Thursday, February 25, 2010

Credit Card Reform

Rather than try to decipher whether our government has ham-strung our banking system's exploitation and usury policies of bank-issued consumer credit cards, let's let Jon Stewart clarify as only he can do.

The Daily Show With Jon StewartMon - Thurs 11p / 10c
Make it Rain - Bank of America
www.thedailyshow.com
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Political HumorVancouverage 2010

12 comments:

Nancy said...

I watched this last night. Can we have John run for office? He cuts right through all the bs.

California Girl said...

He probably figures he makes more money and can speak his mind this way. As a politician, no way.

Nancy, tell me about the button.

maggie's garden said...

This was hilarious...and so sadly true. I laugh when I see my MC card come in with the figures on making the minimum payment and how long it will take to pay. Yet they keep raising the interest, and making it impossible to pay anything but the minimum.
Jon Stewart for President. Yeah!

Ruth said...

I haven't watched the video yet, I will later at work. Since Peter came home we've been watching old clips. We watched Stewart on Bill O'Reilly. O M G.

Minka said...

Wow! How can someone make such a sad thing sound so hilarious? The comparison with the mafi- brilliant!

Credit cards ARE a trap, and we just choose to ignore that fact, time after time, don't we? But I must admit, compared to the things in the video . I still feel pretty safe over here... (again, you'll get tired of me). I don't think our banks do the same. Of course we don't agree with all the fees, but they are no way the same, particularly the raised interests... and usually we get the "dynamics of payments" - meaning it's black on white what stallments you are going to pay - when and how much.

This guy is a brilliant tallent - and I admire the woman from the video as well - few people have that kind of courage!

California Girl said...

MG: yes, my husband and I are currently hoping to borrow against a piece of income prop to pay off our two cards and then CUT THEM UP!

Ruth: watch it. there is a very brave girl in it, whom Minka refers to in her comment. the girl worked for BofA and couldn't bear to levy high rates or penalty fees on customers.

Minka: I NEVER gt tired of you telling me/us about your country. People in the U.S. need to know how things do work in other countries, things that should be considered for application here. Thank you so much for your always informative comments.

Baino said...

GAH I've got myself into so much credit debt it's not funny. I can barely make the interest. No fault but my own but what peeves me is that when we have an interest CUT, the banks don't pass it on to their credit card holders. They do to mortgagees . .although 30% is terrible. I just found out that my bank offers a 7% card (my daughter has one) and I'm still paying 12%! They didn't tellme that there's a cheaper option. Just found out by accident. Meanwhile, the shareholders are still reaping good dividends and prices on their stock.

Minka said...

Remember what I promised you some time ago? well, maybe you'll like my latest post... Maybe you can even write one about us...

California Girl said...

Ms. Baino: you have to be diligent, which is a major pain in the ass itself and i don't like it. But a 5% swing is a whole lotta money.

Minka: I'm there.

lettuce said...

hmpffff video not available in my country. ah well, one less item of banking news to feel enraged and hopeless about I spose....

Royal Bank of Scotland were/are one of the worst implicated in the crash over here - took oodles of public money in bailout, declared losses last year - and are still putting billions into bonuses....

sheesh, i need to go and cool down.

California Girl said...

Lettuce: do you mean you cannot access this on YouTube? I wasn't sure. Yes, it does boil the blood and most average folk in the U.S. are very angry. I'm going to update myself on the "Move Your Money" movement which I posted about in my other blog on 1/17. Here's the link to the ABC news report on that:

http://emptynestevolution.blogspot.com/2010/01/abc-news-profiles-move-your-money-video.html

Nancy said...

Go to Meeko Fabulous and ask him how to do it...I have no idea, but I think they're cool. He emailed and offered to do mine.

Christina

Christina
by Cole Scott