Senator Dodd proposed an immediate rate freeze on credit cards.

Senate Banking Committee chairman Chris Dodd, who is fighting for his political survival, proposed Monday an immediate interest rate freeze on the estimated 700 million credit cards in circulation.

[Regular Joe]

Thank you, Senator Dodd. There is at least one Senator who cares about the average guy.

[Azjaeger]

These idiot socialist Dems won't be content until they've "punished" "greedy business" until the entire economic system crashes. Obviously, if lenders can't offer different rates based on the perceived risk of the loan and modify them if those who take out the loans don't pay, they won't be able to make a profit, and hence will stop offering the service. Where exactly do these Dems think the tax money they love to spend comes from? The air? How do they think they will finance all their vote-buying giveaways if there's no business profit to tax?

[Just saying]

Senator Dodd, have you no shame. Hav'nt you done enough damage with Freddie and Fannie Mae. Please just go away and wait for F.B.I. to take you away. You have helped no one but yourself.

[bigpinky]

i have 2 credit cards and both of them have written me letters of a change in intrest rates. they are all raising rates before regulation takes place. good for senator dodd and if this makes me a socialist, then so be it.

[progressive]

bigpinky wrote:

i have 2 credit cards and both of them have written me letters of a change in intrest rates. they are all raising rates before regulation takes place. good for senator dodd and if this makes me a socialist, then so be it.

Actually it makes you a smart pro-capitalist, because it would contribute to a healthier capitalist system.
Much as FDR was a pro-capitalist in saving the capitalist economy, rather than let it fail entirely, to be replaced with something else. That something else could have been fascism, socialism, communism, or something unnamed - or anarchy - but sometimes the devil you know is better than the devil you don't know, and we are stuck with some degree of capitalism. so why not make it into a good, productive, fair capitalism, instead of allowing it to be an unfair, and speculation and wild-risk-taking, non-productive form of capitalism? Predatory capitalism, robber-baron capitalism, and casino capitalism are three of the names for the bad kind. With some help, it can be fixed so it is not so bad. Too many of the non-productive speculators, who profit off of what should actually be criminal activity, are fighting the reforms that would save capitalism from the extreme bubbles that eventually burst and threaten to bring down the entire system. Next time the taxpayers will not be able to afford to save the big financial institutions that are too big to fail, with a second TARP rescue and with more piled-up debt, so it is best to not allow them to fail - by very strong regulation - or else break them up into such small units that they can safely be allowed to fail - or find some way, which they are looking for, to finance a more managed form of failure. I would say do a bit of all three! Just watch Barney Frank and the House Financial Serivces Committee try to do several of those things. the Republicans will attach weakening amendments in committee, a fair to middling bill will pass the Hosue, and Republicans in the senate will filibuster it, in all cases, and Senate Democrats will need all 60 of their votes to prevail, or else Senator Snowe and or Senator collins can ask for almsot anything in return for their votes for cloture. I saw enforce complete party discipline in the Senate, with a required vote for cloture, or no campaign contributions from national sources to the Democratic Senator who votes against cloture, and no committee or subcommittee chairmanships - but then allow them to vote their conscience and the views of their citizens on final passage, where 51 votes are needed. If it comes to that - however, a good threat of it, would help Senate Democratic leaders use gentler forms of persuasion. Part of what is needed, is to try to inform citizens about macro and international economics, which is no easy task.

[progressive]

Well, I advocate that some on the left say what I just said, about threatening them, if they oppose cloture - and refusing to vote for a Democratic Senator for re-election if he/she does not vote for cloture. I'd prefer a strong opponent in a primary, at the risk of losing the general election, rather than merely waiting until fall and not voting however, or worse, voting Republican. It takes a tougher and further leftie than I to make such a threat sincerely - I'd relent, I'm afraid, in most cases. Not for Nelson of Nebraska, but certainly I'd vote for Kent Conrad, who means well, actually, and probably for Lincoln and Landrieu. Certainly not for Lieberman. Not sure about Tester and Baucus. I believe in a big tent Democratic party, but it takes a big majority of 60 to get a bill voted on in the Senate, so the tent has to hold up everywhere, on that. People can wander off on their own, for good enough reasons, such as being scared of a right-wing smear campaign in the next election, on final passage, but not on cloture. I can say what should be threatened, but I would not be a very convincing threatener! No one would think I would follow through. It may take a Rahm type to do do such threatening. And I suspect that is partly why he is where he is. He can scare folks - and it is members of his own party that he is going to be asked to intimidate, not Republicans. He has been asked to woo them, poor guy - serves him right! I am obviously not a fan of his, but find his situation slightly amusing - especially his calling for Van Jones to resign, after Jones twice publicly used a mildly obscene word! considering Rahm's own vocabulary!

[TJ Max]

Regular Joe wrote:

Thank you, Senator Dodd. There is at least one Senator who cares about the average guy.

Don't thank Senator Dodd, the man is a jackass and will be voted out of office at his next election.

If he really wanted to do something, he would be proposing a roll back of any rates in excess of 18% and capping credit card rates at no higher then 18%. Especially, with these banks borrowing at 0% to 0.25% they can not justify needing to charge over 18%

[Curtis Lowe]

They should freeze Dodd's brain so in 2000 years, future humans can study a dick.

[PooPoo Platter]

With the prime rate around 3.25%, 30 year mortgages around 5.25%, it's hard to believe bank profits will be damaged if they cannot charge up to 30% interest on a credit card account. Why stop at 30%? If you buy that, profits would be higher if they charged 75%.

Banks did fine when their rates pegged around 18%. If their enterprise is unprofitable without rates higher than that, those bankers should be in another line of work.

Don't extend credit in the first place to people who aren't credit worthy.

[PooPookasplatter]

Dodd his trying to buy himself time,before prison time.

[Curtis Lowe]

PooPoo Platter wrote:

With the prime rate around 3.25%, 30 year mortgages around 5.25%, it's hard to believe bank profits will be damaged if they cannot charge up to 30% interest on a credit card account. Why stop at 30%? If you buy that, profits would be higher if they charged 75%.
Banks did fine when their rates pegged around 18%. If their enterprise is unprofitable without rates higher than that, those bankers should be in another line of work.
Don't extend credit in the first place to people who aren't credit worthy.

But then ACORN and SEIU would be protesting at banks every day because Jose can't get a credit card or $250,000 house. Sure, he's illegal, but isn't he entitled to the American Dream too?

[bobob]

Azjaeger wrote:

These idiot socialist Dems won't be content until they've "punished" "greedy business" until the entire economic system crashes. Obviously, if lenders can't offer different rates based on the perceived risk of the loan and modify them if those who take out the loans don't pay, they won't be able to make a profit, and hence will stop offering the service. Where exactly do these Dems think the tax money they love to spend comes from? The air? How do they think they will finance all their vote-buying giveaways if there's no business profit to tax?

My sentiments too.

[RustyS]

Curtis Lowe wrote:

<quoted text>
But then ACORN and SEIU would be protesting at banks every day because Jose can't get a credit card or $250,000 house. Sure, he's illegal, but isn't he entitled to the American Dream too?

I hear you. Perhaps a government run 'credit card option' would help. We could all get sub prime rates, unlimited credit and if somebody doesn't pay their bill, the government can take a little from those that don't have a big debt to pay it off.

[Ross]

Dodd's motivation for this has nothing to do with the people. His cards are all maxed out.

[carey529]

Regular Joe wrote:

Thank you, Senator Dodd. There is at least one Senator who cares about the average guy.

cares about the average guy?????
are you a moron?
he'd just as soon pee on you as look at you.

ALL he wants is to keep his senate seat, period!

[carey529]

PooPoo Platter wrote:

With the prime rate around 3.25%, 30 year mortgages around 5.25%, it's hard to believe bank profits will be damaged if they cannot charge up to 30% interest on a credit card account. Why stop at 30%? If you buy that, profits would be higher if they charged 75%.
Banks did fine when their rates pegged around 18%. If their enterprise is unprofitable without rates higher than that, those bankers should be in another line of work.
Don't extend credit in the first place to people who aren't credit worthy.

if you don't want to pay their rates, don't use the cards.

of COURSE, that requires, omigod!!!!!! personal responsibilty!
and we can't have THAT in obama's "fundamentally" changed america, can we, dumbass?

btw...WHO had been pushing banks and lenders TO extend credit to unworthy credit risks?
i believe, one of them was the same guy who made sure the financial institutions WOULD get their bonus checks after the bailouts....gosh, that would be .... chris dodd!
go figure, huh?

[ForJustice]

Too little too late for this bum, He along with his dirtbag friends who caused the financial meltdown in the first place are all out in 2010.

[dos]

Does Chris get special credit card rates, like he received special mortgage rates (while we paid more?!?!)

[Bluebonnets-This tle]

Someone needs to put a freeze on Dodd!

[sue]

Dodd is history in CT. He can retire to his little cottage in Ireland.