dixiegrrrrl
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Sun Mar-29-09 04:33 PM
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| Ever wonder why credit card companies can charge such high interest? |
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Frontline did a good report on how and why the interest ceiling was lifted, and why a bank in Delaware can charge usurious rates all over the country. I highly recommend the video. Can be watched at: http://video.google.com/videoplay?docid=-9048007397539880204&ei=FebPSZKnFpGgqgKgkrGHDA&q=History&hl=en |
| mike_c
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Sun Mar-29-09 04:36 PM
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| 1. K&R for folks who haven't seen this yet.... |
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It's been discussed on DU several times since it was first aired, but lots of folks haven't seen it yet. You're right-- it's an excellent explanation of how corporate greed and political avarice combined to create the modern face of the credit card industry.
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| Runcible Spoon
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Sun Mar-29-09 04:38 PM
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| w4rma
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Sun Mar-29-09 05:10 PM
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| 6. This is why I didn't want Biden near the presidency. (nt) |
| PassingFair
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Mon Mar-30-09 12:36 AM
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| 11. But, but, it was good for HIS state.... |
| theoldman
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Sun Mar-29-09 04:40 PM
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| 3. Because they can. That's why. |
| Laelth
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Sun Mar-29-09 08:26 PM
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Edited on Sun Mar-29-09 08:27 PM by Laelth
We allowed it. We even passed a law that prevents states from applying their own usury laws to national credit card companies.
:dem:
-Laelth
Edit:Laelth--clarity.
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| ellenfl
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Sun Mar-29-09 04:43 PM
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| 4. dateline (nbc at 7:00) is about that tonight, i think. |
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Edited on Sun Mar-29-09 04:44 PM by ellenfl
i didn't wonder. i remember when the banks wrote the law eliminating usury.
ellen fl
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| classof56
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Sun Mar-29-09 05:02 PM
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| 5. Recently a card company notified me they were raising my finance charge so... |
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My account would be more profitable for them.
Well...at least they're honest. Bottom line is, they do it because they can, and there's no law limiting the rate they can charge.
Once and Future Tired Old Cynic
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| sam sarrha
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Sun Mar-29-09 05:13 PM
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| 7. because they bribed politicians... duh.. |
| east texas lib
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Sun Mar-29-09 05:41 PM
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| msongs
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Sun Mar-29-09 07:07 PM
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| 9. because they buy so many politicians? nt |
| jmondine
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Mon Mar-30-09 04:30 AM
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| 12. Well, according to Fox News... |
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Because of socialism
Because Obama uses a teleprompter
Because McCain aids wouldn't pray with Sarah Palin
Because Americans are a bunch of losers (oops, that was CNBC)
Because Clinton got a blow job
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| flamin lib
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Mon Mar-30-09 10:38 AM
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| 13. If you want this in print form with links and history, see this journal entry: |
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http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x1367396Please copy and paste into whatever format you want and share with anyone you feel like.
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