Modern credit card agreements: 29 pages of “tricks and traps”

Elizabeth Warren, the TARP Oversight Chair was on the Rachel Maddow's show discussing the aggressive anti-consumer practices of credit card companies, and warning that the credit card industry is about to try to kill federal efforts to regulate the industry. She reminds us that in 1980 a credit card agreement was only about a page long. Now credit card agreements are 30 pages long, full of "tricks and traps."

MADDOW: Are you worried that the [credit card] industry's going to be about to kill [credit card reform legislation] in the crib? Reporting is that it's their top priority to get rid of it. WARREN: My gosh! I have to tell you, it's like they're stampeding in the halls already in Washington. the Gucci loafers. These guys have built up a huge war chest, they've been interviewing public relations firms to see who can come up with the next Harry And Louise ad to explain to the American people why they're better off with credit cards that nobody can read, hundreds of pages of mortgage documents that nobody can read...the idea is you're better off with how things are...forget all that stuff the happened over the last few years. And we promise to keep things up just like we did before. I just can't believe they're trying to sell that to the American people.
You can read much more on this topic at Jason Linkins' post at Huffpo's new Lobby Blog.

Continue ReadingModern credit card agreements: 29 pages of “tricks and traps”

States don’t have to wait for stimulus payments

What with the Congress mulling over plans for stimulating the American economy, there is an even more critical role to be played by the states in delivering aid to those hardest hit by our current economic crisis. States are where the tires hit the road, and states can act much more efficiently and quickly to meet the specific demands of their citizens. Even after the states have taken action, Congress can support these actions with direct funding and augment the strained budgets the states face with declining tax revenues in our recessionary economy. I’ll use an example from Missouri. We have just elected a Democratic Governor after four years of a GOP Governor who spent his time giving tax breaks and favors to corporations and contributors and left the State of Missouri with a budget shortfall of over $300 million. We have a GOP lead legislature in both chambers of our bicameral legislature. So far, everyone has promised “bi-partisanship” and all are looking at ways to make up the differences in funding because Missouri, like all states, has to have a balanced budget. Regardless of responsibility for why revenues are down, the Governor apparently will have to cut the budget in the current fiscal year to make ends meet. I say apparently because of that pesky requirement we balance or budget each and every year. So how does a state government fully fund priorities when immediate cash revenues keep that from being done? Here’s how . . .

Continue ReadingStates don’t have to wait for stimulus payments

I saw a nipple.

While walking to the Missouri State Court of Appeals today, I thought I saw a nipple.

Then I got closer . . . I DID! I DID see a nipple!There it was, prominently displayed in a building housing a prestigious courthouse, a court run by the government of the "Show Me" state of Missouri!!

Now, that’s odd … A prominent agency of my federal government (the FCC) is spending huge sums of money trying to punish a TV network for displaying a part of a nipple of Janet Jackson. My state government is simultaneously and shamelessly displaying that same forbidden body part.

Continue ReadingI saw a nipple.