Endless PR from the NYT

Another in a series of setups: First, controlling interests decide what direction, or policy, will be implemented.  Next, many months ahead, they dispense “talking points” to certain major publications and pliable “news” sources.  Then, people are incrementally (sold) “informed” as to what is inevitably upcoming.  Under the guise of facts simply being reported, it works like a well-timed machine: “With losses from credit card defaults rising and with capital to back credit cards harder to come by, issuers are likely to increase rates to 16 or 17 percent by the fall. . . .”  The latter facade (of a warning) was presented from a minute marketplace/”business environment” context.  No references to the recent (weak) CARD Act or relative history to rampant abuses which brought its passage were mentioned.  Instead, we are given the usual: a slanted “why” of what will be (for manipulative preparation) – but not a broader “why” of what IS, in an ongoing sense. In short, credit card companies will continue escalating the Variable floor rate, before the Prime Rate even begins to be altered upwardly, step-by-step.  As an intended result, a new 20% average rate will be on our planned and coordinated horizon.  Remember Providian?  Their predatory practices were the focus of many lawsuits.  Remember their standard 19.9% “Gold” cards – which were enticements for the downtrodden, and fodder for comedians?  Soon, that rate will evolve – from oppressive joke material to a “National Average.”  And, the consequences will be used against us.

Credit Unions and Community Banks: Send a Message
Sugar-Coated Status Quos: Let the Markets Grow
Congress Shocked by Credit Card Predators?

5 Responses to Endless PR from the NYT

  1. Bruce says:

    Credit Cards are the road to financial ruin for most Americans. Those that don’t need them only use them to get points for free goodies that we pay for with our interest rates. The poor subsidizing the rich, gotta love this scam.

    • seaclearly says:

      Those (millions) of us who always paid our bills on time, and remained honorable with our credit responsibilities, yet, were gouged into sub-prime levels regardless, indeed relate to this scenario as a concerted scam. Those who were still worthy, but already on the sub-prime level, surely received their final (29.9%) push out the door. As a run on “the least of us,” and to swell certain ranks, it is working (of course) like a master plan.

  2. Bruce says:

    Thanks, this is a good one. I’ll jump on the phone.
    COLORADO, the legal rate of interest is 8%; the general usury limit is 45%. The maximum rates to consumers is 12% per annum. Of course everyone I know is paying 18-29 %.

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