How to Get control of Congress Again. Just ask these Republicans, if they supported and voted for Bush's LOANSHARK LAW! I believe all Rubberstamp Republicans Did! Then shove it down their throat and let them choke on it!
Congress Passes Bush's Loan Shark Protection Act 2005
With credit-card company profits skyrocketing into the $30 billion dollar range, Congress passed the (euphemistically titled) Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, by a vote of 302-126. It will force bankrupt poor and middle class people to make payments while continuing the asset-protection trusts for millionaires.
The late Paul Wellstone would always almost single-handedly prevent this bill from passing through procedural methods (R.I.P.). President Clinton pocket-vetoed this bill, the last time Congress tried granting this boondoggle to the credit lobby. Bush, however, said that he is eager to sign the measure--after all, he sold his soul to the credit card companies
How many voters in Red State America would strongly consider electing a Democrat if it meant the cost of their credit cards would go down? How many swing voters would be swung by such an appeal? Most importantly, how many economically-struggling non-voters would take the time to register and vote if they were promised an end to 28% or 29% interest rates and higher when these Loan-shark companies, Like Capital One add on excesive monthly, fees, to make it where you are paying over 50-60% combine interest. on their credit cards?
The answers seem obvious, but that doesn't mean the Democratic Party is paying attention. Last year, Representative Bernie Sanders [Ind-VT], who is currently running for Jim Jefford's Senate seat from Vermont, proposed a "Loan Shark Prevention Act" in the House. He explains it with passion on his website, and in an op-ed piece he wrote, both of which are well worth a read. He doesn't mince words, and shows remarkable backbone in addressing an issue he obviously cares about.This is one reason the Republican National Committee is spending in the millions of dollars to prevent Bernie Sanders from being elected Senator, and the Republican Canidate Richie Rich Tarrant, has already spent 7 million dollars on the most "Low Life" filithy Mud-Slingin TV adds, right from Karl Rove's operations.
Democrats should take note. Almost everyone has a credit card these days, making it an issue of near-universal concern. Of course, it wasn't always this way. When I grew up, credit cards were hard to get, since it wasn't that easy to qualify. This was before the credit industry figured out that giving cards to high-risk people (who often default on their debt) was still more profitable as long as the interest rates to that group as a whole were high enough, and they could add on monthly fees. So now everybody can have a card, but some are paying 40-75%, or even greater interest rates. This used to be called "usury," or - more bluntly - loansharking. Rep. Sanders' bill would put an end to the worst excesses of the credit card industry. It would cap interest rates at 8% above what the IRS charges in interest (a total of 14% when the bill was introduced). It would cap penalties and fees (such as late fees) at $15. It would also restrict when credit card companies could change customers' interest rates, which is today completely unrestricted, due to the new Bush Loan-Shark Laws(Bankruptcy Abuse Prevention and Consumer Protuction Act of 2005)
It makes so much sense, it will come as no surprise to hear that the bill disappeared into a Republican-controlled subcommittee last year and hasn't been heard from since. But it seems to be yet another issue that would do wonders for the Democratic Party if they would just get behind it. If you offered voters the choice between a Republican ideologue or someone promising a maximum 15% interest rate on their credit card, who would they vote for? How many suburbanites would respond to such a choice by voting for a Democrat? Enough to win back Congress is my humble prediction. Many of the policy initiatives I proposed How Democrats Can Take Back Congress seem to bear a high cost, since they are what I call "Neo-Populism": by definition, the issues appeal widely to the general public, but they are also strongly opposed by affected corporations and industries (who have enormous vested interests in preserving the status quo). This terrifies Democrats in office (or seeking office) because they are afraid campaign contributions will disappear from these wealthy corporate donors. They should take heart in Jim VandeHei's recent article in the Washington Post titled "Democrats Closing Fundraising Gap With Republicans: Increase in Grass-Roots Support Buoys Party as GOP Efforts Falter."
While the article does admit that things could go either way before this year's election, it points out the trend is towards more grassroots money coming in to Democrats and less going to Republicans, mainly due to the Bush "Loan-shark Laws, passed in 2005. Every stinkin Republican who voted and supported, that act should be Voted out of office! The Democrats should shove that down Bush's and the Republicans throat so they can choke on it, and elect a Democrat Congress, and destroy Bush's power, and the "Rubber-stamp" Republican Congress, and return our government back to a Democracy, so he can no longer cause anymore mischief, and destruction, to the poor and middle classes.
By the way what happen to the 15 Trillion dollars, the 6 trillion surplus before Bush, and the 9 Trillion deficiet we are now in, did the 400 Billionares that Forbes mangazine reported in 2006 get most of it? I think it is time for a change, a BIG change.
