Obama Pledges Credit Card Reform

We might mention that these large credit card companies also are closely aligned to the major credit reporting agencies,created and brought to you by Bill Issacs who after government service saw an opportunity to consolidate local credit offerers with national card offerers, and run them with models through credit reporting agencies to create another fiction , the FICO score, which is a total lie but a standard created to perpetuate the control of the consumer and now small business credit markets, and now securitized like sub prime mortgages to be trades as Asset Backed Securities that add more leverage to the need to get higher interest rates, fees and more controls to meet investor demand for return in derivative contracts. How else can a Bank of America take, TARP money, say they are lending it, when in fact use the funds in these type of instruments to get a complete 180% turnaround on loss to profit in 6 months. Same with other large banks. TRASH THIS SYSTEM, MELT IT DOWN, GIVE THE USER A MODIFICATION MECHANISM TO UNWIND THIS TRAVESTY, THEN REGULATE THE HELL OUT THE CONSUMER CREDIT MARKET WITH A NEW TRUE CONSUMER OMBUDSMAN. Reply