GOP Gags Witnesses On Credit Card Woe

[CatWoman]

They came to the nation's capital this week from as far away as Denver, Chicago and Niagara Falls--five people who'd had tough experiences with their credit cards and were asked to share those tales with a House panel. Instead, they ran headfirst into the buzz-saw of Washington politics when the panel's Republicans insisted the visitors allow their lenders to discuss their financial histories publicly--in any forum, at any time.

For four of the five, it was a deal-breaker. Instead of signing the waivers allowing them to testify Thursday, they all sat silently in the audience.

"I didn't want all my ... information out there for just anybody," said Denver's Susan Wones, who saw the interest rate of her JP Morgan Chase card jump from 0 percent to 23 percent in one month last summer, without notification or explanation. "I'm extremely upset I can't talk about this."

http://www.huffingtonpost.com/2008/03/14/gop-gags-witnesses-on-_n_91614.html

[Sarah Ibarruri]

1. Did you see the posts after the article? People are ANGRY!

Here are some of the posts:
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The day will come when Republicans are hunted with dogs, and are found hanging from street lights.
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As funny as it sounds, it isn't far from the truth. History has shown us many times to never piss off the mob. The Republicans will keep doing this to the people, it will hurt the people but they will survive. However, push the mob around enough times and there will be a reaction and if history has taught us anything it is that the receiving end of the mobs wrath never survives.
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The generality of our Republican elected leaders have abandoned Constitutional governance and have sold their honor and integrity to corporate interests and their own personal avarice. The Republican Party is a most despicable and dangerous political cabal. The ordinary Republicans should vote them all out of Office and design and operate a new courageous opposition Party which has foremost the perpetuation of our Republic and democratic governance.
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WHAT DO YOU EXPECT FROM PEOPLE WHO HAVE TRANSFERED BILLION OF DOLLARS TO FORGIEN BUSINESSES WITH NO BID CONTRACTS AND WITH OUT OVERSIGHT?????
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Halbourton has been a forgien business since the 1980 when it moved to the Bahamas.
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Stalin ruled a Communist country, but I get your point. No, we live in a country where the Republican Party has been selling out human beings in favor of big business for so long that it appears natural.
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If the whores didn't charge such outrageous rates, the outstanding debt would have a chance to be repaid. Hard to feel sorry for the credit card companies. Can't wait to see how long it will take before Congress attempts to fix the atrocities caused by the bankruptcy reform bill passed in 2005.
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Thanks in part to Hillary Clinton, who voted for that bill after stopping Bill Clinton TWICE from signing it to appease the Republican Revolution. Funny how she changed her tune the moment she was a senator and not the first lady. How's that for "experience"?

[KharmaTrain]

2. Predatory Lending Is Getting Worse

People who are losing jobs and earning power are turning to their cards...few have much recourse and this debt bomb is long overdue to explode.

Fingers can be pointed in many places...people who abused cards and banks that issued them like candy to lure young people in and trapped them into financial servitude...every person who has maxed out their cards or has a large debt has a story. The killer was the Bankruptcy bill of a couple years ago that allowed banks to raise rates with no notice and move quicker in going after assets, including houses and other assets that had previously been protected. Just as people saw their ARMs and other "creative" home loans soar, the same is happening with cards and the ripple is happening all over.

The banks found cards and the "juice" they produced easy money. The game was to get people into paying the minimum...just a portion of the interest and the remainder was rolled to make the principal larger and dig the card holder in deeper. In time the bank made all of its money back and then some...and the holder still hadn't even come near the principal. A $500 refrigerator then ends up costing $2500. For years the banks raked this money in...it kept the rest of the shell game going.

It's inevitable that the longer the credit market collapses that those holding credit card debt are gonna get calls...pay up or else. Of course the Repugnicans want to keep the wolves from the door as they see it as another political bombshell for them and their banking buddies. Yep, people are mad, but its still a silent rage.

It's shameful those people weren't allowed to testify, however, there should be fairness if these people did abuse their cards that should be made public as well. Honesty is the best way to solve any problem.

Cheers...

:hi:

[lovuian]

3. this Anger is good it will help get people off their butts

its a Great motivator

Bush is going to destroy the Republican Party
this depression is going to be worst than the 1930's