Is our government really this stupid, or do they just think that the American people are?
Last May, Obama signed the Credit Card Accountability Responsibility and Disclosure Act of 2009. “We’re not going to give people a free pass, and we expect consumers to live within their means and pay what they owe, but we also expect financial institutions to act with the same sense of responsibility that the American people aspire to in their own lives,” he said.
When the bill went into effect earlier this week Obama said, ""These new rules don’t absolve consumers of their obligation to pay their bills, but they finally level the playing field so that every family and small business using a credit card has the information they need to make responsible financial decisions," Obama said.
Surprise, surprise, surprise…….
NEW CREDIT CARD LAW RIFE WITH LOOPHOLES
BEWARE: Hidden and deceptive fees are still lurking around the corner
As new rules to protect credit card holders from predatory practices went into effect on Monday, issuing banks warned that the regulations would result in higher interest rates and less access to credit.
You’ve heard a lot about the Credit Card Accountability Responsibility and Disclosure Act of 2009, which took effect on Monday. The new law requires credit card companies to treat their customers more fairly, and that’s clearly a victory for consumers. But even with the new law, there are still many ways you could end up paying more than you should for your charge cards.
Can you imagine how shocked our elected government officials were when they learned that there were loopholes in this bill? My, my, my………I can absolutely understand how this could happen though. I usually cut a few large entry holes in any fence I build too……by mistake of course.
http://www.msnbc.msn.com/id/35544006/ns/business-consumer_news
http://blogs.abcnews.com/politicalpunch/2009/05/obama-signs-cre.html
http://www.credit.com/news/credit-debt/2010-02-22/obama-administration-praises-credit-card-reform.html
The American people don’t appear to be the brightest bulbs in the box lately. They have gotten mortgages that are well beyond their means causing the housing disaster. They have charged frivolously, gained exorbitant amounts of weight and then they cry because they are in a bad spot.
18 Responses to “Is our government really this stupid, or do they just think that the American people are?”
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The govt. knows exactly what they’re doing. It’s the American people who are stupid.
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Welcome to Big Brother government that can make a mess of anything, then always have a solution..more of the same.
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Glad to know that you support the goals of the bill. What are your suggestions for how to plug those loopholes?
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The government is not that stupid and they know the people aren’t either. They were banking on the hope that the people were that complacent.
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They should have taken the Republicans approach and done nothing.
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I would rather they try to stop the blatant manipulation of credit card companies than do nothing…
clearly the card companies are mad about it… if you’ve heard what they’re saying… so they must be doing somthing right…
did you read the first "rife with loopholes article"… it clearly states that it’s better than nothing?
and you seem to imply that gov. left these holes open on purpose? well, some probably were, because Republicans were screaming about too much gov. intervention… but others are just lawyers finding them…
that’s their job, and they are very good at it…
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Why does it surprise you that major corporations and the government are BFF?
Nearly ALL legislation that affects the private sector contains loopholes for the biggest lobbyists to sneak their corrupt buddies through.
That’s American politics.
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No these Guys & Gals suvived K = 15 schooling & they are sneaky.Loop holes aurt soley 1 of theiz triks .hauow they spel wurz or words iz =is another.yet we aurt taught to speik it az anuthur like the 7 up word & Numbur or Number .
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Didn’t read your entire question. However, for sure, it’s the second one in most cases. That is what the government thinks.
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Credit cards should be a last resort and for emergencies. If people want to live the have fun now pay later life, then they are going to pay because so many others default on payments. The govt are @$$holes, but it’s not their fault if you just have to have a 90 inch plasma for your bathroom.
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november 2008 proved that at least 53% of the american people are and government knows it…..
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You know, I’ve never had problems with credit cards. I get the bill. I pay it in full. I’ve never paid interest, late fees, penalties, or a fee for a card.
That’s what you’re supposed to do. You’re borrowing money. You’re responsible to pay it back in a timely matter.
Did anyone actually think that the lawyers for the banks wouldn’t find loopholes?
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credit card companies made preemptive strikes. Now you have received rate hikes, fees and penalties in advance of the law going into place. Obama made it pay me earlier.
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This might be a crazy suggestion but — maybe people should stop using their credit cards and live within their means.
This isn’t much of an issue if you don’t carry balances on your credit cards.
And - like everything else - the people that make the big campaign contributions control what is in the bill.
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they lead by example. they use trillions of dollars to buy votes from people that don’t pay taxes. then charge over bearing taxes on the working class. Government has got worst after each election for the last 20 years. America has not seen a conservative in the white house in well over 70 years.
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Both a and b.
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The American people don’t appear to be the brightest bulbs in the box lately. They have gotten mortgages that are well beyond their means causing the housing disaster. They have charged frivolously, gained exorbitant amounts of weight and then they cry because they are in a bad spot.
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Hahaha, nice fence analogy. I think any extra fees are in place because the government probably going to tax banks to replace all the bailout money. The government though, "Hey, why don’t we make a new plan that looks great to consumers so they’ll sign, but later we’ll just take even more of their tax money?!" It’s just another ridiculous plan by Obama. Are we really surprised?
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