$(document).ready( function () { talk_rendercallback({"enabled":"1","islive":"0","eid":5722,"total":"9","discussion":[{"nm":"Another pissed off american","rs":"0","ms":"IT IS TIME TO BRING BACK GLASS-STEIGAL!!! Time for the fleecing of the "average american" to stop! It makes me sick to my stomach when i hear the condemnation of regulation on banking as a step towards socialism... Well where exactly has this "free market" taken us? Freely in to the abyss that is credit card debt? The "invisible hand" has clearly steered us off the course towards progress and has this country teetering perilously close to the edge... There needs to be stronger laws that prevent the american public from the wolves that is the banking industry. The contagion that is the subprime lending crisis has even spread outside of our borders. If any one thinks that the credit crisis in europe had nothing to do with the near collapse of the American economy, they would be seriously deluded. Capitalism, at its core objectifies EVERYTHING as a commodity that can and WILL be exploited. Including people, let alone their homes, possessions, professions. In a Capitalist structure, we are all just sheep, either waiting to be fleeced, or worse, slaughtered. ","pt":"Jun 18, 2010 02:06"},{"nm":"jb","rs":"0","ms":"Interesting all of this talk about a free market when it comes to protecting consumers from outlandish interest rate hikes, yet our current administration and congress has no problem creating situations that create more regulations and requirements on consumers or should I say We The People in an attempt to reform health care.  I suppose one could use the analogy of speeding tickets...we should repeal all speeding laws because that limits how one (the bankers) can use their vehicle (the market) to the best of its ability and to ensure gains by the operator (huge profits)...who cares who gets slaughtered (consumers) in the process of letting the car (market) run at whatever speed it is able to.  The "free market" argument is not a good argument when loan-sharking and unethical practices are being used.  Why doesn\'t our government do its job and protect the people who put it there instead of the big money lobbying credit card industry?","pt":"Mar 28, 2010 18:21"},{"nm":"Jose","rs":"0","ms":"My case exemplifies the inmorality of the issue.  My credit card bank increased my interest rate from 5.5 to 25.9 in January 2010.  I was told that the reason was "you were late one day in October of 2009".  My minimum payment jumped to 700.00 a month. \n\nNo one contacted me about the hike.  No "customer service" staff made a courtesy call to inform me about my new payment situation.  After a heated conversation customer service agreed to dropped back to 5.5.  I still got nailed with hundreds of dollars in super high interests fees. I was a 7-year loyal customer, with a perfect payment record. \n\nI totally agree with your findings: the credit card industry is out of control and their friends in congress will maintain the status quo.  Customers are powerless. What a democracy!   \n\n  \n ","pt":"Feb  4, 2010 12:53"},{"nm":"cristopher j","rs":"0","ms":"I am sorry but our government needs to get off their butt and start protecting the american citizen. Their needs to be a cap on interest rates, and if they say that is destroying capitalism, please go stick it where the sun doesn\'t shine. Their was a time when we called that loan sharks and it was illegal, what the hell is america coming to.We the people need to write our senators and congress people and tell them to pass laws that protect us and if they don\'t then we vote them out of office until someone does what we want, because I see the gov\'t is working for banks not for the people. This is such a sad day in American history and the worst thing is that many Americans are believing the bs that many politicians are saying that gov\'t controll will ruin capitalism, well people wake up cause those say politicians are taking bribes from lobbist that are working for the banks, or may I say that money is put into their funds to run again for office next time. So who are they really working for banks and insurance companies or for the American people?","pt":"Jan 28, 2010 05:39"},{"nm":"Debbie","rs":"0","ms":"With the Bank/CC cmpanies having carte blanc to manipulate the interest rate to what ever high they can take it - who will bail out the American public when we can\'t pay the price?  The banking industry is out of control - when they were in trouble who bailed them out? =  The very people they are putting the bite on.\nWhen does the average American ever get the opportunies for bail out or a fair regulation of this out of control industry? ","pt":"Jan 27, 2010 13:35"},{"nm":"Lee S.","rs":"0","ms":"In the old days and up until around eight years ago, "Loan Sharks" were given a prison sentence and were put out of business. Today, they are given exceedingly ridiculous bonuses, perks, live the high life and given lavish summer homes and corporate jets. All this, and a deep recession too! Hmmm, no wonder they talk down about capping interest rates and calling the idea "Un-American" and against capitalism. It needs to stop now! The "Sharks" feeding frenzy has gone on WAAAY too long! It\'s already gone too far. Greed is hampering progress, the REAL American progress.","pt":"Dec  2, 2009 06:06"},{"nm":"Lee S.","rs":"0","ms":"I truly believe in placing a cap on any interest bearing loans of all types. The "Bankers" keep blabbing about the fact that to capping interest is "Un-American"and goes against the "Free Market System"! They think the banking industry will fall if this happens. "BULL", it will take away the filthy rich bonuses they like to give themselves! By keeping things as they are now the "average consumer" keeps paying for the "corporate welfare fund" and stays poor. (some American Dream huh?)Keeping rates high makes the ability to pay harder, in turn keeping them poor and unable to get out from under the gigantic thumb of the financial industry. Those same consumers, who use to be responsible consumers, are now faced with being that "irresponsible consumer" that the industry created, now belittles them. The Sharks are the one that created the system that is in use now, that created this state of affairs we are in. IT NEEDS TO BE STOPPED NOW!! Otherwise, it will only get worse. Like that old saying says,"If you give a mouse a cookie, he\'ll want a glass of milk." (The Sharks want the whole darned cow!!)   \n","pt":"Dec  2, 2009 05:26"},{"nm":"Tim Knapp","rs":"0","ms":"I\'d like to know whether interest rates are capped in other advanced capitalist nations.  Are credit markets regulated differently in Canada and abroad?  I agree with Steve K. that the historical argument made by opponents of repregulating the credit industry is rather weak.  Didn\'t mortgage markets work well in the post-W.W. II housing expansion?  Didn\'t U.S. consumption rise under regulated consumer credit markets prior to the late 1970s Supreme Court "Marquette" decision?","pt":"Nov 25, 2009 10:20"},{"nm":"Steve K.","rs":"0","ms":"The bankers and their lobbyists (among others) in this excerpt say that attempts to regulate interest have failed - without giving examples of how so...\n\nWe had usury laws applicable in this country for long periods of time.  A court decision provided an end run (banks set up in states with permissive laws) until the congress exempted national banks from the state regulations.  How did this fail economically?","pt":"Nov 25, 2009 02:45"}]}); });