Here’s a little something from Bloomberg about the struggles of those poor, unfortunate credit card companies. Keep your tears to a minimum, please.
You know, the companies that got a blank check from the Bush Administration to jack up interest rates, unilaterally revise credit contracts, levy late fees if you breathe past the payment deadline, etc.
I know the bailout is jacked up. But from this seat, I’ll be noting – carefully – any congressman who supports a taxpayer handout to the companies who’ve been looting the middle class on the Bush watch.
5 Comments
Awesome post Bill. You hit the nail on the head.
I also love how while giving credit card companies carte blanche, Congress also severely limited the ability for individuals to file bankruptcy.
I don’t think it should be easy for anyone to take such a drastic measure, but to then allow credit card companies to run wild was irresponsible.
Follow the money.
Sounds simple, but it’s the truth: Follow the money.
How about a bailout for the Payday loan outfits while we are at it.
At least my shark Vinny is honest!
I’m no Alan Greenspan, but perhaps if these poor hard-working companies would cut interest rates, maybe to just basic loan sharking rates, their default rates would go down.
Just a thought.
Watchit Bill! My buddy Vinny doesn’t like competition. Trust me on this – you don’t want Vinny mad at you!