It was bad enough Obama threw a $75B lifeline to the numbskulls that decided to buy a second home in the Phoenix suburbs so they could wind down the clock playing golf on their Social Security checks. Now the taxpayers are on the hook for the putzes that racked up massive credit card bills putting pinstripes and spoilers on their Honda Accords. From ABC:
In a late afternoon Rose Garden ceremony, President Obama signed the “Credit Card Accountability, Responsibility and Disclosure Act,” or credit card bill of rights, and said card holders and card companies need to act responsibly when it comes to taking on and managing debt.So Obama has come in on his unicorn to rescue these over-consuming buffoons from fees levied by the credit card companies. People like to say that credit cards are usurious, well no shit. Maybe if people stopped spending like there was no tomorrow they wouldn't be able to get away with these Shylock-like credit rates. And we sit around and wondering why the dollar is going to hell and we're about to lose our AAA rating when no one from the government on down to the average citizen has any sort of financial responsibility.
“We're not going to give people a free pass, and we expect consumers to live within their means and pay what they owe, but we also expect financial institutions to act with the same sense of responsibility that the American people aspire to in their own lives,” he said.
The legislation passed Congress this week with overwhelming bipartisan support, a response to the groundswell of frustration nationwide at the confusing and perhaps deceptive rate hikes and fees levied by credit card companies for the slightest late payment or no reason at all.