If you have over $10,000 of unsecured, credit card debt…or if you are a lover of calling pricks “Pricks!” in public, or you would love to see the little guy win EVERY FUCKING ONCE IN A WHILE, you have to be a fan of what the Senate did to execs from Citigroup (or Citigrup if you’re German), Bank o’America, and Chase. Well you could cheer if any of the first three reasons (from the list of four) are the real reason why the Congress did what they did last week.
You will remember, or I fucking remember, what happened with the credit card companies two years ago – the last time they came before Congress in a very public way. While there were questions leveled against them and their policies, one got a sense that Congress got a few chastisement points but this is the way things are in America, Congress did what it could to have some creditor answer some slow pitch questions and nobody really cared much one way or the other.
Then you may remember in the ensuing weeks the Congress helped with the bankruptcy of a major airline…
Wait, that’s not the right way of putting it. Congress helped bail out a reckless business that shows no signs of behaving responsibly now or in the future and it just looked to the govt as a last resort to give it a handout in order to make the bills for a few more years until they get in trouble again.
And not long after that we saw Congress review Chapter 11 Bankruptcy in a way that seems to insure douche bags like me that would declare bankruptcy (not that I’m about to do that, Kim and I are doing fine)…but the new guidelines seem to insure that creditors are going to get more of every penny they are asking for – and not just for medical bills and “responsible” bills - - what some members of Congress wanted about two years ago was basically a way to make it harder for folks to get back to $0 or something like a staring point. The actions of the Congress two years ago (or at least the Senate) seemed to point in a particular direction.
I’m told by my conservative friends that government can and should teach and guide people. Here’s what I learned two years ago:
1. If you are an airline it doesn’t matter how reckless you are, you can always claim that you are vital to the nation’s interest and get a corporate handout when you are about to crash (I probably shouldn’t’ve said crash).
2. If you are John D’oh and you want to wipe the slate clean and start over, it would be harder than ever because you have to pay for your prescriptions, pills and credit card bills.
3. If you are a creditor you have a chance to get more of your money back from your broken hearted debtors…unless they are an airline.
Oh, the post was supposed to be about what happened this week, not the moral lessons I learned from my govt awhile back. I should be a good American and forget the shit that happened in the last Congress…
THIS Congress, acted like it wanted to slap the taste out of the mouths of a few scumfucks that came before them last week. There are three possible reasons for us to cheer, even if we are cynical about government. Consider:
1. The new Congress legitimately wants to punish the loan sharks of America, expose their shell game and help educate the American people about the dangers of hidden fees, false grace periods, and just the horrors of dealing with these devils to begin with…
(just laugh along with me for now, cuz this ain’t the reason)
2. New members and the new party in control wanted to punish the credit card companies because they backed the wrong pony leading up to the ’06 midterms. The bank groups and scum-ass lenders would like to reward and see those who benefited them so much the last time they came before Congress to continue ruling and protecting their interests (pardon the pun). The old party lost and the new party said to the bank groups “There’s a new sheriff in town take that you nasty bastards!”
(getting closer, and some would wish this to be the case but it probably isn’t)
3. The banks backed many of the Donkeys who won just like Elephans who lost or won and the Donkeys for the sake of scoring political points, turned around and screwed the credit card companies, dragged them in front of the Senate and made them look like the evil fucks they are, made one guy feel he needed to apologize and made another credit card/bank/fucknut look like he was gonna fucking cry.
(I hope this is the reason, and I am fairly sure this is part of the reason but let’s move on to number four)
4. This is a business as usual move for the new party controlling Congress. It wants to make it look like it is doing something about an evil in America. Consumer credit card debt will be a trillion dollars someday. That will rival the Fed govt’s debt-generating ability – WE CAN’T HAVE THAT!!!! The credit card companies understand what the new douche’s on the Hill needed to do (or be perceived doing) and they played along.
If any ONE of the first three above are true we should want to hug and kiss Senator Carl Levin (and in no way is he Hot Karl…that’s not even funny) for the way he slapped those monkeys around.
And even if the sad fact is that it is Number Four and ultimately this will be politics as usual, at least members of the banking/credit card community looked like the fucking loan sharks they are, and one sniveled and said they were fucking sorry.
They fucking are.
By the way, even if it is number four the most Machiavellian (and probably the most realistic of all the options – I don’t want to give the Donkeys too much credit and I do NOT want to confuse the accepted notion of Machiavellian politics with political realism, because thoughtful readers of Machiavelli know that is not the case)…
…but even if it is #4 at least the Senate offered some education and a dramatic example of how dangerous the fine print is of high interest credit card grace periods. The dude who was part of leveling the complaint just needed an extra $3,200 on a card to get him over the hump and pay for his wedding. He ended up paying almost 7 grand and without legal intervention…
(because debtors, you do have rights believe it or not, the real coarsening of our culture…beyond what the cultural conservatives want you to think it is, the real coarsening of our culture wants us to be convinced that if you take the pipe with your debt you deserve it, it serves you right)….
But, without legal intervention and the high profile of his complaint the dude could’ve ended up paying almost $16,000 on an initial charge of $3,200.
Do we have wanton desires and are many of us led by the nose chasing things we don’t need?
Sure, I am one of those. You don’t want to know how many guitars I have and I only need one (if that).
But that doesn’t mean the poor bastard who basically used a few Congressmen to bully the credit card companies into forgiving his debt…
…see even if some of the Donkeys dragging the credit card companies in front of Congress are on the payroll…
…this poor bastard with all the debt got his money back. An average schmuck like me and you used the Congress to help get him out of a hole. It was part dog and pony show…wait, it was mostly dog and pony show…
…but this dude got one of the credit card companies to give him his money back.
I love this country.