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Meeting with Credit Card Companies

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Richard Doolittle

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The news this week talked about President Obama meeting with officials from credit card companies. Why is it that the President of the United States has to personally hold a meeting to negotiate how credit card companies set their rates and terms? I would think his personal time and attention would be devoted to the more serious matters.
 
The credit card companies can not be separated from the banking issues.....and the huge debts that people carry ......they can't pay mortgages.....people loosing their homes...etc.


It's all part of the same creature...
 
Faster horses said:
He's a micro-manager....
Click to expand...


GOOD. EXCELLENT!!!


If someone else before him had of been looking at the banking industry/credit industry with a micro managed aspect....we'd not be where we are today.
 
A good leader doesn't micro-manage, they delegate authority to good people. I think Obama's problem is that he doesn't have any good people around him to delegate to. He's surrounded himself with tax cheats, liars, and all kinds of assorted moonbats. Probably because he's a lying moonbat himself, birds of a feather do flock together.

That being said, I do think something needs to be done with the credit card companies. A credit card is essentially a loan, and should be treated moreso like a loan. There needs to be better underwriting, sensible fees and rates, and regulations on what can/can not trigger a rate hike or lowering of the line of credit.
 
I agree that changes need to be made. It's flat ridiculous that you're supposed to read through a pamphlet full of fine print to understand the terms and conditions of the card. I don't read all that garbage, but then again I don't carry balances either. I carry a card with no annual fee and pay the balance off when I use it.

But back to the original point, where is this issue in importance in the grand scheme of all that is happening in this world?
 
Richard Doolittle said:
I agree that changes need to be made. It's flat ridiculous that you're supposed to read through a pamphlet full of fine print to understand the terms and conditions of the card. I don't read all that garbage, but then again I don't carry balances either. I carry a card with no annual fee and pay the balance off when I use it.

But back to the original point, where is this issue in importance in the grand scheme of all that is happening in this world?
Click to expand...

I think you've got Obama handling what he can handle. He's over his head with anything else.
 
Richard Doolittle said:
The news this week talked about President Obama meeting with officials from credit card companies. Why is it that the President of the United States has to personally hold a meeting to negotiate how credit card companies set their rates and terms? I would think his personal time and attention would be devoted to the more serious matters.
Click to expand...

It's all another dog and pony show. :roll:
 
kolanuraven said:
Faster horses said:
He's a micro-manager....
Click to expand...


GOOD. EXCELLENT!!!


If someone else before him had of been looking at the banking industry/credit industry with a micro managed aspect....we'd not be where we are today.
Click to expand...

AMEN-- If someone had just done/required the enforcement of the laws on the books and the regulating they swore an oath to do- instead of letting the Fatcats have free run to steal, rape, plunder, and pillage with their investors money we wouldn't be in half the shape we're in today....
 
Oldtimer said:
kolanuraven said:
Faster horses said:
He's a micro-manager....
Click to expand...


GOOD. EXCELLENT!!!


If someone else before him had of been looking at the banking industry/credit industry with a micro managed aspect....we'd not be where we are today.
Click to expand...

AMEN-- If someone had just done/required the enforcement of the laws on the books and the regulating they swore an oath to do- instead of letting the Fatcats have free run to steal, rape, plunder, and pillage with their investors money we wouldn't be in half the shape we're in today....
Click to expand...

You are really into the rape and plundering and pillaging as of late aren't you!!
 
Oldtimer said:
kolanuraven said:
Faster horses said:
He's a micro-manager....
Click to expand...


GOOD. EXCELLENT!!!


If someone else before him had of been looking at the banking industry/credit industry with a micro managed aspect....we'd not be where we are today.
Click to expand...

AMEN-- If someone had just done/required the enforcement of the laws on the books and the regulating they swore an oath to do- instead of letting the Fatcats have free run to steal, rape, plunder, and pillage with their investors money we wouldn't be in half the shape we're in today....
Click to expand...

If you liberals hadn't made it a law that crappy loans had to be made and if Obama and his cronies hadn't taken banks to court who weren't making those crappy loans, and if you liberals hadn't of blocked reform of Freddie and Fannie....
 
Sandhusker said:
Oldtimer said:
kolanuraven said:
GOOD. EXCELLENT!!!


If someone else before him had of been looking at the banking industry/credit industry with a micro managed aspect....we'd not be where we are today.
Click to expand...

AMEN-- If someone had just done/required the enforcement of the laws on the books and the regulating they swore an oath to do- instead of letting the Fatcats have free run to steal, rape, plunder, and pillage with their investors money we wouldn't be in half the shape we're in today....
Click to expand...

If you liberals hadn't made it a law that crappy loans had to be made and if Obama and his cronies hadn't taken banks to court who weren't making those crappy loans, and if you liberals hadn't of blocked reform of Freddie and Fannie....
Click to expand...

From what I heard Obama figures everyone deserves a credit card just like they deserved to live in a house they couldn't afford. So if he is talking to credit card companies it may not be good news at all. :???:
 
The Federal Reserve has already ordered new rules, to take effect July 2010, that are designed to enforce a host of new consumer protections.

"He disagreed with that case and believed that more needed to happen," White House press secretary Robert Gibbs said of Obama.
Click to expand...

http://www.huffingtonpost.com/2009/04/23/obama-creditcard-ceos-mee_n_190473.html
 
"The days of any time, any reason rate hikes and late fee traps have to end," Obama said.
Click to expand...


Didn't Obama say something to the fact that "the day of big bonuses for executives was over" too. Didn't he say it just before or maybe it was after he signed Chris Dodds amendment in the stimulus bill that actually protected the AIG bonuses into law?

I hope he reads the bill about credit cards before he signs it. :wink:
 
Don't be fooled, this is all about keeping credit cards in the hands of Americans so we continue spending by improving the terms. The alternative is looking at 1 in 5 people defaulting on their cards. Combine that with the coming Commercial Real Estate crash, and it's game over.
 
kolanuraven said:
The credit card companies can not be separated from the banking issues.....and the huge debts that people carry ......they can't pay mortgages.....people loosing their homes...etc.


It's all part of the same creature...
Click to expand...

Credit card balances are wholly unsecured debt. Nothing at all like housing. They take a high risk and get a high return on their money. Disclosures should not be "fine print" but there is nothing wrong with a bank escalating an interest rate with proper disclosure. Most of those effected could care less...all they care about is "how much is my payment".
 
Oldtimer said:
kolanuraven said:
Faster horses said:
He's a micro-manager....
Click to expand...


GOOD. EXCELLENT!!!


If someone else before him had of been looking at the banking industry/credit industry with a micro managed aspect....we'd not be where we are today.
Click to expand...

AMEN-- If someone had just done/required the enforcement of the laws on the books and the regulating they swore an oath to do- instead of letting the Fatcats have free run to steal, rape, plunder, and pillage with their investors money we wouldn't be in half the shape we're in today....
Click to expand...

Question..do you consider a CEO making 100 million a year leading a company with profits in teh billions to be a "raping, pillaging fat cat"??
 

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