Sunday, April 19, 2009

Fixing Credit Card Abuse - More Obama Nonsense

Here's the latest Obama "reform:" Fix the credit card system to prevent further abuse, says the White House.

The abusers, of course, are not the people who apply for these cards, buy things with these cards, and then refuse to pay the bill when it comes...nope, not those folks. They're just getting by, having a little fun, buying a few things here and there.

The abusers are the lenders -- the people who issue these cards (and provide funds for all of these innocent victims who are out buying things that they cannot afford (but which they will keep)). Now, Obama, who knows better than the market (must have learned a lot as a community organizer) is going to have the government issue new rules to regulate what interest rates can be charged to credit card delinquents. Obama should be an expert on that subject, I would suppose.

No doubt the credit card companies will respond by denying credit to those of doubtful credit. Then, of course, the credit card companies will be accused of "discriminating" against low income folks and so forth and so on. Why not just have the credit card companies send people, that Obama approves of, cash .. every month, why not? Or better yet, why not nationalize the credit card companies (regulating them in this fashion is not that far from nationalization anyway...heck, why not just let people spend whatever they want and not pay bills anymore. That's probably where this is all headed anyway. Why not pick and choose who has to pay and who doesn't. We can find a fair way to do that, can't we. The same guy that makes that decision can make the decision as to who gets health care and who doesn't in the coming Obama health care regime. Hard choices, says the President (that means you don't get chosen!).

Who owns the credit card companies, you might ask? Is it some collection of devils who are gleefully raking it in and taking advantage of these poor credit card users? The answer is: you!. Yes, you! (you devil!). You own the credit card companies, you greedy person. You also own the banks, the insurance companies, the auto companies and yes, the tobacco companies (and all those companies that are unfriendly to the environment...you own them too). The biggest single stockholder in America is the American worker, who owns these companies in his/her pension fund. I think we should tax these corporations even more...these stockholders are getting too much (that means your retirement is going to be too much...lets reduce it some by increasing taxes on the stocks that you own).

It is one of the great ironies of modern times that citizens vote to tax themselves enormous amounts, thinking somehow they are taxing some greedy person somewhere far removed from themselves. What a joke! But, the joke is on you (and me). The tax and the joke are on you (and me)! Obama must be smiling.

1 comment:

Angelo said...

I completely agree.
This is more an easier-said-than-done approach from an overly idealistic president.

- Angelo
from The Mortgage Facts - Home Mortgage Refinance Help!