The Great Obama and the Credit Card Monster

The Great Obama is at it again... he is SAVING AMERICA he is taking on the credit card industry.... and he is gonna fix it for america!!!!!!!!!

uh.... not so fast folks.... what he is doing is tantamount to throwing lime on a pile of dog poo. The Lime helps eliminate some of the odor... and it hides the dog poo under a veil of white powder... but... folks... THE DOG POO IS STILL THERE!!!

And... the hot steamy pile of credit card POO is bigger than ever. Here is how our caring representatives have managed to corral the usurer's at the Credit Card issuing banks.

( Remember... we have just bailed out most of these banks to the tune of literally Billions of dollars... and in return they are choking the country to death with higher interest rates that ever.)

Just so you will know... these are the basic provisions of the 'credit card reform' bill the Great Obama is currently taking bows for 'implementing'...

Requires that customers receive 45 days' notice before interest rates are increased (if the bill becomes law, it won't take effect for another year-except for this provision, which would be enacted within 90 days)

Eliminates double-cycle billing and "retroactive" interest rate hikes on previous balances

Bans credit cards for anyone under 18 and puts limits on cards for college students

Elminates fees for paying bills by phone or Internet

Allows cardholders to set personal credit limits that cannot be exceeded

Requires banks to apply payments to balances with higher interest rates first

Wow.... now those are really tough laws... huh.... Bwaaaaaaaahahahahahaha... while on the surface it may look like a fix... it is really only Lime on Poo. There is NO MENTION of limiting rates. NONE... they can charge whatever they like... just like before. The credit card bill is fluff... instead of rounding up the bankers and demanding that they serve the needs of the country, once again our representatives let the real bad guys slip right through their fingers... and allow the banks to continue their excesses as before.

They are capitalizing their portfolios with 0% interest federal money and the taxpayors get to pick up the tab.... while paying outrageous 29.4% interest to the banks they just bailed out.

This is what Banking Industry bigwigs have to say about the Presidents credit card bill...

"The American people can't manage their credit," says one industry heavyweight, "If you change the rules, guess what, we'll just start at a higher rate and you'll see a decrease in availability of credit and an increase in the cost to everyone else."

Gee... that sounds like a threat to me... it also sounds as if they plan to extort the country... into paying higher rates than ever, because the banks mismanaged their own business portfolios.

Were the Great Obama as great as the images he poses for... he would jail these thieves. I assure you, once the first few credit card executives got sent to jail... the others would begin to fall into line.

America is all of the People... America is not a small group of well to do greedy bankers. Our President needs to SUPPORT THE PEOPLE... and stop letting the bankers push him around.

Hmmmm, you don't think... you don't actually believe the Great Obama is on their side in all of this.... do you? That would be terrible... what if the Great Obama were to be on the side of the banks... he might take their side over the goodwill of the American People... you don't think he would sell us out... do you? Tim Geitner is really a good guy....isn't he? (Tim Geitner came straight from the Federal Reserve Bank of New York, and was one of the authors of the Paulsen Bailout)

Well, these guys aren't dumb... they were smart enough to insulate themselves from trillions of dollars of losses they helped create... and they know how to get their ideas across too... they managed to convince the entire legislature of the USA to give them several trillions of dollars, and according to recent documents they forced the banks to hand over an equity share too...

They say the problems were not their fault.. that they inherited all of it... and that they are fixing it. He sounds quite sincere... hmmmm well,... then what does he have to do with this then?

"Saying the nine U.S. banks were "central to any solution" of the credit crisis, Paulson told their leaders in the meeting in Washington on October 13, 2008, to take the government aid voluntarily or be forced to by regulators"