BGO Discussion Forum

I think he struck out on this one and has hurt the American public more than helped. I just received another letter stating my limit has dropped. I either pay off balances or make payment + on time and they still aren't happy. This move effect credit scores because because it drives up your balance to limit ratio. I think credit card companies are really sticking it to us due to these new rules that went into effect this year. Whats you take?

what should he have done?

Left them alone. He essentially took all the leverage the people (customers) had and gave it all to the banks. They got everything they wanted, all the warnings, time to screw us over, and everything. All we got was a speech. If they were destined to crash and burn, then they should have. They would have never pulled the mess they are doing now.

I agree that the Credit Card companies and banks should have failed to allow new ones that could/would treat the consumer better with rates and fees. However something had top be done/addressed because anyway up look at it the banks are taking advantage of the consumer. What you have happening is a "retaliation" by the banks which in the long run will hurt them if no one can't get credit to buy anything or refuse to buy anything on credit.

The next Republican President/Congress will most likely repeal the "Regulation". I guarantee that the lobbyist for the industry will be so thick on Capital Hill this election year and 2012 they will be able to apply for their own zip code.

Credit Card Companies should change there to Loan-Sharking Inc . Congress passed the credit card law in response to growing public outrage about deceptive billing practices intended to maximize penalties and fees and drive up interest rates. Constituents had seen their rates double without notice — up to 30 percent or more — even though they had paid their bills on time. Many were saddled with debt they had no way of escaping.

Congress cannot pass a new law for every new scam the industry comes up with. What the country clearly needs is a strong, fully engaged Consumer Financial Protection Agency that protects Americans from abusive, deceptive and predatory lending practices.

yes, let's hope that obama leaves it all alone. everything that's broken in this country, let's just leave it the way it was. we were so much happier in 2008.

you're not gonna "one shot, one kill" these powerful corporations. you eat away at them lil by lil. using a lil legislation here and a lil legislation there. people say he is against the blue collar worker, but said nothing when bu$h gave huge corps tax breaks to outsource in other countries.
i swear i have never heard such unnecessary criticism for one man in my whole life.

that's like saying people shouldn't have helped slaves escaped because it made life for slaves who stayed on the plantation harder.

Happiness is relative. The free market system is supposed to correct itself without government intervention. I didn't care much for Bush's bail out of corporations as Obama's bail out. Thats not a function of the Federal Government.



That lil legislation is whats killing the lil guy. The corporation is gonna make their money no matter how. They pay lawyers and executives big money to come up with ways around a 'lil legislation'. By the time the 'lil guy' gets wind of whats going on, we screwed even more than were before.



Believe Clinton spearheaded that effort. Bush and Obama are just continuing it.



I see no correlation with the slave analogy because we are 'FREE' people. This was nothing but a 'show' because guess what, if the cost of business increases, then those costs are passed on to the people. The Corporation is still going business as usual. The people are left holding the bag.

clinton did not have the unemployment numbers that bu$h had. and those companies in which clinton gave breaks to weren't american staples like gmc, ford and many telecom companies.

you see no correlation with the slave analogy because you think that you are a free man with your credit card...unless you look at debt as a ball and chain you will always think that you are free.

so let's take your perspective of it. barry did his part and if we do our part then the credit card company is the only one that suffers. what does your solution consist of? letting the rape continue? tell me you're kidding...

We can't do our part if the government keeps stepping in to take away our leverage. Before the bailouts, to banks were willing to work with most people to keep from going belly up. Now the government has given them their government mandated 'corporate welfare', they don't have to listen to us anymore. Homes are still being foreclosed on in record numbers. The rape will end once 'free' is brought back into the 'free market'.

see what i mean by free? you believe that there's nothing we can do if the govt doesn't allow us. our leverage is to stop spending money on bs. you're relying on people who don't think or look like us to look out for us.

I love our west indian brothers and sisters. you know why? they have great spending habits. if they don't have it...they don't spend it. might be true that they don't have alot but they sure as hell don't owe anyone.(now west indian govts is a totally different issue) and rightfully so, they don't have credit limitations and legislations like we do, so the interest rates are too horrifying to even mention.

and this corporate welfare you speak of has always been here. they've been giving stimulus packages since the slaves were freed. "they" never listened to us...so why play a game where you can't win?

when you know better, you do better.

I choose to live my life the way I want. I'm not relying on anybody but myself. The government stepped to 'help' us, but in the end it was the banks that came out on top. The people for the most part was left the same or worst off.



Thats why I rather stay state side. My feelings about the Caribbean is best left to another thread.



Of course it has. But when have a brother comes along preaching change to the people, only to help keep the status quo in power, it raises eyebrows of everyone. I'm not trying to come off as an Obama basher (even though I'm not a supporter), I just wish he would leave somethings for the people to handle. He spent last year fighting for a healthcare plan that was never signed with a majority in the house and senate, and got nothing done. He was however able to get billions of dollars for corporate bail outs. If this mess don't get fixed quick, they will be listening to us come November and it will be game over.

until you realize the statement above is nothing but wishful thinking there's not much I can add to this discussion. i see your point IF the above WAS true. all politicians promise change. most election winners end up being moderates. this is the way it's always been and always will be.

if you didn't support barry, i wonder who you DID vote for?

Wishful thinking is what the American people need, more than government regulations and laws that hurt them. We don't need the government to pave our way, we should be able to do it ourselves. I don't believe moderates can get anything done, good or bad. They just jump on whats popular. My vote was throw away vote. I live in a red state and knew it was going to McClain no matter what. I thought he was a bad choice and couldn't support him either. To be honest, there hasn't been a presidential candidate I in a general election I could truly appreciate since Clinton in '91.