Obama said today that the government is going to now control the business of Credit Cards.  Let me give a little background on myself. I was a telemarketer for about a year or so with MBNA (before BOA bought them out) and I loved every minute of it. Credit card companies are required by law to read the entire terms and agreements of the credit card program verbatim before submitting an application for approval.  What is surprising is that Obama is a lawyer and he knows that contract from credit cards CAN ONLY BE IN THE LANGUAGE OF THE LAW AND NOT OF THE COMMON MAN.  Language of common man is vague and at times misleading.

What is Obama going to do? He’s going to make the credit card company charge the same interest for loans as loans that are backed with collateral?  That is the whole point of a credit card.  It is unsecured debt and the interest is the collateral for the bank.  It you don’t pay the credit card the company can’t go and take your property can they? No they cannot! So what does Obama plan to do with those customers who have bad credit and no income?  Wow, that sounds like the very same problem we had with the housing industry.  In short, Obama plans to control the laws of the market namely supply and demand through heavy regulation! Nice.

Funny thing though that the Terms and Agreements of the credit card are on the front and back of a standard sheet of paper while the Terms and Agreements of the IRS is over 70,000 pages. I wonder….do you think that Obama will haul in Tim and demand that he take all the penalties and punishment clauses off the IRS code?  Yeah, I don’t think that this is going to happen at all.

WHAT SAY YOU?

The Crave

www.politicalcrave.com