Last week Barack Obama signed a credit card bill aimed to reign in the abusive practices of credit card companies. But will the so-called “common sense” reforms change much of anything? Or are they simply window dressing?
Danny Schechter the author of Plunder: Investigating Our Economic Calamity and the Subprime Scandal, Jose Garcia, Associate Director of Policy and Research at Demos and the co-author of Up to Our Eyeballs, Anne Sullivan Publicity Director of The New Press, and Jonathan Shamis Executive Director of Alpine Legal Services discuss the new legislation.
GritTV is regular viewing for me. Regarding the recent report on Credit Card Accountability, I believe there is only one solution that will bring about the change needed for relief of credit card debtors.
Unfortunately, the solution I propose will not happen because the citizens of the U.S. do not have the courage to live with the change resulting from the solution.
We need to go on strike. Everyone needs to voluntarily default on their credit card payments regardless of the amount owed and the consequences of the action.
This would mean a complete change in spending habits within our culture. Stay home. Use only cash or debit cards. Tighten our belts, and engage in a grassroots war against the credit industry with the courage of a Marine in Iraq. Be prepared to sacrifice.
By hgovernick on May 28th, 2009 at 11:38 am