No Defense for Consumers
If you’re in the mood to get good and hacked off at Congress for failing to live up to its responsibility to ensure that citizens’ views are aired to in its chambers, read Elizabeth Warren’s piece on the House’s credit-card hearings.
The first panel was four regular people who wanted to give first-hand information about their experiences with their credit cards. While the reps from Cap One, Chase and Bank of America went on for hours about their customer friendly policies and how much value they provided free to consumers, the people who had different stories were never allowed to utter a single word.
The people who had been invited to testify had flown in from around the country with their credit card bills in hand, only to learn that they couldn’t talk unless they would sign a waiver that would permit the credit card companies to make public anything they wanted to tell about their financial records, their credit histories, their purchases, and so on. The Republicans and Democrats had worked out a deal "to be fair to the credit card lenders." These people couldn’t say anything unless they were willing to let the credit card companies strip them naked in public.
"Fair is fair," said Congressman Spencer Bachus, ranking member on the House Committee on Financial Services. Somehow I’m having trouble seeing exactly what is fair about that equivalency.
Read the article to see Elizabeth’s excellent response to this ham-handed bit of blackmail.
(Warning: The story doesn’t have a happy ending. At least not yet.)
One thing that is clear is that it’s extremely foolish to put yourself in a situation in which a financial institution has any more power over you than is absolutely necessary.
this is our Democrat-led Congress hard at work for the average citizen.
Int Maybe if you read the link you would have noticed this paragraph.
I believe Bachus isn’t a Democrat…
Let’s share the outrage with W and his OMB.
http://ap.google.com/article/ALeqM5ieXNQKlfOClbz6jEKYziPZBJ-fVgD8V49IA80
http://www.washingtonpost.com/wp-dyn/content/article/2008/03/12/AR2008031203748.htmlhttp://ap.google.com/article/ALeqM5ieXNQKlfOClbz6jEKYziPZBJ-fVgD8V8S3Q01
Sorry, the last link should be two links.
http://www.washingtonpost.com/wp-dyn/content/article/2008/03/12/AR2008031203748.html
http://ap.google.com/article/ALeqM5ieXNQKlfOClbz6jEKYziPZBJ-fVgD8V8S3Q01
Rudi,
Why would I care about that? Unless you are suggesting that it is not a Democrat led Congress? And further suggesting that the Dem’s are competant in their role, and yet further suggesting that any blame for the Dem’s incompetance be placed squarely on the minority party?
My point is that both sides are guilty of selling out to interests. While the Republicans controlled Congress the Democrats stuck it to consumers with the bankruptcy bill. Now both sides are talking of a bailout for Bear Stearns. Will Bear Stearns have to go through counseling while their assets are liquidated?
Even minority parties can pull shenanigans using arcane committee rules. I think Stevens of Alaska still wields enough power to do similar manipulations, and in fa. Again, my point is both sides are guilty. The Demonocrats will be out if they play by the "dirty rules".
And?
This is a Democrat-led Congress, they have the option, opportunity and obligation to make a change. they choose to side for self-interest instead.