JANUARY
1, 2006 --
LPR
was interested to see an editorial in The New York Times, December
26, "Trying to Have It Both Ways" that kind of commented
on the aggrandizing practices of credit card companies.
The editorial took note of "juicy interest rates and fees" but was
concerned, mainly that people who filed for bankruptcy were getting solicitations
"offering new, high-interest cards.
The Times did not include specific credit card interest rates, much less denounce
this form of price-gouging.
While the editorial did not mention the interest rates that reach 29.99%, it
did
point out that credit card companies "spent more than eight years and
$100 million lobbying Congress to protect them from irresponsible borrowers
with a
draconian new bankruptcy law."
Okay then -- LPR would like to know how much members of Congress got from credit
card lobbyists and when did they get it. It could explain why the representatives
of the people look away as the credit card companies gouge cardholders with
interest-spikes.
The
Times concluded its editorial asking Congress to "demand
as much responsibility from the lenders as it is
forcing on the borrowers." |
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Yet, in its own
way, the editorial is as silent on oppressive interest rates as the
representatives of the people -- or do they become representatives
of
lobbyists and campaign $$$ contributors?
On the same editorial page, Congressman J.D. Hayworth, (Rep.-Az ) replied to
a Times news article that, he indicated, exaggerated his ties with lobbyist Jack
Abramoff. Congressman Hayworth acknowledged "that Mr. Abramoff's American
Indian tribe clients have been
very generous to my campaigns, which is
understandable, since as co-chairman of the Native American Caucus in Congress,
I've been very supportive of tribal self-determination and sovereignty."
LPR's reading of Federalist 57 suggests
Madison did not say that members of Congress should get "generous" contributions
from constituents to be
"supportive" of them.
Is there no Republican in Congress who will demand an end to interest rate-gouging
and affirm the populist counsel of Federalist 57? If Republicans stand as
far from the people as Democrats, a new political party that honors the legacy
and principles of the Founding Fathers is inevitable -- if, of course, we remain
a free people.
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