Friday, December 01, 2006

And so it begins...

With individual debt increasing, and savings decreasing, the culture of consumerism is dimming our real cultural values but also damaging the United States economic positions around the globe. Never being one for more regulation if it can be avoided, I am curious about Sen. Carl Levin's (D-Mich) speech yesterday at the Center for American Progress saying he will hold hearings on the issue of practices by credit card issuers.

Levin will be chairman of the Senate Homeland Security and Governmental Affairs’ Permanent Subcommittee on Investigations next year and expects Sen. Dodd (D-Conn.) to propose legislation as chair of the Senate Banking panel.

Levin cites unfair and confusing practices by these credit card issuers to reap extraordinary profits which takes advantage of low and middle class American families.

So, let's take a look at this. I feel most would agree that credit card companies and their solicitations are extreme and their practice can be conniving. I receive at least two credit card offers a day via postage mail and that is not an exaggeration. With the terms of agreements more capturing and confusing than ever, in my opinion, these companies do need a slap on the wrist. The individual debt issue is a problem in this country and it should definitely be looked into in a competent manner by the government. While the government should intrude on our lives as little as "possible", it should also protect the people from oppressive elements within our society that grow too large and have become manipulative. These proposed hearings seems like a case in point, but don't be deceived.

Most likely what we will see are the hearings, the legislation, then more legislation, then more until the democratic Congress feels it has enough control over the industry where it can execute its socialist agenda of redistribution of wealth. The democrats always feel that the American's personal wealth should be the governments to manage as the democrats see fit.

This is the mentality of the democratic party and my experiences here in New York City tell me that most people do not agree with this, yet they continually elect legislation happy democrats to Congress that push this agenda.

In 10 months or so we will see this issue all over the news as Dodd and co. go after the evil credit card companies playing up the media propoganda of "fighting the good fight" for the people, when all that will be needed is simple legislation to curb excess manipulation by these companies. Instead they will excessively abuse their power to try to control this industry and unfairly redistribute wealth that is not theirs. So lets keep an eye on Levin and Dodd to see just how much they abuse their legislative power to promote their agenda of socialist redistribution of wealth. Instead of pursuing the redistribution of wealth that is not theirs, all someone needs to do is use congressional power to demand competency and responsibility from this industry. Is that so hard? We'll probably know by next year this time.