Mutual Responsibility??? Pressident Obama Town Hall Meeting on Credit Card Reform Rio Rancho, New Mexico

Here are the parts I find interesting/unbelievable. You will see why soon.  Here is a link to the full transcript. http://www.koat.com/money/19463436/detail.html

“Millions are working jobs that don’t pay enough to cover the bills. Millions more see increasing portions of their income going towards paying down debt. They’re Americans struggling to cope with the rising cost of putting things like their mortgage, their tuition, their medical bills — even their food and gas bills — on their credit cards, because they feel like they’re going underwater. But they’re quickly finding out that they can’t dig their way out of debt because of unfair practices.”

“You should not have to worry that when you sign up for a credit card, you’re signing away all your rights. You shouldn’t need a magnifying glass or a law degree to read the fine print that sometimes don’t even appear to be written in English — or Spanish. (Applause.)”

“it’s time for reform that’s built on transparency and accountability and mutual responsibility — values fundamental to the new foundation we seek to build for our economy.”

Mutual Responsibility!?… New Foundation!?… doesn’t sound promising.

“Banks are a business, too, and so they have a right to insist that timely payments are made. But what we also expect is that our institutions act with the same sense of responsibility that the American people aspire to in their own lives. We expect that when we enter into an agreement, that agreement is reasonable and transparent. We expect to pay what’s fair, not just what fattens growing profits for some credit card company. This is America, and we don’t begrudge a company’s success when that success is based on honest dealings with consumers. But some of these dealings are not honest. (Applause.) That’s why we need reform.”

he expects to pay what’s fair………… I really do hate that word….  How does the government determine what is fair for a private company to charge a customer for a product or service?

“And we’ll require firms to offer at least one simple, straightforward card that offers the strongest protections along with the plainest terms and prices.”

What!?

“but we can’t tolerate profits that depend on misleading working families…We can’t prosper by putting off hard choices, or by protecting the profits of the few at the expense of the middle class. ”

Um, shouldn’t the focus be on the practices that are unethical “so called” not the PROFITS?  Oh wait,  but Obama’s not Marxist so we have to just let this slide.

“…we’ve got to control costs across the system, because if we simply insured everybody under the current system, we couldn’t afford it — we’d go broke….And the federal government — Medicare and Medicaid — is going broke… Listen, by far the biggest contributor to our national debt and our annual deficit is the costs of Medicare and Medicaid…And so we’ve got to drive down costs.”

Drive down costs, or limit and ration care?

“We have historically a tradition of employer-based health care.”

No we don’t… that system was forced on companies by the government…

“I’m confident that both the House and the Senate are going to produce a bill before the August recess. And it may not have everything I want in there or everything you want in there, but it will be a vast improvement over what we currently have.We’ll then have to reconcile the two bills, but I’m confident that we are going to get health care reform this year and start putting us on a path that’s sustainable over the long term.”

I may have missed this, but why the rush on such a major overhaul?

“Now, I’m a strong believer in the free market, but I think that when it comes to health care, the free market only takes you so far. If your child is sick and you don’t have health insurance, in a country this wealthy, we should be able to make sure that your child is cared for. (Applause.)”

“But the long-term deficit and debt that we have accumulated is unsustainable. We can’t keep on just borrowing from China, or borrowing from other countries — (applause) — because part of it is, we have to pay for — we have to pay interest on that debt. And that means that we’re mortgaging our children’s future with more and more debt, but what’s also true is that at some point they’re just going to get tired of buying our debt. And when that happens, we will really have to raise interest rates to be able to borrow, and that will raise interest rates for everybody — on your auto loan, on your mortgage, on — so it will have a dampening effect on the economy.”

When did Obama become a Ron Paul Fan?……
That’s all the Obama I can stand for one day.

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