Wednesday, May 20, 2009

Obama Calls for An Extreme Makeover of Our Culture: Are the Credit Card Companies Listening? [Updated]

"The problem, according to the president: "Too many of us view life only through the lens of immediate self-interest and crass materialism; in which the world is necessarily a zero-sum game. The strong too often dominate the weak, and too many of those with wealth and power find all manner of justification for their own privilege in the face of poverty and injustice."

"And he should definitely send it to the credit card companies, which, faced with customers choking on debt and forced to use their credits cards to pay for essentials like food and medical care, respond by jacking up interest rates and tacking on penalties and fees. Even as credit card defaults reached record levels in April. "

"When banks are charging 30 percent interest rates, they are not making credit available," said Senator Sanders. "They are engaged in loan sharking." Also known as usury. Throughout history, usury has been decried by writers, philosophers, and religious leaders."

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