Here's one I'm having trouble with: Representative Stephanie Herseth Sandlin casts the lone Democratic vote against the Credit Cardholders' Bill of Rights (HR 627), which passed the House 357–70yesterday. Not even a majority of House Republicans voted against this bill. SHS found herself standing with GOP standard bearers Rep. John Boehner (R-Ohio) and Rep. Eric Cantor (R.-Va.) as well as Rep. Michelle Bachmann (R-Minn.), Rep. Ron Paul (R/L-Tex.), and Rep. Jeff Flake (R.-Ariz.). (Interesting: OpenCongress.org reports that Flake is the Representative our gal Stephanie votes least like.)
Says SHS on the logic that no other Democrat in the House bought:
"In a time of economic instability and decreasing credit availability, I think it's essential that we consider the full impact of limiting access to credit," she told reporters before her vote. "People need access to credit while at the same time striking at the deceptive and unfair practices that we know have been going on, and this bill, in my opinion, doesn't strike the right balance" [Ledyard King, "House Tightens Credit Card Rules," that Sioux Falls paper, 2009.05.01].
SHS also noted that she buys the fear tactics of the South Dakota Bankers Association that such regulations will kill their industry and a whole mess of jobs in the South Dakota usury industry. But as I read the bill, things like requiring credit card companies with all their computers and mailing operations to do things like give customers a clear 45-day heads-up on interest rate changes and other contract changes fail to reach my threshold of job-killing tyranny.
I suppose I shouldn't scratch my head too much on this one. King tells us SHS did the same thing last year, and Senator Tim Johnson broke with Dems to vote against a similar measure in March. I will suggest, however, that if our economy hinges on extending credit to folks at 30%, maybe we need a new economy.
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Update 07:35 CDT: For a view from outside the state, see DownWithTyranny:
...the DCCC went on the attack against Republicans, like Don Young (R-AK) who they feel will vote against the bill today. Young is a strange target since he was one of the 84 Republicans to cross the aisle and vote with the Democrats in 2008 on this [Young voted aye yesterday, too —CAH]. (Funny enough, a better target would be Blue Dog Stephanie Herseth Sandlin (SD) who crossed the aisle in the other direction and voted with the GOP. South Dakota has a huge credit card industry and I suppose the thinking goes that if they steal from the rest of us, it'll trickle down to Herseth Sandlin's constituents-- or at least to her campaign donors. (Yes, she raked in a startling $629,895 from the banksters since being elected to the House in 2004.)
Mmm, that sure helps our state's image.
Senator Dick Durbin (IL) was correct this week when he said that the banksters run Washington. It's evidenced daily that they run Obama's White House and Treasury Department.
ReplyDeleteIt really is sad that they also captured the South Dakota Senators and Representative. We thought they had more sense than this. But as law bows to war, common sense bows to campaign funding every time.
Comrade:
ReplyDeleteYou might be MUCH happier if you would be more ignorant about political issues that don't really matter.
There are more things to talk about than politics (absolute total waste of time) and religion (personal beliefs that you need not force on others).
How about that weather today?
I was very disappointed to listen to the Congresswoman's explanation of her vote. It sounded as though it was written by a credit card industry lobbyist and it was repeated on the radio every hour all day long.
ReplyDeleteYou are right. The rationale provided for the no vote just does not wash.
ReplyDeleteSo, you feel it is the governments job to make sure people understand what there credit card interest rate is, the due date, the expiration date, the credit limit, the balance. Boy Cory, if you and Rachel Maddow get your way we are going to have alot of government intervention. Just keep in mind, this is the same government that cannot balance their own check book, apparently has NO CREDIT LIMIT, hides the fact that your share of the National debt is $35,000, and now tells us that those who are receiving a share of the stimulus are going to have to pay a portion back come tax time because of new tax laws. Oh hell yes, this sounds like a frick'n awesome idea. Get the government involved, to provide more regulation, to protect people who make the same stupid credit decisions our government is. BRILLIANT!!!!!!!!!!!!!!!!!!!!!!!!
ReplyDelete8:23 Complete laissez faire capitalism is the law of the jungle, might makes right. It doesn't work in civilized society.
ReplyDeleteSo Mr. Entitlement? How old is America. It works for those who work for it. Its not easy. If it was Monkeys could do it.
ReplyDelete[Comrade: I'm much happier than you think. And yes, the weather is lovely. ;-)]
ReplyDeleteSo back to the topic, Anon: do the credit card companies "work for it"? Does deceptive predatory lending count as "work"?
ReplyDeleteDeceptive predatory lending. That is a very provacative statement. Are you willing to identify what credit card companies you are talking about and then accuse them in a court of law? Then put up or shut up.
ReplyDeleteSearaven, Read the link Cory provided to get your answer.
ReplyDelete