Sugar-Coated Status Quos: Let the Markets Grow

As obvious through a recent PR Release, Rep. Carolyn Maloney believes that sugar-coating status quos will change what we have grown to know (as facts): “That 45-day period gives you nearly two billing cycles to do more than complain — to shop around for a card whose rate and terms of service you prefer.”  Wow!  Is it change — with teeth?  (Please.)  We have already been doing that for more than two years – while hearing foreign customer service agents of “banks” like Citi and Capital One tell us “If you don’t like it, you can close your account.”  Were interest rates capped?  No.  Since passing the Credit CARD Act, has First Premier Bank escalated a sub-prime rate to 79.9%, Legally?  Yes.  “Laws like the CARD Act are reasonable and allow markets to function as market enthusiasts imagine they should: with less friction, more transparency, and with bad actors being driven from the field.”  As a historic “bad actor,” was First Premier “driven from the field,” or, was it (like “prime” providers) emboldened?  Having collectively witnessed and experienced the results of a rampant savaging of our world’s citizens and overall economic system, is it “reasonable” to “allow markets” to go forward, basically unfettered with any returning or meaningfully modified regulation?  Moreover, how insulting (and detrimental) is it to have Representatives selling such a premise?  After 100 million people (including the best tier of customers) were gouged into 29.9% (Usury) rates, as redress, did they seek what was “reasonable” in the view of their predators?  “Once interest rates, terms and conditions are clearly stated . . . the consumer can make a clear-headed decision about what card to choose.”  Got that?  New language!  New (“responsible”) consumer choices!  Same results: “If you don’t like it, you can close your account.”  In July of last year, Rep. Maloney seemed to be amazed that Citi, Chase, and BoA, were continuing their predatory practices: “Issuers during this crisis should be using this period to adapt . . . , not raising rates and changing terms on those who are already meeting their obligations.”  Yet now, she is praising them – because they are making terms “easy to understand” (with notices): “There are some companies that seem to get it.  Chase and Citi have added cards and services to their lineup which are simple and easy to understand.  Bank of America sent notices far in advance to their customers explaining the new rules.”  Let us respondvociferously.  In this collusive scenario, our incensed reactions and motivated decisions are just as “clear-headed” now as before.  When the Act failed to take effect immediately, and did not cap rates or fees, all the relevant “actors” indeed “[got] it” – as we, the public, proceeded “[getting] it” in our updated terms (so to speak).

Bookmark and Share

7 Responses to Sugar-Coated Status Quos: Let the Markets Grow

  1. cupatriot says:

    Consumers are voting with their feet and “chasing” what really matters… right to their local credit union.

  2. seaclearly says:

    Thanks for commenting. Best wishes to your continued success 🙂

  3. […] Sugar-Coated Status Quos: Let the Markets Grow Congress Shocked by Credit Card Predators? […]

  4. […] of last year, The American Debt Relief Challenge has been promoted as a positively assertive way to make stands for ourselves and our communities in this regressive […]

  5. SeaClearly says:

    Equifax Forces 143 Million Potential Victims Into ARBITRATION: Not only did Equifax suffer a massive data breach . . . and then wait 6 WEEKS to inform the public—the credit-reporting company is directing those who want to know if they were a victim of the breach to a service that forces them into a “rip-off clause” that makes them give up their right to file or join class-action lawsuits against the company. [After 6 Weeks, imagine the devastation and all the anguish people will have to go through to repair the fraud against their names and history.
    The cost to Equifax? Not a Penny.]

    This is Corporate EVIL. Could they have AT LEAST (ethically) informed the people on their own as to whether or not they were Victims? But no, in this way, again, everything is wholly piled upon the shoulders of the victimized public — so that the cost to Equifax is $ZERO — while cornering the victims into a SCAM bypass of any reprieve.

    https://www.commondreams.org/news/2017/09/08/most-brazen-corporate-wrongdoer-maneuvers-memory-equifax-forces-potential-victims

  6. SeaClearly says:

    Sen. Warren Introduces Legislation to Save Consumers From ‘Equifax Exploitation’

    Warren also said Friday that she is moving ahead with an investigation into both the causes of the Equifax breach and the company’s response.

    Kicking off the probe, Warren penned a letter to Equifax criticizing the agency for failing to “provide the necessary information describing exactly how [the data breach] happened.”

    Warren also observed that Equifax’s “efforts to provide customers information did nothing to clarify the situation and actually appeared to be efforts to hoodwink them into waiving important legal rights.”

    “I am troubled by this attack…and by the fact that it represents the third recent instance of a data breach of Equifax or its subsidiaries that has endangered American’s personal information,” Warren concluded. “And I have deep concerns about the initial response by Equifax.”

    https://www.commondreams.org/news/2017/09/15/sen-warren-introduces-legislation-save-consumers-equifax-exploitation

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: