Free Markets, Free People

Daily Archives: May 19, 2009

Pay Your Credit Card On Time and Suffer Anyway

Because the fact you’ve been a responsible adult and paid your credit cards on time and have immaculate credit simply doesn’t matter once Congress gets involved in saving yet another victim class from itself:

Credit cards have long been a very good deal for people who pay their bills on time and in full. Even as card companies imposed punitive fees and penalties on those late with their payments, the best customers racked up cash-back rewards, frequent-flier miles and other perks in recent years.

Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.

Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.

“It will be a different business,” said Edward L. Yingling, the chief executive of the American Bankers Association, which has been lobbying Congress for more lenient legislation on behalf of the nation’s biggest banks. “Those that manage their credit well will in some degree subsidize those that have credit problems.”

You begin to wonder, “why bother”? You pay your mortgage on time and end up subsidizing those who don’t. You manage your household finances well and end up paying to bail out institutions which didn’t. You stay on top of your credit cards and pay them off regularly and now you’ll be subsidizing those who don’t.

Responsible conduct is punished and irresponsible conduct is subsidized.

And, of course, when you create a new victim class, it is important to vilify the evil oppressor:

Austan Goolsbee, an economic adviser to President Obama, said that while the credit card industry had the right to make a reasonable profit as long as its contracts were in plain language and rule-breakers were held accountable, its current practices were akin to “a series of carjackings.”

“The card industry is giving the argument that if you didn’t want to be carjacked, why weren’t you locking your doors or taking a different road?” Mr. Goolsbee said.

Amazing. Just simply and utterly amazing.

~McQ

Welcome To Bizarro World

Sy Hersh, not yet ready to leave the evil cabal of Bush/Cheney alone, has concocted a real beaut this time and is peddling it on Arab TV (what other media outlet would be open to this stuff?), just in time to inflame the unwashed masses in the Middle East:

Former prime minister of Pakistan Benazir Bhutto was assassinated on the orders of the special death squad formed by former US vice-president Dick Cheney, which had already killed the Lebanese Prime Minister Rafique Al Hariri and the army chief of that country.

The squad was headed by General Stanley McChrystal, the newly-appointed commander of US army in Afghanistan. It was disclosed by reputed US journalist Seymour Hersh while talking to an Arab TV in an interview.

Hersh said former US vice-president Cheney was the chief of the Joint Special Operation Command and he clear the way for the US by exterminating opponents through the unit and the CIA. General Stanley was the in-charge of the unit.
Seymour also said that Rafiq Al Hariri and the Lebanese army chief were murdered for not safeguarding the US interests and refusing US setting up military bases in Lebanon. Ariel Sharon, the then prime minister of Israel, was also a key man in the plot.

A number of websites around the world are suspecting the same unit for killing of Benazir Bhutto because in an interview with Al-Jazeera TV on November 2, 2007, she had mentioned the assassination of Usama Bin Laden, Seymour said. According to BB, Umar Saeed Sheikh murdered Usama, but her words were washed out from the David Frosts report, he said.

Got that? Bhutto was killed at Cheney’s behest (he apparently was the secret chief of the JSOC) by Gen. McChrystal and the boys (McChrystal soon to be the commander in Afghanistan headed the “squad”) because Bhutto blurted out that bin Laden was dead and that, unfortunately for her, undermined the given reason for the US being in A’stan.

Wow. How this guy gets even the coverage he does (The Nation and Arab TV) amazes me. At least The Nation jabbed Hersh with the “reputed journalist” tag. Arab TV, though, will eat it up with a spoon.

~McQ

Warrior Legacy Foundation

Matt Burden of Blackfive has announced the formation of something near and dear to my heart. A foundation to, well, let him explain:

So, a few of us decided to start our own foundation – non-partisan – to work with both sides of the aisle to solve veterans issues. We decided that we need to include every generation, every branch of service, in order to stand firm, back to back, and defend our family.

The Warrior Legacy Foundation is born.

The family he’s speaking about is the military family. And that family includes everyone, from service members and veterans, to those who have someone in the service to those who simply want to support the military and the veteran community.

Everyone.

This foundation’s membership is open to all – veteran or non-veteran – who are interested in supporting a group dedicated to ensuring the problems veterans face today have a powerful advocate willing to spend both the time and money necessary to see those problems solved.

The WLF becomes official on Memorial Day. But you can join now. Please do and support this new and worthy effort. This is the chance to make your unofficial support official.

~McQ