To the Editor,
The banks, thanks to systematic deregulation by Congress, have been allowed to charge usurious interest rates and fees for several years. Congress’s inability to reinstate laws that had previously protected us from these predatory capitalists is ‘unconscionable.’ (“The Credit Card Squeeze,” Editorial, May 10).
To prevent this criminal behavior would have required vision, something only a handful of Representatives and Senators seem to posses.
Congress passed TARP in one week and with it gave the banks $700 billion in taxpayer money to prevent them from collapsing. They turn around and begin charging those same taxpayers higher interest rates and lower their credit limits. As a result of slow or inaction, by our elected representatives, the American people are collapsing.
The 106th through 110th, and now the 111th Congress, have proven to be the most inept bodies in our history. Is it asking too much for them to immediately take action to correct their mistakes; something that would help their constituents?
If they’re not willing to do the right thing, maybe it’s time to clean house.
Author, “Final Audit”
This letter addresses Congress’ role in the banks charging usurious interest rates and fees. Are they complicit in the current criminal activity the banks are now engaged in? Tell them to do something! Submitted to the New York Times, May 11th, 2009.