The Credit Card Bill – Democrats Insult Americans and Republicans Display Cowardice

Guess what? If you don’t have good enough credit the government is going to come step in and make sure you can’t get access to credit because you’re to stupid to know better.  Senator Dodd, Chairman Maloney, Chairman Frank, and President Obama have all come out in favor of classifing the American people as to stupid to look at for themselves. 

The Dodd bill calls for better disclosure on terms and conditions as well as bans on “unnecessarily exorbitant fees and rates.” Some of its terms are considered tougher than the one shepherded through the house by Joint Economic Committee Chairman Carolyn Maloney (D-NY) and House Financial Services panel Chairman Barney Frank (D-Mass.)

While Dodd, Obama, Frank, Maloney and others jet around passing bills to protect us stupid idiots from ourselves what are Republican’s doing:

Opponents of the legislation say it will make firms more conservative about lending at a time when the economy needs a boost.

They’re of course stating the obvious and of course the unimportant.  What is important is that while Obama and his evil ilk are protecting us from are uneducated idiocracy they will be hurting the finance business further.  Why? Because some people are a high risk and do take out to much debt and they suffer the consequences for this in bankruptcy.  However, some people are high risk, need the money, then recover and pay it back.  Lenders make a profit on this by charging higher interest rates to these people.  So really Democrats haven’t done much of anything since consumers are already protected by bankruptcy except to take away a potentially profitable line of business for financial industry business and therefore probably cause a few more jobs to be closed down.  

In summary, American’s are stupid according to the Democrats. Republican’s are cowards for not standing up for financial firms right to make a profit and employee people in a particular line of work.   Business and their workers get fleeced some more.

Read more via Senate To Take Up Credit Card Bill Today – Economy * US * News * Story – CNBC.com.