Senate Caves to Banks: 21 Dems Join GOP to Kill Credit Card Rate Limit

[Phred42]

Democrats Bought & Sold - Owned by the Banks. Treasonous bastards.

http://www.pensitoreview.com/2009/05/13/senate-caves-to-banks-21-dems-join-gop-to-kill-credit-card-rate-limit/

Last Wednesday, Sen. Dick Durbin, D-Ill., the majority whip and the chairman of the Subcommittee on Financial Services and General Government, said this:

DURBIN: And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place.

Flash forward to today:



Here’s a list of the Democrats:

* Akaka (D-HI)
* Baucus (D-MT)
* Bayh (D-IN)
* Bennet (D-CO), Yea
* Bingaman (D-NM)
* Byrd (D-WV)
* Cantwell (D-WA)
* Carper (D-DE)
* Hagan (D-NC)
* Johnson (D-SD)
* Kaufman (D-DE)
* Landrieu (D-LA)
* Lieberman (ID-CT)
* Lincoln (D-AR)
* Murray (D-WA)
* Nelson (D-FL)
* Nelson (D-NE)
* Pryor (D-AR)
* Shaheen (D-NH)
* Specter (D-PA)
* Stabenow (D-MI)
* Tester (D-MT)
* Warner (D-VA)

[spanone]

1. ain't that some shit?...the lobbyist truly run this country

[Octafish]

4. And who runs the Lobbyists?

Somewhere's a thread about GOP being the dirtiest of appellations.
No. I'd say "Quisling" is right up there.

[JVS]

21. Rich people

[roguevalley]

77. if they are your rep, write a letter telling the people of your state

that they supported usury, a mortal sin and that they have made it personal to keep them in debt slavery. write every paper you have, call into every station in the state. get them OUT!

[nadinbrzezinski]

2. And those would have been Republicans a generation ago

ain't it great?

WHY they need to be voted out in primaries

Of course I think they will get it when the pitchforks, the tar and the feathers come out

[ThomCat]

9. I doubt there will be any pitchforks, tar or feathers.

Far too many people are complacent, and willing to settle for "hope" instead of progress.

:(

[nadinbrzezinski]

11. When people are hungry enough

that is when they come.

but that may take some time still.

[ThomCat]

12. When people are hungry enough

the government will turn the militarized police and the national guard on us. Pitchforks won't be of much use.

[nadinbrzezinski]

13. Then why bother, if that is your view

by the way, they did turn the national guard and the army last time around, we still got Social Security

[ThomCat]

16. I'm not saying that we shouldn't bother.

I'm just saying to expect our own government to criminalize us, cause a whole lot of bloodshed and death, and then blame us for it.

Yes, they did it last time and we still got Social Security. Now, almost every police force has become paramilitary and they don't even pretend to serve and protect anymore. There is an open culture of "us verses them" in most places whenever citizens try to use our first amendment rights.

If people ever get to the point of marching on Washington it's going to be far, far worse that even back in the days when Pinkertons opened fire with impunity.

[nadinbrzezinski]

24. The technology changes but not the attitudes

and that is the point

And yes I expect the empire to do what the empire will do, that includes turning on its citizens, but I hate the attitude of just mentioning the obvious, oh well... I guess it's them dusty tomes.

By the way, you think the cops who used them billy clubs on union organizers were not militarized? They were... police have been paramilitary forces since the turn of the last century... it is just that their training is better these days...


But us vs them... hasn't changed one iota since humans were forced to face other humans to get the most basic of things

[ThomCat]

29. Okay, I guess you are insisting on knowing better than me

and belittling anything I say just because you think you're so much smarter than me. Good for you. :eyes:

Good night.

[nadinbrzezinski]

30. No just pointing that police forces have been paramilitary for a while

If that is belittling so be it

[BR_Parkway]

67. Jeeze, we just got rid of Liddy Dole for Kay Hagan (D) you'd think

she'd have understood what we want her to vote for by now.

[liberal N proud]

3. The wealth distribution continues

Dollars being sucked from middle class Americans to the millionaires and billionaires.

[WCGreen]

5. Yep. Public financing of campaigns would go a long way to change this

system. There is just too much money slushing around the system.

[opihimoimoi]

6. Much more clean up needs to be done...the Blue Doga gatta go

[rhett o rick]

40. you can't unseat an incumbent Democrat. The party will back them all the way.

So will big money. Of course you could vote republiCon.

[opihimoimoi]

44. Perhaps....the People Hunger for the Truth shall be a factor

[rhett o rick]

63. Not sure what that is. nm

[opihimoimoi]

64. Whatever thats not false

[rhett o rick]

70. Assuming there is an ulitmate truth or reality, people seek different levels.

The general was right when he said we can't handle the truth. I am sure that there are levels of truth that all of us can't handle. The 20% that still support bush will not accept a level of truth beyond what they currently already believe. Don't assume everyone is seeking more truth than they already know and can accept.

[opihimoimoi]

76. I was not assuming all peeps yearn for the truth...nevertheless, if enough TRUTH emerges

the GOP will look like Crap....for they are the ones guilty of twisting facts to suit their selfish ends...the TRUTH will dispel their stories of blaming others...

Bullies are known to blame others for their own misdeeds....my bully acquaintances do this all the time....

[Glorfindel]

7. Well, shit...this has been a day of disappointments

first the president, now the senate. I'm almost afraid to think about tomorrow. :cry:

[ThomCat]

8. The banks kill the econonmy, and still have a legal right to charge

usurious rates, to raise their rates just because they want to, and to charge predatory hidden charges and fees all with the blessings of our politicians.

That's totally fucked up. :grr:

It would be nice if our government represented US instead of them. :(

[truedelphi]

18. Amd thsi under a President who promised us

CHANGE.

[ThomCat]

19. After Obama is done shoveling trillions of dollars into the banks

all that will be left for the programs that serve the rest of us will be spare change.

Perhaps that's what he meant all along, and people were just misunderstanding him. :(

[jbnow]

49. Did Obama have a vote? nt

[truedelphi]

66. No the guy had something far more important than a vote -

As President, he made the appointments.

So basically he took the same Bernie Madoff types that had destroyed the banking regulations that were known for DECADES to keep us safe, and who destroyed foreign economies (Look up Geithner's record on the Asian economic mess of the late nineties - it is pretty atrocious) and gave them the top seats above the Food Chain. That is why Bernanke heads the Fed and Geithner heads up Treasury.
And between the two of them, they hand out almost all the BailOut monies -so there is some real power there.

He's been in office for over 100 days. By this juncture, had Obama driven by conscience, he could have stipulated to his appointees, you wanna keep your job, then you see to it that the Banking Reform act of 1999 is done in. You guys see to it that NO BANK have in place credit card policies that are so disgustingly usurious. "Wanna keep your jobs, Ben and Tim, you explain to your Wall Street buddies that they better scrap the injury they are doing to the middle class. And start getting rid of the Banking Reform Act of 1999." (That Banking Act is how we have arrived at the place where 24.9 % and higher interest rates are just business as normal. In my father's day, the laws on the books prevented this from happening.)

[sendero]

10. While I agree completely...

.. that our congress is bought and sold, there is one thing that bothers me.

A 15% cap would be STUPID. Any rate cap would normally be anchored to the prime rate, the 10 year treasury rate, or SOMETHING to allow for the possibility (likelihood with the stupid way the economy is being handled)
of generally higher rates.

I would think someone like Bernie Sanders would be smarter than that.

[rhett o rick]

39. Bernie Sanders isn't stupid. Why does the cap have to be tied to anything?

It isn't for credit unions.

[sendero]

52. Because if the prime rate..

.... is 15%, the CC rate cannot be. Looks like you are not to bright either.

[rhett o rick]

74. It isn't necessary to resort to insults. I will admit that I do not understand something.

But when you resort to insults you destroy your creditability.

[w4rma]

78. 15% is not stupid. Credit unions already adhere to this rate cap. (nt)

[Mass]

80. The law provides a mechanism to update this rate if necessary. Sanders is not an idiot and

understands how the system works.

This is the bill

SA 1062. Mr. SANDERS (for himself, Mr. HARKIN, Mr. LEAHY, Mr. WHITEHOUSE, Mr. DURBIN, and Mr. LEVIN) submitted an amendment intended to be proposed to amendment SA 1058 proposed by Mr. DODD (for himself and Mr. SHELBY) to the bill H.R. 627, to amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes; as follows:

At the appropriate place, insert the following:

SEC. __. NATIONAL CONSUMER CREDIT USURY RATE.

(a) In General.--Section 107 of the Truth in Lending Act (15 U.S.C. 1606) is amended by adding at the end the following new subsection:

``(f) National Consumer Credit Usury Rate.--

``(1) LIMITATION ESTABLISHED.--Notwithstanding subsection (a) or any other provision of law, but except as provided in paragraph (2), the annual percentage rate applicable to an extension of credit obtained by use of a credit card may not exceed 15 percent on unpaid balances, inclusive of all finance charges. Any fees that are not considered finance charges under section 106(a) may not be used to evade the limitations of this paragraph, and the total sum of such fees may not exceed the total amount of finance charges assessed.

GPO's PDF

``(2) EXCEPTIONS.--

``(A) BOARD AUTHORITY.--The Board may establish, after consultation with the appropriate committees of Congress, the Secretary of the Treasury, and any other interested Federal financial institution regulatory agency, an annual percentage rate of interest ceiling exceeding the 15 percent annual rate under paragraph (1) for periods of not to exceed 18 months, upon a determination that--

``(i) money market interest rates have risen over the preceding 6-month period; or

``(ii) prevailing interest rate levels threaten the safety and soundness of individual lenders, as evidenced by adverse trends in liquidity, capital, earnings, and growth.

``(B) TREATMENT OF CREDIT UNIONS.--The limitation in paragraph (1) does not apply with respect to any extension of credit by an insured credit union, as that term is defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752).

``(3) PENALTIES FOR CHARGING HIGHER RATES.--

``(A) VIOLATION.--The taking, receiving, reserving, or charging of an annual percentage rate or fee greater than that permitted by paragraph (1), when knowingly done, shall be deemed a violation of this title, and a forfeiture of the entire interest which the note, bill, or other evidence of the obligation carries with it, or which has been agreed to be paid thereon.

``(B) REFUND OF INTEREST AMOUNTS.--If an annual percentage rate or fee greater than that permitted under paragraph (1) has been paid, the person by whom it has been paid, or the legal representative thereof, may, by bringing an action not later than 2 years after the date on which the usurious collection was last made, recover back from the lender in an action in the nature of an action of debt, the entire amount of interest, finance charges, or fees paid.

``(4) CIVIL LIABILITY.--Any creditor who violates this subsection shall be subject to the provisions of section 130.''.

(b) Civil Liability Conforming Amendment.--Section 130(a) of the Truth in Lending Act (15 U.S.C. 1640(a)) is amended by inserting ``section 107(f)'' before ``this chapter''.

[OhioChick]

14. Corporate Sell Outs. n/t

[BlooInBloo]

15. I fucking hate Cantwell.

[rhett o rick]

75. I called her office and got some kind of tap dance that I didn't understand.

Wish someone smarter than me (which is a rather large pool) would call and then explain to me. They said she vote against a procedure or some thing.

[slay]

17. Hagan is a HUGE disappointment - not that Dole was a viable choice here in NC but still

I want a REAL choice - not republican-lite! Argh! :banghead:

[nc4bo]

23. I guess Hagen wasn't paying too much attention on how and why she got elected huh? nt

[slay]

58. I just called her office to let her know her getting re-elected is NOT a sure thing

And that allying herself with fuckwads like Bill Nelson and Mary Landrau is NOT the way to go. Left a message and some guy who works for her named Ube is supposed to call me back. We'll see.

[bluethruandthru]

20. None of those names surprises me.

They seem to be the same names that continually show up as being more supportive of corporations and republican policies than of Democratic ones.

[nc4bo]

22. Oh dear - not Kay Hagen. We just elected her behind! WTF?!

Time to burn up her phone.

Ack.

[slay]

25. Yeah she's getting a call from me tomorrow!

She's got some REAL explaining to do. If not - I'm currently unemployeeed and might just camp outside her office for awhile with some not so nice protest signs. Seriously - wtf - is she a republican?

[FLAprogressive]

53. looks like you guys got punked! It's okay, in FL we got punked by Nelson.

[slay]

59. Yep - well the other choice was Elizabeth Dole

What the hell kind of choice is that? But yeah, I called her. Left a voice-mail that her gettin re-elected here in NC in NOT a sure thing at all and that we ARE paying attention. I said she had better start standing up for the people who voted for her or she will find herself without any supporters. So some guy who works for her named Ube is supposed to call me back and say why she voted no. I'm guessing he won't cause there is no good reason. We'll see.

[KamaAina]

26. Akaka caved and not Inouye?

Now there's a "Man Bites Dog" story for you! :eyes:

[DCKit]

27. A pox on their houses.

The short list of all the (D)s who need to be defeated (by a progressive (D), of course) next cycle.

If they had any concept of the damage this will engender - if they even cared - they would not have voted against their constituents this way.

I hope all their dicks fall off. Debbie's too.

[stevedeshazer]

28. Murray and Cantwell?

That's a surprise.

Unlike the rest.

[rhett o rick]

38. Murray is a great disappointment. Cantwell not so surprising. She supported the bush war and DLC.

[Jax]

68. Murray voted to protect Millionaires too

Only one of 10 Democratic Senators who voted for Millionaires.

http://www.politicususa.com/en/10-Dems-Protect-Millionaires

The Seattle Times owners, the blood money Blethen boys give out their 'political' endorsements to whomever supports repeal of the estate tax.


Cantwell, expected. Murray, despicable sell out.

[stevedeshazer]

81. Thanks.

[ohheckyeah]

31. I'm regretting my vote for

Warner.

[Eric J in MN]

32. I liked Jon Tester better as a candidate than I do as a Senator. NT

NT

[DU GrovelBot]

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[Faryn Balyncd]

34. Why don't you vote to re-instate DEBTORS PRISONS, you sons of bitches?????

[leftofthedial]

35. scum.

I'm done with them.

[DatManFromNawlins]

36. Time for a 10 million man march

on Washington. Shut the fuckers down. They give our money away so that big business can balance their books but won't help Americans under the crushing weight of debt that has been forced upon them to simply survive.

[Dont_Bogart_the_Pretzel]

37. It don't surprise me about Lincoln & Pryor (D-AR's), they vote with the repukes most of the time.

Arkansas needs to do some house cleaning, and get rid of these DINO'S!

[anonymous171]

41. Fuck I didn't realize that my senators were corporate dems.

Thanks for pointing that out.

[rhett o rick]

42. So what was all the bullshit about the 60 Democrats in the Senate?

We can't even get 51 to vote Democratic. It isn't Democrat vs. republiCon, it's corporatists vs. the rest of us.

[SOS]

65. When it's Wall Street vs. the American citizen, we have 33 Democrats in the Senate.

nt

[rhett o rick]

72. I agree and don't see a solution. I think the other 27 have too much corp backing to dislodge.

By the way your "nt" belongs in the subject line. The point is to prevent someone opening your message to see if there is more text. If you put it in the message, it defeats the purpose.

[Echo In Light]

71. Empty propaganda to help sell the illusion to America that 'things will be better'

[Lorien]

43. Both Nelsons have got to go

Complete corporate whores. Both of them.

[Missy Vixen]

45. Hey Patty Murray and Maria Cantwell,

I'll be calling both your offices in the morning.

I'd expect this from you, Maria Cantwell -- most of the time you don't seem to realize you're a Democrat, supposedly -- but Patty Murray? You've got to be kidding. :mad:

[leftstreet]

46. Cantwell is a DLC puke, but Murray's vote surprises me

:wtf:

[rhett o rick]

82. Exactly. One thing we are learning is that the Democrats in the Senate at least

had an easy ride for the bush years. They could pretend they were upset at what was happening but never really put up a fight. But now they have a majority, they have to show their true colors. There are only about 33 Senators that support the American people.

I would love to fix the Democratic Party, but it is an uphill fight against the corporate money. May be easier to withdraw and start a new party. Leave Specter and leave the party to the republiCon lites (DLC).

[upi402]

47. Ha! All hail the Uniparty!!!!

Uniparty is Supreme

[Hannah Bell]

48. both murray *and* cantwell. usually they trade off the controversial votes.

you can thank washington state for 9.5% of this particular rape.

[Peter1x9]

50. Best government that money can buy.

n/t

[madfloridian]

51. People say they have to vote with their constituents. Bull hockey.

How many of their constituents want to pay 30% or more credit card rates.

[FLAprogressive]

54. and now you're givin' me, givin' me....nothin' but DLC, DLC!

Democratic "change" we can believe in!

The DLC ruins it again.....this is what we get for being "loyal Democrats"...PUNKED!

[Dr.Phool]

55. Nothing short of a revolution will save this country from these 2 self-serving parties!

And you really believe that we're going to see ANY improvement in the health care system?

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl:

[Dr.Phool]

56. Tell me again what the difference was between Bill Nelson and Katherine Harris?

They're both fundie, right-wing shitheads!!

At least Harris offered some entertainment.

[Vinca]

57. My new senator, Shaheen, is on the list. She's half a Republican

and it really pisses me off.

[Odin2005]

60. I am really disappointed with Tester.

[CBR]

61. No surprise my Senators (Carper, Kaufman) caved...

we all know about Delaware and credit cards. I will contact their offices again.

[Voltaire]

62. Evan Bayh will never get another vote from me

hear me GOD!

[belpejic]

69. What jerks

They are so out of touch with reality. At least my legitimate senator, Dodd, didn't betray me. The whole system is going to collapse anyway, so who cares what these unprincipled people think. And I think we should kick Specter back to the Republics. He has the moral compass of an intrusive weed.

[sarcasmo]

73. Bought and paid for by the Banking industry, SICK!

[Mnemosyne]

79. Specter isn't a Dem, he's a turncoat ass. n/t