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Since the installation of their friends and co conspirators, the Bushistas, along with the neocon element in the House and Senate, the Credit Card industry has pretty much had it handed to them on a platter. One potential competitor, the "upstart" payday loan industry was kicked in the teeth in several large cities for legal reasons.
Other than that, it has been pure profit.
The loser? Your average consumer.
But this was not enough. They got even greedier. Even though large corporations were more likely to pursue bankruptcy protections than the little guy, the credit card industry managed to convince both Dems and GOPers to go along with a plan which excludes credit card debt from bankruptcy protection.
The big loser? the poorest, average consumer.
At the same time, that segment is continually bombarded with offers for more and more credit.
What will happen? I suspect a very unpleasant surprise. A quiet revolution. A protest. A one month statement from the average Joe and Josephine. Imagine what would happen to these large, immensely rich credit branches, should America stand up and state, just for one month, "We ain't paying." If even a sizable percentage, say, 10-12% of America refused to pay their cards just for one month, the earthquake-sized repercussions would be felt all the way up into the highest reaches of the executive offices.
I do not advocate such civil, financial disobedience, but I can easily see it happening if they put the screws any tighter to your average citizen.
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