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May 11, 2009
Attention Hungry Obama To Hold Yet Another Town Hall Meeting
Obama to hold town hall meeting on credit cards
Barack Obama will hold a town hall meeting next week in New Mexico to promote congressional efforts to reform credit card practices, the White House said on Friday.
Banks such as Bank of America Corp (BAC.N)>, JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and Capital One Financial Corp (COF.N) face a new set of rules issued by the Federal Reserve last year aimed at reining in abusive credit card practices.
The rules are to be implemented by July 2010, a date some lawmakers and consumer groups complain is too far away to help struggling consumers.
U.S. lawmakers are trying to codify those rules in legislation and send it to Obama this month to sign into law. Legislative efforts are aimed at stopping credit card companies from imposing certain late fees, restricting retroactive rate increases, as well as other questionable billing practices and marketing to minors.
The Senate is expected to begin debating on Monday on legislation. The House of Representatives overwhelmingly approved its own legislation last month.
White House spokesman Robert Gibbs told reporters on Friday that Obama will focus on legislation and urge lawmakers to "get something done on an issue of tremendous importance to middle class families.
"For many people credit cards provide an opportunity to finance purchases," Gibbs said. "But we think there's a more equitable way to do that and I think that those reforms are on their way through Congress."
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Wild Thing's comment........
Geez every freakin week he holds a town hall meeting..He is still in campaign mode!
Demonrats believe that our the Constitution is a living document but your credit card contract should be fixed.
Something tells me Obama will use this town hall meeting to once again attack on capitalism.
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....Thank you Mark for sending this to me.
Mark
3rd Mar.Div. 1st Battalion 9th Marine Regiment
1/9 Marines aka The Walking Dead
VN 66-67
Posted by Wild Thing at May 11, 2009 05:55 AM
Comments
What other means of financing purchases? You mean the government does it for you! Get out of my pockets! Did he flunk freshman finance 101?
Posted by: Lynn at May 11, 2009 08:05 AM
More non-sense from the administration of chaos and destruction. Another Town Hall meeting to tell the peons that yes virginia there is a Santa Claus and he is black. They have spent Trillions bailing out these Banks, now to restrict the banks policies and make it easier for 'deadbeats' to get loans and credit cards.
They are in trouble. This whole economy is Consumer based and that is the problem. with all the layoffs people are not spending and spending stimulates a consumer based economy.
If these banks are making any progress of getting back into the black, this will put them right back into the red. The same problem will return in a year. Again this is left-wing circular logic.
Posted by: Mark at May 11, 2009 08:10 AM
We all need to understand this Moke is in permanent campaign mode. They intend to maintain a strangle hold on the US gummint.
Why else would they want to stiffle the conservative talk shows?
We are in a state of total political war and in it for the long haul.
Posted by: Billy Ray at May 11, 2009 08:36 AM
BHO is a media whore like I've never seen.
He just has to have the narcissist syndrome, along with messiah syndrome.
Credit cars are loans of convenience. The rates are disclosed on MY statement. If the credit-card holder can't read and do the math, tough luck!
Posted by: Always On Watch at May 11, 2009 09:34 AM
If you haven't read Mark Levin's book, "Liberty & Tyranny," I highly recommend it. I'm only 75 pages into it and I'm ready for the trials and executions to begin.
Posted by: cuchieddie (DHS suspected terrorist)) at May 11, 2009 10:32 AM
My husband and daughters gave me the Mark Levin book for Mothers Day! It's very insightful and I am enjoying reading it.
Posted by: Lynn at May 11, 2009 11:37 AM
Now I guess that I and the other responsible taxpayers are going to bail out the credit card debtors.
Lenin and Stalin are smiling from their crypts at Mugabe Hussein Obama.
Posted by: TomR at May 11, 2009 11:57 AM
Some of you are too young to remember the absolute credit freeze just before Ronald Reagan came into office. Essentially many states had Usury laws that caped interest rates that could be charged on certain types of debt. Ten percent on home mortgages to 18% interest on credit cards. When Jimmy "Teeth" Carter ran the inflation rate up to 20% per year for a few months everybody froze lending.
No one was going to legally make any money making a loan so only the loan sharks lent money. The minimum wage was also jacked so high that no one would hire a teen. Teen prostitute was not a life style choice it was a commercial one for many girls.
Obama has now built 100% inflation into the economy over the next two years. Add the China and the other bondholder countries getting out the door and you have a Zimbabwe in Washington storm coming. Do you think that Obama could realize that he is marching toward a cliff?
Posted by: Avitar at May 11, 2009 05:56 PM
Well I was around in 1976-80 and remember Carters Administration. We bought our first house in 1977 at an interest rate of 9%.
Minimum wage in 1979 was $2.90 per hour, that was not astronomical, while the trades were at about twice or 2 1/2 that depending on the City. I really don't remember the young girls in the neighborhood running down to the corner to try to drum up business. And there wasn't any huge increase in STD's either.
Inflation where everything increases in value while the dollar stays constant or actually devalues, in 1979 inflation was at 10.4 % and rose to a high of 12.9 %(aka,Stagflation) right after Rinaldus Magnus took office. To say that we are even approaching 100% inflation is ludicrous. If we were there would be no jobs, there would be absolutly nothing available.
Currently inflation is up by .3% which is up from last years of about 4.18 % but certainly not 100%. Whether inflation is going higher, I would expect it is, but currently it isn't bad.
Posted by: Mark at May 11, 2009 07:02 PM
