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Nickelless
Administrator
USA
5580 Posts |
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1000+ Penny Miser Member
USA
3121 Posts |
 Posted - 06/30/2009 : 17:34:04
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Seems like a good idea. Making the paperwork of credit cards and loans more transparent for ordinary working people is good. Business will complain because they will lose some profits  when folks finally understand what they are signing. Some will refuse to sign.
Enforcing compliance - I doubt that will happen. And yes, there will more government employees hired when staffing up. |
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 06/30/2009 : 17:50:01
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If somebody is too stupid or lazy to look out for themselves and not read the fine print or ask questions, well, no sympathy from me.
A credit card is not an essential of life like oxygen or food (as if that mattered).
So now Ma Ma government is going to spend more money to protect the stupid and lazy. 
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 06/30/2009 : 17:57:19
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It's paternalistic for a government to assume that ordinary working people can't or won't bother to figure out the obvious details of the credit card agreements the same government requires lenders to publish.
But then, the populace has learned to depend on a paternalistic government to keep and ensure their soft living. |
Trust the government? Ask an Indian. |
Edited by - El Dee on 06/30/2009 18:03:42 |
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1000+ Penny Miser Member
USA
3121 Posts |
Posted - 06/30/2009 : 18:06:22
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quote:
Originally posted by El Dee
It's paternalistic for a government to assume that ordinary working people can't or won't bother to figure out the obvious details of the credit card agreements the same government requires lenders to publish.
But then, the populace has learned to depend on a paternalistic government to keep ensure their soft living.
Have you ever read a credit card agreement? It's a pain in the ass to figure them out. Making agreements easier to read is good, not only for people who don't want to read them, but for those of us who have to read this crap. |
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 06/30/2009 : 18:50:09
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Actually, I have read a credit card agreement. I also know how to set the little digital clock on my DVD player, too. But since I'm one of those freeloaders who never carries a balance, I don't feel threatened by credit card companies. If I get knocked with a fee I don't like, the card goes in the freezer for a long, long time.
Do you do your own income tax returns? Talk about a pain in the arse to figure out, eh?
There used to be a paragraph on most of the forms stating compliance with the "Paperwork Reduction Act" which explained why the IRS needed the information and how much time was required by the taxpayer to provide it. It's still in effect. The collection of information is reviewed and approved by the Office of Management and Budget in accordance with the Act.
Information which is gathered anyway.
Do you think it reduced the amount of paperwork significantly? It certainly gave congressweasels a talking point in the following election: "I VOTED FOR THE PAPERWORK REDUCTION ACT OF NINETEEN-SEVENTY BLAH BLAH. Plus, it gave a whole new building of staffers over at the Office of Management and Budget high paying jobs until the next Big Bang.
Transparency, indeed. |
Trust the government? Ask an Indian. |
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White House urges consumer protection agency
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