CREDIT CARD REFORM BUSTED BY SENATE


	CREDIT CARD REFORM BUSTED BY SENATE

klippety

5-14-2009 11:23 AM

68 views

klippety says:

BAIL OUT the banks, screw the consumer. Spineless politicians are ruining your lives.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/4d6249d7-ee90-4710-a31e-e3ec1293b317/171E9D4F-FBF4-4165-BDAB-BC58ECC4609F/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2009/05/14/us/politics/14cards.html?th&emc=th#" href="http://www.nytimes.com/2009/05/14/us/politics/14cards.html?th&emc=th#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/14/us/politics/14cards.html?th&emc=th#"><H1>
<NYT_HEADLINE type=" " version="1.0">
Senate Rejects a 15% Ceiling on Credit Card Interest Rates
</NYT_HEADLINE>
</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/14/us/politics/14cards.html?th&emc=th#"><P>Despite complaints that <A title="More articles about banks and brokerages." href="http://topics.nytimes.com/your-money/investments/brokerage-and-bank-accounts/index.html?inline=nyt-classifier">banks</A> and <A title="More articles about credit and debit cards." href="http://topics.nytimes.com/your-money/credit/credit-and-debit-cards/index.html?inline=nyt-classifier">credit card</A> companies are gouging customers by charging outrageous interest rates, the Senate on Wednesday turned back an effort to cap interest rates at 15 percent.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/14/us/politics/14cards.html?th&emc=th#">The proposal by Senator <A title="More articles about Bernard Sanders." href="http://topics.nytimes.com/top/reference/timestopics/people/s/bernard_sanders/index.html?inline=nyt-per">Bernard Sanders</A>, the Vermont independent, drew only 33 votes and needed 60. A bipartisan group of 60 senators opposed it, though the Senate pushed ahead with other restrictions on   credit cards. Some Democrats and consumer groups have said that an interest cap is needed to put real teeth into an otherwise solid bill.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/14/us/politics/14cards.html?th&emc=th#"> But Mr. Sanders said the card companies and banks were engaged in conduct that could get others hauled into court. He said one-third of all credit card holders are paying interest above 20 percent and as high as 41 percent.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/05/14/us/politics/14cards.html?th&emc=th#"><P>“When banks are charging 30 percent interest rates, they are not making credit available,” said Mr. Sanders.  “They are engaged in <A title="More articles about loans." href="http://topics.nytimes.com/your-money/loans/index.html?inline=nyt-classifier">loan</A> sharking.”</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/171E9D4F-FBF4-4165-BDAB-BC58ECC4609F/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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