Thursday, March 28, 2024
Miles from the Mainstream
D. R. ZUKERMAN, proprietor
Hooray --The New York Times
Sees a Credit Card Problem

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."

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.