MIDDLE CLASS DEMOCRATS: BEING FOOLED

During May 2009 congress adopted a bill that was to protect credit card holders from abusive rates and President Obama signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, marking a turning point for American consumers and ending the days of unfair rate hikes and hidden fees.

This was just another scam similar to an insider trading move if you will, to alarm banks to gouge cardholders rates and fees prior to the execution of the bill which would not take place for many months. It does not take a rocket scientist to speculate any differently. They put this out there in May 2009 but did not execute it until February 2010 thus allowing banks a nine month gap to swindle cardholders before this bill goes into effect. The result of another failure by this administration as banks are raising annual percentage rates (apr) higher than ever in history and adding mandatory annual fees to cardholders whether you have great credit and never been late or not.

Is it surprising this bill is a joke and actually caused rates and fees to sky rocket? Why did congress and the almighty Obama put this out there like a piece of cheese dangling above a mouse trap allowing nine months for banks to betray the taxpayer even more. The Obama Administration practically handed bank executives bonuses using taxpayer’s money in the aspect to allegedly bail banks out only to repay the taxpayer by raising astronomically the cardholder rates and fees. The only logic is banks, congress, The Federal Reserve, and White House all work together and once again scammed and betrayed the American People.

The reason I mention middle class democrats in the title is because logically the middle class takes the blunt of this and democrats refuse to open their eyes to witness the democrat party was taken over by a bad virus called: Extreme Liberalism. Their goal is to grow government, limit freedom, dispel God, and ruin America. I hope this hits home because it has to hurt in your pocketbooks and this is only the beginning.

Let me explain why the middle class gets the worse of this; look the majority of people on Medicaid (government benefits) can’t get approved for a credit card anyway, so once again, they say, “If it’s free then I am in”. This doesn’t attack anyone well off because if you have money then you would not carry a credit card balance anyway. As I write this, I want you to know that I do not carry a credit card balance hence, I use credit cards but pay my balances in full monthly thus, saving me any finance charges however, I have as well been notified of my rates increasing. This won’t affect me no matter how high they raise it because I don’t keep a balance. So to reiterate, anyone whom carries a credit card balance will be affected by this bureaucratic conspiracy.

In addition, the credit card companies are offering an opt-out; yes something similar to the ridiculous public option in health care. You can elect to deny the rate increase however, you lose use of your card and of course still have to pay the balance but at your current rate. Here’s the kicker; even when you close a card that you had opened, it negatively affects your credit score. So just how the government likes it; you are damned if you do and damned if you don’t.

Welcome to Socialism!

No matter how you slice it this is nothing less than theft by deception. I know somewhere in small print they are protected but does that make it right? You present government made it look like they were going to strong arm banks and help cardholders but it was all a deception to alienate cardholders and unfortunately, the blunt of the sufferers will be hard working Americans. The same people Obama promised to never raise taxes on are the ones that will be taking it the hardest. The saddest part is Obama and this administration all knew what they were doing. For everyone who voted for change with Obama, he did keep that promise; enjoy your change because for many of you, it will be luck to have any leftover change at the end of the day.

Best Regards,
Joseph Wehner