Posted on 05/22/2010 12:15:23 PM PDT by Renegade
Rich --
On Thursday, the Senate passed historic Wall Street reform. This movement proved again that the strongest special interests, who for so long have called the shots in Washington, can be beat.
When opponents in Congress tried to block the legislation altogether, you stood up -- and they backed down. When the lobbyists pushed for loopholes and exemptions just before a final vote, you did not relent -- and we fought them off.
Your support brought us to this day -- and, because of that, we're poised to implement sensible reforms that will provide a stronger foundation for economic growth.
Now, the House and Senate must iron out their differences before I can sign it into law. But the financial industry will not give up. They have already spent more than $1 million per member of Congress, lobbying on this issue. And in the coming days, they will go all in. This is their last shot to stall, weaken, or kill reform, and they are not accustomed to losing.
But this movement has you -- and together, we have beaten the special interests before.
Please donate $5 or more today to help Organizing for America continue to mobilize thousands -- to counter the special interests' attacks and get strong Wall Street reform to my desk.
Every American has a stake in this bill.
If you have ever been treated unfairly by a credit card company, this reform works for you -- never again will Americans be duped by fine print or hidden fees.
If you ever try to take out a home loan or student loan, this reform works for you -- putting an end to predatory and deceptive lending practices.
And, if you or your small business relies on credit from community banks that are being punished for playing by the rules while their competitors do not, this reform works for you -- reining in the big banks and making sure all our lenders are subject to tough oversight.
These reforms would put in place the strongest consumer financial protections in history. And, by helping safeguard our economy from recklessness on Wall Street, it would ensure that a crisis like the one that caused this recession never happens again.
This is not a zero-sum game where Wall Street loses and Main Street wins. As we have learned, in today's economy, we are all connected. When the economy prospers, we all win. Senators of both parties recognize that fact, and that is why lawmakers stood up to the lobbyists and worked across the aisle to ensure that Wall Street reform passed.
But this fight is not yet over. And it is up to us to overcome this final test and pass reform into law. When we do, the power of this movement to make change in Washington -- despite the best efforts of the special interests -- will no longer be up for debate.
Please donate $5 or more today:
https://donate.barackobama.com/WSRSenateVictory
Thank you,
President Barack Obama
Week-old dung from the Kenyan’s personal propaganda organisation.
Its the DNC i.e Do Nothing Crappers.
;-/
I posted it! That’s why I asked “ What Crap is This ??
Wall Street won and it’s a good thing too. There is still far too much bulldroppings in this new assault on America.
Yeah, sounds good until all the Obama voters find out that now they can only get a credit card if you they have 10+ years of flawless credit and make $75,000 a year. The credit card companies re-coop their losses from "risky" customers with these fees. No fees = no credit.
Wealth based on credit card, home equity and mortgages is not real wealth. I do support 10+ years of good credit and 75,000 dollar salary before you should be givened a credit card. That was how life was in the 1970’s when I got my first credit card (it was American Express which required a 15K annual salary). Banks should be limited on their credit cards for everyone, and Americans need to learn before you buy anything, save for it. Our country needs to encourage saving and not borrowing.
It’s different nowadays. It’s very hard to function without a card. I do all my buying on the internet and my income is no where near those parameters.
There are other commensense ways for cc companies to function well.
My biggie is that the monthly payment should be a much higher percentage. If you are paying $37 a month on a $1000 balance, you can easily get out of control without realizing what happened. By the time you can’t pay your minimus, you are in such debt you can’t pay it off.
“Financial reform” has given us NO improvement regarding derivatives, plus enabling our sterling executive branch to seize and destroy — or perpetually “rescue” — any “financial institution” (which will soon mean any business). But as Hannity says, “Take heart.” The bill confirmed what Scott Brown is (try not to step in it), and revealed Iowa’s Grassley to be the same. So many targets (political, of course), so few ballots. Or whatever.
Unfortunately we had an experiment with consumer credit card society for 30 years. Borrowing just kept increasing as a percentage of a consumers annual salary. It makes our society very fragile financially when an unexpected crisis hits our economic system. How do you think we ended up as a paycheck to paycheck society? Easy credit fostered by banks willing to give even college students who do not have a job a credit card so they can get his family in debt and on the hook to bail the kid out!!! Bottom line is banks became pseudo loan sharks and even worst our society has demonstrated on average unable to handle easy credit. Part of governing is learning from diseasters and experience. Givened the data, I say limit credit cards to people who have a good credit history and have a good salary to back their balances.
I forgot to add. I buy precious metals via internet. They accept credit cards as well as personal checks. Checks will take up to 10 business days to clear, but you will eventually get the item ordered on the internet. Many vendors who accept credit cards will need to add this pay option to their sites. It also means the buyer must have the money in the account (savings) to pay for the ordered item. The internet and economy will not grind to a halt because less people have credit cards. It will not be as robust as it was in the past, but the economy of the past is based on an illusion of debt that collapses instantly into a nightmare in the first financial crisis. That type of economy is not worth it.
Translation - We're poised to cram radical Marxist policies down America's throat that will destroy its economy further and give us a better opportunity to permanently seize power.
WOW. I sure wont be donating.
Straight out of Lenin’s playbook.
I do support 10+ years of good credit and 75,000 dollar salary before you should be givened a credit card. That was how life was in the 1970’s when I gct my first credit card (it was American Express which required a 15K annual salary). “”
Amex always required a higher salary.
Having said that, I had one in the 70’s & I have never grossed more than $62,000 a year, and that was NOT in the 70’s. That was also the highest annual gross I ever had.
There are millions of us who live on much less than $75,000 gross annually. I have been self-employed for 35 years, and I own my own home, all my vehicles, all my horse trailers & all my horses. I only owe money on my 2 credit cards.
Carrying cash makes me & other women a target, and it gets worse the older we get. I don’t like to carry cash over about $100. It is getting worse every day to be anywhere that anyone can see you with cash.
I do support 10+ years of good credit and 75,000 dollar salary before you should be givened a credit card. That was how life was in the 1970’s when I gct my first credit card (it was American Express which required a 15K annual salary). “”
Amex always required a higher salary.
Having said that, I had one in the 70’s & I have never grossed more than $62,000 a year, and that was NOT in the 70’s. That was also the highest annual gross I ever had.
There are millions of us who live on much less than $75,000 gross annually. I have been self-employed for 35 years, and I own my own home, all my vehicles, all my horse trailers & all my horses. I only owe money on my 2 credit cards.
Carrying cash makes me & other women a target, and it gets worse the older we get. I don’t like to carry cash over about $100. It is getting worse every day to be anywhere that anyone can see you with cash.
Actually, most people manage their credit card just fine with exceptions falling into the younger users category and those with bad habits - bad habits in all areas of life. Also, there is a percentage that genuinely have emergency needs come up that are overwhelming - for example medical events.
The problem is easy credit and too many credit cards - along with instant gratification that comes with charging anything and everything that one wants NOW!
Unfortunately, most people don’t do much planning for emergencies - that planning is the key. In other words, line up the cheapest rate of credit available to you ahead of events, just in case. Waiting until something happens can result in even people with excellent credit going south.
:-)
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