not treat me right. I use my cards for emergencies, moments when I don't have enough cash on me, and for traveling. That is how a responsible consumer uses a credit card.
Irresponsibility by the consumers has meant big money for the credit card industry, and in the interest of profit, they have, of course, allowed the consumers to pay the extra interest and extra fees.
Using another excuse to overtake a private industry, Obama and his Marxist cronies in Washington have set their sights on the credit card industry, proclaiming that they must seize the industry because of predatory practices exhibited by credit card companies.
Where does this stop? How long before the American People see what this is really all about? The Democrats are currently operating the largest power grab by government in U.S. history, placing more restrictions on industries, seizing control where they can, and killing the opportunity for growth in these industries when faced with an economic downturn that will worsen under this stranglehold by the U.S. Government.
How long before the private sector winds up completely nationalized, and private industries are outlawed? And how is it, with the highest deficit spending in history underway, that a financially broke government is able to do this? What are they doing to the value of the dollar?
Obama calls this a "crackdown on credit card companies." I call it reminiscient of the Communist Revolutions, minus the bloodshed.
-- Political Pistachio Conservative News and Commentary
With Support, Congress Seizes on Credit Cards - The New York Times
No comments:
Post a Comment