Saturday, January 17, 2009

Obama Whistles his Way to Washington,D.C.

President Elect Obama taking a page from the past is riding a train through the whistle stops of the East Coast on his way to Washington, D.C, for his historic inauguration on Tuesday, and not a day too soon. Since his election victory in November the Nation's Economic crisis has gotten decidedly worse in both scope and depth with the bottom still many months away as the rest of Corporate America reacts to the worsening Financial Crisis caused by the Financial Institutions that were allowed to run amok under Mr. Bush and Company.

President Obama is not taking office free of the encumbrances of the Corporate Financial protectors for along the way to Washington, D.C the train will stop in Wilmington, DE to board Vice President Elect Joe Biden, one of the biggest supporters of the revised Bankruptcy Bill written by the financial lobbyists and one of the biggest causes of the American Middle Class' personal debt crisis. In the most recent Bankruptcy Bill were clauses that allow Credit Card Companies to raise interest rates on whims based upon payment history to any other company on the planet. Of course the Credit Card Companies took full advantage of this provision and raised rates to as high as 39.99% even while going to the Fed Window and borrowing money at .5% from the Federal Government. For the life of me I can not understand the selection of Joe Biden as Vice President, he represent all that needs to be changed. Mr. Biden has always been a true soldier of the Corporate Credit Card Companies based in his home State of Delaware. On a micro-economic level, the credit card companies with the blessings of Senators like Joe Biden have caused the bankruptcy and mortgage defaults of thousands of American Families with their loan sharking rates, excessively high late fees and over limit fees. If Senator Biden had any concern for the middle class as he claimed during the campaign his first official act as Vice President should be to correct the damage done to the American Family by the Bankruptcy Bill that he supported.

The pageantry of the Obama Inauguration will soon be over and by the end of this January this Administration must show that they are willing to delve into and correct the mistakes of the last decade and regulate the Insurance, Financial and Credit Card Industries with the welfare of the American People as the priority of the reform, not the corporate margins. Because Vice President Elect Biden was one of the main proponents of the Bankruptcy Bill that accomplished taking thousands of Americans bankrupt, all the duties of correcting that should be placed ON his desk, and before any legislation is voted upon, it should be up to Vice President Biden to explain to the American People exactly what reforms will be undertaken, how quickly, and what retroactive rebates they will receive from the loan sharking credit card companies.
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