The cheese stands alone: Senator Tim Johnson is the only Democrat in the U.S. Senate to vote against the Credit Cardholders Bill of Rights. Senator John Thune was almost the only Republican Senator to do so: only three other senators could rustle up a reason to vote against making credit card companies deal honestly with customers.
Recall that three weeks ago, Representative Herseth Sandlin similarly played the cheese in the House on this bill. So South Dakota has the distinction of its entire Congressional delegation voting in favor of supporting deceptive, predatory lending as a basis for economic growth. How embarassing. Fortunately, the vast majority of our delegation's colleagues from other states are able to see the sensibility of requiring credit card lenders to play fair. President Obama will sign this bill, and we will have the pleasure of calling Premier BankCard's bluff: Are you guys really going to close down because of this law? Are we really going to see consumer credit dry up just because you won't issue cards to people who are bad risks any more? Go ahead, make my day. Even if Governor Rounds's worst-case scenarios come true, our state and our economy will still be better off getting rid of these near-criminal business practices.
But remember, by Rep. Herseth Sandlin's logic, if she's catching hell from conservative Republicans and liberal Democrats, then she must be doing a good job. Cool: then the liberal Democrat writing this blog will be happy to forward her cause and Senator Johnson's by heaping plenty of criticism on them for their bad, bad, bad votes on this credit card legislation.
Question for Rep. Herseth Sandlin and Sen. Johnson: where are all the moderates you so ably represent who are crying out for you to protect the usury industry from regulation?
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