Tuesday, March 31, 2009

When Will Congress Work?

The classic view of an empire in distress has always been summed up by the phrase, Nero fiddled while Rome burned". A new phrase can be added to the lexicon, "Congress played games while the People lost their Future". This Congress under the leadership of Speaker Pelosi and Senator Reid seems to wander aimlessly from one fund raising event to the next without taking a proactive step in the direction of helping the American People. While they continue to appropriate Bailout Money for every multi-national corporate entity on earth not one piece of legislation has been proposed or enacted to stop these corporations from prying on the People.

We have a Nation where Credit Card Companies are worse than a neighborhood loan shark, where interest rates with late fees and over limit fees added to the interest costs of borrowing exceeds 50% in a lot of cases. Even with the best of credit worthiness interest rates are commonly exceeding 15% even though these companies are borrowing Federal Tax Payer Money at .5% from the Federal Reserve. There is a serious problem when the regulating body of a Country allows private corporations unlimited leeway in the way they do business. The Federal Government of the United States is charged with protecting Commerce across State Lines, yet they fail to stop the wholesale robbery of constituents assets by the floundering credit card industry that is a division of the banking industry that the Government continues to throw money at day after day.

The maleficence of the Financial Industry has basically Bankrupt our Nation, yet they are rewarded with Bailout Money from the Congress to continue the same practices that caused the demise of the Financial Structure of the Nation. While they spend excess amounts of times soliciting contributions to their political aspirations from the same corporations that they are charged with regulating, the Congressional Representatives do nothing about the loan sharking practices of the Credit Card Companies.

The Credit Card Companies are desperately trying to stave off the same fate as their Banking Parents by charging more and excessive fees and higher rates to the Citizenry at large with the blessings and deregulation of the Congressional Representatives who should be representing the people not the multi-national conglomerate. The reasons that they refuse to intiate any hearings or propose any legislation to regulate the the unsavory practices of the Credit Card Industry is because it is an industry that never says no to a Politician with their hand out.

Proposed Legislation should read, no entity in doing business under the laws of the United States may charge interest or fees exceeding 5% above the cost of Fed Funds, no entity engaged in the business of finance may contribute to the campaign funds, or Political Action Committees or pay for lobbyists to petition any member of Congress. Of course this will never be done as long as the Congressional Representatives continue to be fed by the Industries that they are suppose to regulate to protect the American Citizen. The failure of this Congress to act against the thievery that is occurring by the Credit Card Industry should be spotlighted in every media outlet so that they will be shamed into acting.

The Congress did not fail to vote themselves a pay raise, but they have failed to protect the buying power of the citizens wages. This Congress is a failure at a time of National Emergency, without a vision and a direction that will enable the Nation to have a strong and sustainable recovery.
Add to Google

No comments: