IS THE SENATE GOING TO BE "PRO-CONSUMER?????"

COPIED FROM CNN (DOW JONES)
Will the Senate become "Pro Consumer" Do they have the Balls to CAP interest rates to 10%? I doubt it, Please read this article. At this time Tweets all over our small,blue marble are tweeting away at telling all to stop using "CREDIT CARDS" and to use CASH. CASH IS KING, ITS CHEAPER THAN CREDIT CARD USE. A CREDIT CRAD MAKES YOU A SLAVE TO THE BANKS, THE CREDIT CARD ISSUERS AND ITS DIFFICULT TO DIG OUT ONCE YOU GET INTO A SITUATION WHERE YOU CANNOT DIG YOURSELF OUT.

I urge all tweets, and all other concerned global citizens to 'PUT YOUR CREDIT CARDS AWAY IN THE DEEPEST DRAWER YOU HAVE' Request from your local shops to accept Paypal, accept layaways,they all accept cash.

Don't use the Department store credit cards. Only purchase what you need at the moment. You will find you really don't need the Doritos at $3.00 a bag, Use a couple more dollars and purchase a good Delmonico Steak or 1lb of Tilapia for $3.00.

Look for deals, Don't buy that Cereal at $4.19 a box, when you can purchase healthier foods for your children and make them a Pancake or Waffle breakfast less expensively.

Keep the SODA in the store, Make homemade ICED TEA & Homemade lemonade, remember when your parents did it. Keep the soda in the store.

Go online and find homemade recipes for "FREEEEEEEE!"

Shop Smart. We do. This economy has taught us to be wiser in our purchases.
Canned tuna used to be 6.5 oz now most brands are at 4.5oz to 5 oz and they cut the Olive Oil for Soybean Oil, tell them to keep it.

Cooking Oils has risen: NO real reason for it to rise. Just brands and supermarkets attempting to rip you off. Keep it on the shelf, bake leave the oil on the shelf.

Do more Barbecuing, it doesn't use household gas, stick it to the Utility company, tell them to lower the cost or you will cook less, or simply do it on the barby, Ahe.

Lets stick it to BIG OIL. TODAY I STARTED ONLY GETTING ONE GALLON OF GAS AT $2.19 A GALLON, If 3 to 6 cars in a line do it, it will send the gas attendants crazy, by slowing the line with only 1-gallon fill-ups, they may get the message. "Time is money." Most gas stations are owned by ARABCO, an Arab oil shiek, most are from the middle east or from south america, most are not citizens.

PASS THE WORD. DON'T USE YOUR CREDIT CARDS, BUY WITH CASH, BE SMART, WRITE YOUR CONGRESSMAN AND DEMAND 10% CAP ON CC INTEREST RATES, TELL THEM YOU ARE VOTING FOR A NON-INCUMBENT, HOLD BACK YOUR CAMPAIGN DONATIONS. MAKE HOMEMADE DRINKS, LIVE FREE AND PROSPER.

ADVERTISE ON WWW.LUMBERKINGS.BIZ FOR ONLY $1.00 A DAY OR $365.00 A YEAR.
SEND YOUR CODE TO: FRONTIER22@AOL.COM AND MAKE PAYMENT VIA PAYPAL TO: FRONTIER22@AOL.COM.

Senate Credit-Card Legislation Could Crimp Issuers' Growth
Dow Jones
May 13, 2009: 04:58 PM ET

BOSTON -(Dow Jones)- Proposed credit-card legislation would put the brakes on the ability of issuers to raise interest rates and impose late fees - the very tools used by card companies to offset rising losses in the current economic slump.

The rules being debated in the Senate would not only deprive card issuers of crucial ammunition but also would threaten to crimp industry growth. One way companies may respond - raise costs for financially sound consumers. The legislation would also probably make card companies cut back on lending to less- creditworthy borrowers.

The new legislation comes at a time when card issuers - such as Capital One Financial Corp. (COF), Bank of America Corp. (BAC), Citigroup Inc. (C), Discover Financial Services (DFS) and American Express Co. (AXP) - are reeling from losses on souring credit-card debt amid rising unemployment and a slumping economy.

The proposed legislation makes "their business model less resilient," says Sanjay Sakhrani, an analyst at Keefe, Bruyette & Woods. "One of the best parts of this business was the ability to re-price rates based on risk, and that lever will no longer be available to card issuers a year from now."

The proposed legislation includes a bill that caps interest rates banks can charge credit-card users. Another would ban card issuers from raising rates on existing balances unless the consumer is 60 days late on payment.

An amendment also being debated would make it easier for retailers to give discounts to consumers who use cash, checks or debit cards rather than credit cards, depriving banks of lucrative fees associated with credit-card transactions.

The bill is tougher than legislation the House passed and goes well beyond new Federal Reserve rules curbing credit-card practices that will take effect July 2010. The amendments being pushed in the Senate would add even more restrictions on banks.

Senators so far haven't reached a final agreement on which amendments will be offered or a plan to move forward on the bill.

Peter Garuccio, a spokesman at the American Bankers Association, a trade group, said the legislation "represents a fundamental change in the way card companies conduct business."

Restrictions on raising rates take away the issuers' ability to manage risk related to borrowers with patchy credit.

Moreover, in an effort to make up for lost revenue, card issuers could begin charging annual fees and raising rates on foreign exchange transactions, which would affect even the most sound borrowers. Card companies might also scale back lending to those with shaky credit, as the risk of defaults would outweigh gains if the card issuer can no longer raise rates to compensate for the additional risk.

"People who have good credit may have to compensate for people with bad credit," says KBW's Sakhrani. "People may also find credit cards not economically viable."

To be sure, card issuers have moved quickly to hike rates ahead of July next year, when the Federal Reserve's new rules on credit cards kick in.

Top card companies, including JPMorgan Chase & Co. (JPM), Citigroup, Bank of America, Capital One and American Express, are already "raising interest rates on a larger portion of customers than usual and increasing the number of fees they impose," Joshua Frank, a senior researcher at the Center For Responsible Lending, said in a research note Monday. Many cardholders have seen increases of as much as 10 percentage points or more over their existing rate, notes Frank.

But there is concern that card issuers acting hastily in an effort to lessen the impact of the regulation could cause damage.

"If they re-price too fast or too hard," KBW's Sakhrani says, "card issuers could tip over struggling borrowers."

-By Aparajita Saha-Bubna, Dow Jones Newswires; 617-654-6729; aparajita.saha- bubna@dowjones.com

(Jessica Holzer contributed to this report.)

(END) Dow Jones Newswires
05-13-09 1658ET
Copyright (c) 2009 Dow Jones & Company, Inc.

"KEEP YOUR CREDIT CARDS AT HOME"

The Credit card companies are lobbying the White House to "NOT" impose new rules and regulations and "NOT" to cap interest rates. Send your congressman, Senator and the President a message. Go further and send them a copy of your credit card statement and ask your elected officials for some of the "TARP MONEY" to pay it off and state to your congress-person that you will pay the TARP money back at "0%" interest over a 7 to 10 year period.

You see, I don't believe all,if any of the TARP MONEY TO BANKS,will ever be repaid,let alone with interest. 500+ billion just vanished into thin air. If the TARP money is sent to credit card holders or if you send your statements to the Chief of TARP Distribution, (GEITNER), maybe he will pay your bill and in return, All us U.S. Citizens who are lending the banks with our tax money(tarp dollars, can over time repay our small Tarp loans at ZERO% interest.

I see a balance in my idea. Does anyone agree or disagree.

I truly believe, Congress should authorize that every American citizen who paid taxes in 2008, should receive a government issued credit card with $6,000.00 on it, as long as you the tax-payer didn't gross more than $120,000 in 2008.

The money in the consumers hand will go to necessities, medical care, vacations and cars, and most of all food and paying down high interest credit cards.

The politicians think the American People are stupid, they continue to pass IDIOT LAWS. I can tell you this in New Jersey, I will not vote for any candidate that is a lawyer, Democrat or Republican. The elected lawyers in Washington have screwed up this nation with their legalise.

All new legislation and contracts should be written in common English and be clear and understandable to someone who has not read beyond an 8th grade education.

MAHONEY HR627/SCHUMER S.235 FALL SHORT OF CAPPING INTEREST RATES

Congress-women Carolyn Mahoney #HR627/Schumer S.235 Credit Card legislation falls short in many ways, most importantly is a CAP on the INTEREST CHARGED. I faxed the letter below to Congress women Mahoney with my thoughts:
Congress-Women Carolyn Mahoney (14th) NY
202-225-4709

Hello Ms. Mahoney:

I attempted to email you, but your website would not allow me too.

I don’t live in your district.

I have copied and pasted my message below:


YOUR BILL HR627/ S.235 SCHUMER

Your bill doesn't go far enough.
• We need a CREDIT CARD INTEREST RATE CAP OF 10% on all credit cards. A cap on late fees, surcharges to not more than $10.00 per payment period.
• We need a 14-day window to pay the bill beyond the actual due date
• We need to restrict credit card offering to those with a FICO score under 600 to not more than $300.00 to $600.00 until the individuals score rises above FICO 725.
• We need to eliminate the $15.00 to $30.00 charge when a person phones in a payment. We need to eliminate the $39.00 late fee, that is charged and much more.

YOUR BILL IS SHORT ON MANY POINTS. I NOTICED YOU COLLECT BIG BUCKS FROM THE REAL ESTATE, FINANCIAL AND INSURANCE LOBBY.
YOUR BILL APPEARS TO BE PRO CREDIT INDUSTRY BILL ALONG WITH SCHUMERS THAT WILL BE WATERED DOWN EVEN FURTHER.

I have 1-million plus Fellow Tweets spreading the word globally to stop using credit cards by Capital One, CITI, and others. They will know about your bill and S.235 in moments. 10:38 AM.

Joe

______

What is your thoughts. You can Fax Cong. Mahoney at: 202-225-4709
PASS THE WORD TO YOUR FELLOW TWEETS. STOP THE LEGISLATION ABOVE. IT IS PRO-BANKING INDUSTRY. IT ONLY SLAPS THEIR HANDS, IT DOESN'T RESULT IN REAL CHANGE.
Go Phillies

Senator Chris Dodd Darling of Wall Street

I have taken excerpts from an article written by Andrew Miga of the Associated Press from his headline: "Dodd taps Wall Street for re-election."
I have added my own opinion along with the excerpts from the Associated Press story.

The Associated Press reported today by Writer Andrew Miga that "Wealthy Wall Street Executives may be outcasts to some Americans,but not to Democratic Senator Chris Dodd." ...The Senator is Chairman of the Senate Banking Committee and is begging for dollars. He is in a tight race in his home state of Connecticut.

Senator Dodd a five term Senator, has raised One-Million Dollars;$100,000 in the first three months of this year from Political Action Committees (PACS) from Financial,Insurance,and the Real Estate Organizations. Some of his donors include:
American Insurance Association, Mortgage Bankers Association, Vanguard, Oppenheimer Funds, Charles Schwab, The Real Estate Roundtable, and Ameriprise Financial and I am sure more PACS will donate. Dodd Raised $609,000 from individuals from companies Fidelity group, Citigroup, Citizens Financial,among the larger donors.

From Residents of his home State of Connecticut he raised a meager $4,250.00! WOW!,what does that say about Chris Dodd at home. He is the guy who will block any effort to limit credit card interest rates to 10% nationally, he is the Senator who will block pro-consumer efforts to eliminate costly ripoff fees and surcharges on your credit cards.

To all those who care, its time for Senator Chris Dodd to retire, even if it means a Republican will be elected in his place.
Contact the Senator and tell him you want Credit Interest Rates capped and limited to 10%. No surcharges on bills and no over the limit fees, and limit late fees to not more than $10.00 per payment period, along with a 7 to 14 day payment grace period for all credit card holders and users.

Remember CASH IS KING, USE PAYPAL, if your supplier doesn't use paypal, suggest they begin using Paypal, or buy from another supplier.

Go Phillies

DON'T USE YOUR CREDIT CARD

DON'T USE YOUR CREDIT CARD IF YOUR CC INTEREST RATE IS ABOVE 10%.

Now is the time to fight for your right as a Credit Card Holder. When you read the stipulations to owning a CC, they are in total control, from variable rates, to excessive fees and it can be punishing when you miss a payment or the high interest puts you above you limit, then you are charged an "overlimit fee!"

LET'S ALL USE CASH, CHECK, MONEY ORDER AND PAYPAL TO purchase our goods, lets tell the BANKS' we want a rate at 10% or lower. IF we don't get the rate, we will not use their Credit Cards.

If millions of citizens stash their cards away and don't use them, the Banks and CC companies will be like any other business, when demand falls off, they will do a couple of things, Cancel your card for "NON-USE", it happend to me with SEARS, I don't shop at any SEARS stores anymore or they will lower your rate.

IF Millions of cardholders stop using your branded card and used Cash, Each of you will save hundreds of dollars each year, you will actually gain from your purchases.

I have a Capital One card that I refuse to use, because the interest rate is above 20%, It's sits in a box, waiting for daylight,(it won't happen) no matter how commercials they run.

Pass the word, DON'T USE YOUR CREDIT CARD.
EMAIL EVERYONE YOU KNOW.

Go Phillies !
Congrats Steelers