Obama herded all the credit card CEO’s into the principals office…AKA White House…to “work” with them and see what they could do to help the American consumer. Well, here are his words, “We think it’s important that we get input from the credit card issuers as we shape this reform.” Who does he think that he is kidding? Has Obama ever just brought CEOs over to work with him? The last time that happened he started pressing companies to replace their CEO and start giving wage cuts.
What do you think is going to happen now with the credit card industy. Yup, he is going to “shape this reform” in the manner as he pleases. Also, he said that “there’s going to be action in Congress.” Again if he wants to work with a company then why does he have to create bills in congress for that to happen. I wrote more in depth about this topic so click here to read more about it.
Let me leave you with an observation…In hard times even a good man will get out of trouble for a price. Credit Card companies have a hugh market share of customers from all demographics. Just about everyone has credit cards and just about everyone that does has a balance. And those that have balances have a very high balance. Where do you think loyalites will lie if Obama puts in a bill that helps those customers pay off their credit card bills? Click here for that article.