Josh Trevino has a scathing rebuke of the new bankruptcy bill in Congress. I’m inclined to agree with him — the bill is nothing more than a handout to the banking industry that will hurt consumers and the American economy.
Furthermore, this bill will hurt rather than help corporations over the long run. Extending credit to everyone and anyone is a piss-poor business decision. The banking companies are shooting themselves in the foot by making credit idiotically easy to get and giving credit card offers to anyone who can fog a mirror. Such actions are entirely counterproductive and against the rules of smart business practice.
This bill should be killed, and those members of the GOP who are supporting it should be ashamed. Supporting a vigorous system of American capitalism is fine. Reducing red tape is fine. Changing the rules to benefit the few at the expense of the many is most certainly not.
Extending credit to everyone and anyone is a piss-poor business decision. The banking companies are shooting themselves in the foot by making credit idiotically easy to get and giving credit card offers to anyone who can fog a mirror. Such actions are entirely counterproductive and against the rules of smart business practice.
Are you joking? They’re making money hand over fist from the unregulated fee structures, and it’s not like they’re not going to get their money back – they essentially have people by the balls, assuming that you ever want to have a house, car, or even a job (a lot of companies are examining the consumer credit scores of job applicants). This new bill only tightens the squeeze.
If they weren’t making millions off of promiscuous credit card offers, they wouldn’t be sending them out.
On my drive home yesterday, I must have warped into a new dimension. Jay Reding taking a position that’s not either in lockstep with the Bush administration or to the right of it?!?! I guess miracles still do exist.
Jay Reding taking a position that’s not either in lockstep with the Bush administration or to the right of it?!?! I guess miracles still do exist.
I wouldn’t sweat it. If this massive, bow-wrapped gift to corporate kleptocrats isn’t enough to give Jay second thoughts about the true priorities of Republicans – and shamefully, some Democrats, like elephant-in-donkey’s-clothing Joe Leiberman – then nothing will.