Republicans & Conservatives: Archives

It is disgusting how much politicians are influenced by lobbyists repersenting big corparations.

Yes it is shame that senators and repersenitives often care more about lobbyists and their own reelection then the people who they repersent and the issues they vote on.

When our elected officials are in charge of there own income all of this is expected. It’s a career not a public service anymore.

Hey! Hey!

Don’t disrespect our elected officials!

We’ve got the best elected officials that money can buy!

Jim,

We’ve got the best elected officials that money can buy!

Sadly, we don’t even have that.

Folks, you are missing the giant thoroughfare to blackmail of legislation right in front of your noses. But, I guarantee, lobbyists and their organizations are not missing it.

If stolen credit card data is traded over the interent in the plain sight of day, and it is, what is to stop lobbyists from using protection of Congresspersons’ personal data as leverage for legislation? Right, absolutely nothing. When enforcement laws are ineffective, then no one can prove that it was lobbyists or their employers who dropped Congress person’s data onto the market.

This is an opening for organized crime if there ever was one. What Senator or Rep. has a month to spend trying to get their identity and credit back? They are already assaulted for the committee meetings and votes they miss. There is a very big story of vulnerability and potential corruption here.

Good article, Dawn.

One of the biggest problems is the need to be a multi-millionaire even to be elected! There is no representative for the “common man” anymore. Look at their records on the Senate website…it will tell you all about them.

Millionaires being seduced by millionaires.

And look at the lobbyists themselves. When someone loses their senatorial seat, or decides not to run for another term, business and trade groups court them like a blond trophy wife because they know “how the game works”. How to get things done in Washington.

It’s not just the Republicans who do it, like Cheney and Haliburton after Cheney and the Bush I team left office.

Hell it works both ways…as payback for big business contributions, you have former lobbyists and trade group reps in key positions of policy-making in the administration! Look who’s writing the regs and laws in the Commerce, Treasury and Interior! The wonks’ backgrounds and former employers would read like a who’s who of special interest groups.

It is not government of the people, by the people and for the people anymore…it’s government of business, by business and for business.

Big Kuhuna,”It is not government of the people, by the people and for the people anymore…it’s government of business, by business and for business.” I agree completey

None of this holds water if you look at the reality of the consumer credit industry. It is the credit card companies themselves who have the biggest risk exposure from identity theft. They are liable for fraudulent transactions that they accept. If you get your bill and there are charges on it that you did not make, you call in and state that these are not your charges. They look into it and verify that it was not you, then give you credit. At that point it becomes 100% their problem. I learned that lesson when I went to South America several years ago. When a charge from Argentina came in out of the blue and they could not reach me they assumed it was fraud and blocked my card. Once I called them and they verified my identity, they reactivated my card. Their vigilance is to protect us, but alwo themselves. There is no us vs. them here.

Big Kuhuna,”It is not government of the people, by the people and for the people anymore…it’s government of business, by business and for business.” I think it’s goverment of buissness,by people,for buissness. Because the goverment is still by the people we can vote big buissness out of office!

I see nothing wrong with this practice. Bribery is included in most Ledgers of these Corporations. Labeled as “Miscellaneous Expences”.

In every Election, Republicans have outspent Democrats by a massive margin. Its tradition. Democrats get Unions while Republicans get Corporations. Is there any crime? NO.

This is American Democracy at Work. Money Talks Loudest.

“Money Talks Loudest” it is so sad that that is true

Monica,

It is the credit card companies themselves who have the biggest risk exposure from identity theft. They are liable for fraudulent transactions that they accept.

No, as you said, they are legally only liable for transactions that occur AFTER you inform them that your card has been stolen. Once you inform the credit card companies that your card has been stolen, they can quickly cancel your card and are at a very minimal risk for loss, especially when you consider that the first 50 dollars of loss after you inform them is still paid by you.

Dawn,

Great article.
This is a subject I care alot about, credit companys or not, there if far to much information about people available on the internet than most can imagine.
I have e-mailed some of my friends about protecting themselves from this lately.

I’m no fan of regulations or big government, but the buying/selling of personal info needs to be regulated somehow.
The internet is a valueable learning/knowledge tool that doesn’t need to be taxed, and needs few regulations.
The “do not call” bill was a big hit with American consumers.
Perhaps we need a “do not mine for, and sell personal information” bill?

I personaly have no problem with the “patriot act”, thats law enforcement and should be regulated and used for that purpose.

I think a law could be easiely written to state that; Personal information cannot be sold for monatary gain, except to law enforcement when a crime has been commited, or is likely to be commited, based on knowledge of such, That would be subject to criminal charges, and civil charges for slander if false information was given knowingly that the information was false when presented, or where a “reasonable” person would believe that there was no basis for a reasonable person to believe such charges before presentation for monatary gain.

Problem solved.

Monica, the reality is, credit card companies have never been more profitable. That is reality, in hard black and white numbers. But, then what do you expect when the Republicans pass laws legalizing usery rates of 30% against customers who have never been late on a payment over 30 days. Let’s here it for FICO scores, the legalized method of CC companies charging whatever the hell they want from whomever they wish.

And you FICO scores are not freely available to you. You have to enrich them even more to find out what score they have assigned you.

You want reality tests, Monica. These are reality tests.

I think we need to thank the credit card companies for finding an issue both left and right can agree upon. Let’s keep that in mind as the thread diverges.
Hear! Hear! for Dawn for bringing it up.

From what I understand they are trying to lobby for not having to tell us that our info has been stolen to begin with.
Where does anyone think that the money comes from to make up for the losses incurred? Most likely from the $25+ late fee they charge each month. I can’t believe they are allowed to get away with that on top of the interest rates they charge to begin with. Even if one owes $7.95 - a late charge of $25 is tacked on!! Absurd! I know it pissed me off the one month I spaced that bill and the next it was on there!!!
Sure. We can have our info kept from being sold if we want to pay a fee (usually monthly?) to the companies that sell it. I know if I want my electric company to stop selling mine I have to pay them. We should just be able to ask that they don’t - period.

Dawn “From what I understand they are trying to lobby for not having to tell us that our info has been stolen to begin with”.I believe that they didn’t have to tell us our info was stolen at all untill 2002.

David,

A poor credit rating effects far more than interist rates, they are used for a basis for insurance rates.
Companys that provide Ins., deem that someone with a poor credit rating is more likely to scam the system with a false claim to eliminate the debt.
Eliminate the capital gain for selling information, that may/not be correct and the problem is solved.

Now rather than putting the credit reporting companys out of business, we could subject them to slander suits for presenting false information.
Again, Problem solved.

Sorry to interupt but if you guys could help me out with my new blog that would be great.

Link Deleted. This site is for political debate, not free advertising of personal sites. - WB Manager -

Beagle I agree, but first and foremost, is to put a watchdog in place, namely the consumer, by forcing these agencies to make their FICO scores available to the public free and on request.

I’m not pro lobby. But, if you’re going allow anyone to lobby, then you should allow everyone to lobby. Right ?

Sure, it takes millions of dollars to get elected to the Senate. It’s scandalous how much it takes to get elected to the House, Governor, State Legislature…even Dog Catcher.

It seems the “common man” can’t get representation without a huge bankroll. But that’s the reality of it.

The PAC with the most cash gets the most favorable legislation passed.

It isn’t enough to try to get legislation passed by pressing the flesh with your representative and staring him (or her) in the eyeball. Just like Jessie Jackson’s book’s title…”It’s All About The Benjamins”…you gotta bring cash to the table or you’re out.

It doesn’t matter if your legislation is right or good or not. Money talks…BS walks.

I’ll tell you what. Let’s all get together and petition to change the Constitution to reflect reality.

Let’s change it to: “Of the money, by the money and for the money…”

I don’t think that it’s as simple as it’s being made out to be.
Politicians do have some belief foundations. They are likely to be contributed to more, perhaps paid more(?), by PACs who represent issues that the politician would naturally support. However, every PAC contributes to nearly every national level politician. So I don’t think it’s as simple as “buying a vote.” The contributions have an influence, but doesn’t everyone who has access have influence? Money buys that access, not just the vote. The votes in the end are based as much on getting reelected as anything else, which of course also depends on money.
Ramble, ramble, ramble, but this does seem one big evil circle. My belief, follow the european model. No political advertising more than some short period of time before an election, period. None of this Swift Boat Liars for Bush crap either. Lie in an ad, pay libel and slander costs. A political party influences in a back door way, make it criminal. Finally, no media conglomerates. One station per majority owner.

David-

Yes you’re right credit card companies are very profitable right now. They lend money without collateral and there is an enormous demand for it. Under some circumstances they charge usurious rates, also true. But nobody is forced to accept those rates. The consumer can go to another lender, or make do without the money. In a free market system that is still a GOOD thing is it not? Don’t you beleive in a free market?

The real problem is not the lenders here. It is irresponsible, out of control spending by certain members of the public. The idea a blaming the credit card companies for bad spending behavior is the same as suing the tobacco companies because you smoke and now have cancer, or suing McDonald’s because you ate too many bigmacs and can’t button you’re shirt anymore. As if people don’t have choices in their day to day lives. It is SO NUTS!!

We live in the freest country in the world, David. Let’s be glad of it and do all we can to keep Big Nanny Gov’t from further intrusion in our business and personal lives.

Monica,

Generally I would agree with you. However, the credit companies still profit by offering high rates to people they know are a higher risk.
There is a reciprocal responsibility owed by these companies. They take advantage of people in difficult positions and cover their bets with the higher rates. They shouldn’t be allowed to repossess homes, etc… for the mess they shared in making.
For perspective; it’s only recently that credit was so easy to get. In 1980 when I needed my first card for business travel, I had no credit history. I couldn’t get a card without the company pushing the bank for it. Today, my 8 year old gets offers in the mail for credit cards because we put a present bought online in his name. Don’t forget that the banks share in this new unfolding fiasco.

Unfortunately, with the recent bankruptcy amendments that were passed (and which the finance industry has been pushing for years), the large finance institutions can now have it both ways: predatory lending practices and ability to circumvent bankruptcy protection. Credit card companies are maybe the most well know, but second and third tier mortgage companies are almost as bad, and the homestead exemption is steadily be eaten away. I will admit my bias openly, of course: I work for a law firm that represents the banking industry and I’m tired of taking property from people who have nothing else (not that I’m quitting, mind you; I have my own bills). But the point is that, as a whole, the lending and credit practices of the finance industry very often take advantage of a populace that does not receive an education on fiscal responsibility. Although the CC companies are making profit now, I wonder what will happen when the average debt carried by an individual far exceeds the income. Perhaps we should be indentured servants to these companies?!

ant,
I imagine: debtors prison meets Hitchhikers Guide to the Galaxy. Prison factories, like in PRC. Sweat shops?

David,

Do you think that mortgage lenders should not have the right to foreclose? What would be their recourse if the borrower quit paying? What incentive would they have to be in that business? If mortgages were uncollateralized they would be very difficult to obtain, and instead of 30 years, they’d be a lot shorter. Only a few people could be first time buyers.

In the US credit is very easy to obtain. The ease of obtaining credit is a great impetus to business. However when default rates increase everybody suffers except those people who take advantage of the system. The downside of this ease of credit is that as a nation we are mortrgaged to the hilt: individuals, gov’t agencies, companies.

Monica, I agree. Credit is too easy, and it is the greed of the CC companies that makes it easy in order to justify those exorbident rates.

I want to see credit tightened to those who are credit worthy and max. interest rates lowered to something half that of current Shylock rates. Defaults, whether corporate or individual, are a drain upon society as a whole. It is time we stopped usurers from taking advantage of those who are vulnerable to default by giving them easy credit and capped the rates they are permitted to charge. Do you realize 30% rates were associated with black market mafia types back in the 60’s and 70’s? Now they are legal and commonplace.

These practices are going to blow up in America’s face during the next recession.

David,

I agree. Check/correct ones personal credit info should be free and available to everyone without charge. The information is used for much more than credit these days.
A law banning the selling of this info for profit, would likely quash most of the irresponsible companys that sell “crap info” for profit, without a way to make them pay for false information.
Refer to the previous post.

The only way anyone should be allowed to by or sell personal information about a third party is for that party to approve it, IN WRITTING, every time someone wants to by or sell it.
Dave, Your kid isn’t the only one that gets credit card offers. Just about everyone of my grandchildren have gotten them. They range in age from 12 years-old down to 2 years-old. And yes, the 2 year-old got a credit card offer.
The sad part is I know of a couple of nieghbor kids that replied to the offers and got cards. And guess who the credit card companies are holding responsible for the charges made on them?
THIS KIND OF CRAP SHOULD BE ILLEAGLE.

Hi All:

We just follow the examples of our leaders…we rob Peter to pay Paul, been doing the same for years.

As Alway,
Wayne

Now rather than putting the credit reporting companys out of business, we could subject them to slander suits for presenting false information. Again, Problem solved.

Great idea. My biggest concern is fixing problems with inaccurate credit reports. I’ve found it’s nearly impossible. It took me years to get some things fixed after my wife had a bout of identity theft. In my experience credit reporting agencies talk a good game about dilgently fixing problems, but never really do. If you complain, it’s like the old SNL skit with Lily Tomlin:

“We don’t care. We don’t have to. We’re the Phone Company”

I’ve read that credit reports can also play a role in hiring. If this is true, their errors can cost you more than a few points on a mortgage; they can cost you the job you’re interviewing for. As I understand it, there’s no legal recourse right now. There should be.

DRA,

If you’ve applied for any job in the last 2 years or so, you probably signed a form allowing a criminal check and a credit check. Bad risk score? Probably a bad risk to hire. Actually the criminal check is less important.

Insurance rates are now calculated on your credit score - if you’ve got a ticket you’re really screwed.

Credit card companies have sent my children credit apps, my dog even recieved one once. We don’t use credit cards at all anymore. We get offers all the time. My husband reads the fine print as a lesson in humility: intro rates that can be elevated “at the discretion of the co.” to rates of nearly 30%, hugh annual fees, carrying charges on inactive accounts (they get you even if you don’t use it!), one late payment on your Visa and they raise your rate on your Mastercard. Did you know that if you make your house payment late (or phone bill even) you are a “risk” and your rate goes to the “default” rate “at the discretion of the co.”?

They are ugly, evil (yeah, I used that word), addictive, a never-ending black hole….

Someone earlier posted that this was one topic that everyone can agree on…..you betcha!

I agree! CC companies and I do not get along. So, I became a responsible person and eliminated all of our families debt. It wasn’t easy, but it is doable…and the rewards are immense.

Now that our family has excellent credit, I worry about ID theft big time. And I know that the CC companies are not on our side…so, I check my report regularly and protect myself the best I can. That’s all anybody can do right now.

I hope that our government will take a stand for America’s consumers, and keep our personal information personal. It would be the right thing to do.

asd

I don’t use CC’s much either. Mostly a Penney’s card so I can get the extra 10% off for using it and pay it off when it comes. If we weren’t able to do it that way - I wouldn’t use it.
Then there are people, like some I know, who think it doesn’t cost them anything to buy things because they use a card - DA! It’s not like they have a rich Aunt who the bill goes to. Some people are too stupid to have credit cards.

Dawn,

In todays world having a credit card is almost a must have item.
If you’re out of town on vacation, whatever, and you car breaksdown or is in an accident, without a CC you cant rent a car.
Try booking a flight or hotel room without one.
Everyone should have one, but never use it for more than you can write a check for at the end of the month.

I didn’t say I don’t have them. You are right about needing them in an emergency. That is what mine are for.
BUT - we don’t go on trips that we can’t pay for. No personal loans or credit card charges for Disney World.
Going on a vacation and working to pay off the money for it afterwards has never made sense to me.

We have NO credit cards. If a hotel won’t take cash or a check, then I don’t stay there. We do e-checks too.

We were at a hotel once and people paying with CASH had to show 3 other forms of ID before they would take it.
We happened to use a smart card and weren’t asked for ANY ID - just had to provide our license plate number.

Jennifer,

If you car breaks down the entire family walks home?
No car rental company will take cash or checks, even e-checks.
Its because of drugdealers renting them to avoid the consfication of autos involved in drug deals.
Just a tip for anyone renting a car; cops go out of their way to stop you for any little thing to check for drugs.(the plates indentify them as rentals). Tickets are a bonus for renting a car.

I use a credit card for everything I possibly can. I do this because of the rebates. With 1% on everything with my Am-Ex, 5% on gasoline on my MC, and 10% on store cards, this adds up to hundreds of dollars back each year. I don’t carry any balances despite the low interest rates so what’s the harm?

The ‘harm’ is that CC Companies are giving cards to almost everybody - even if they know the person is high risk.
Not everyone is responsible and keeps their balance paid off.

Dawn,

I thought we already agreed with that part of the equation (see my post at June 21, 2005 03:27 PM). Anyway, I was pointing out the benefits responsible people can get out of the CCCo mass pollenations.
For example: for nearly 6 months I used a 0% introductory rate. I then paid it off before interest was charged with a balance transfer check that had a rebate attached. I paid off the transfer balance by having a credit in place on that card before the transfer. So, in total,I got paid to borrow money. But I think they caught onto that one. Some people may say I’m abusing the system, I call it creative money management. Besides, a few late payment fees and they’re even.

I was just trying to point out that not everyone is smart when it comes to managing money.

I think we agree on that too.

Of course, I’d love to hear of any new ways to get back at the usurious moneylenders.

Wasn’t there some discussion when debating the new bankruptcy laws that would not only hold those who use it as a way to start over responsible but hold the CC companies responsible when they target those who are ‘high risk’?
When credit card companies give cards or banks loan to those they know may not be responsible and pay them back - they should also be held accountable. Meaning that they would have to absorb some of the debt themselves and not be able to make up for losses by finding ways to get the money out of their responsible customers, AND they should not be able to ‘right them off’ because they never should have done it in the first place.
Those that allow this to happen should probably have the money taken from their own pay checks - now wouldn’t that be something!
We also cannot have a system that bails out failing companies - due to mismanagement - any more than those who create debt they cannot afford.
Of course there are circumstances beyond our control that can cause us to go into debt we can never pay back - like a horrible accident, or a severe illness.
Some businesses get into trouble because of things they could not control. When the boss spends the profits on vacations and big houses it should not be bailed out.

Dawn,

I haven’t followed the legislative debate details enough to know what the outcomes of those discussions were. My cynical side would say it went to the CCCo advantage.

As for your other point, no bail out of failing businesses. I can’t agree with that and will give two examples:
(1) Carter gave the steel industry a chance to recover from Japanese competition by extending tariff protections. I think that was good idea. Of course, instead of investing in the future, big steel just gave bonuses to the executives. When the tariffs expired, no renewal, no more US Steel. Lots of people looking for new jobs, the executives had the golden parachutes, of course.
(2) Carter lent(guaranteed loans?) Lee Iaacoca several billion dollars to get Chrysler going again. It worked, many thousands of jobs saved.

Do you really believe that if the money Kozlowski(sic) et. al. stole from Tyco sunk the company, it would be good for this country to not try to save the hundred thousand +/- jobs otherwise lost?
I really believe a hand up in hard times, even those innocents hurt by a fraud or a second chance for those with mistakes, is the sign of a great society.

I wasn’t saying no one should be bailed out.
Any money those Tyco execs had left should go to the employees they screwed - not into payment of a fine to the government where we don’t know who gets the money. Same with Enron. The government got back about 16 cents on the dollar for those people, I think. ( I heard something about how board members will be held accountable along with the CEO’s - why this wasn’t so before is beyond me.)
I agree that it is more important to try and keep the jobs (and retirements) of those who were doing nothing but go to work every day.
That doesn’t seem to be what is going on though. How about the companies that did not invest in pensions like they should have been? They knew the government would bail them out so they didn’t bother. It is impossible for the rest of us to make up for every pension plan that was mismanaged. Emloyees can not just assume their company will always do the right thing.
The government is no better when it comes to SS because they spent the money ‘knowing’ it would always be coming in through taxes.
I guess these are more of the types of ‘bail outs’ I was referring to.
I can understand why some mismanage their own funds - learning by example from all of those in power.

Dawn,

I believe the laws about funding of pension programs changed in the 80’s. Before then, the pensions had to be fully funded.
As far as executive accountability, it’s always been to themselves and the shareholders. The purpose of a corporation has always been to protect the individuals who own it and run it from liabilities incurred by the business.