Tuesday, May 19, 2009

The "Deadbeats" Among Us

Welcome to the world of Orwellian economic doublespeak where responsible consumers who pay their monthly credit card bill in full become "deadbeats" and must be punished:
Credit cards have long been a very good deal for people who pay their bills on time and in full. Even as card companies imposed punitive fees and penalties on those late with their payments, the best customers racked up cash-back rewards, frequent-flier miles and other perks in recent years.
Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit....
“It will be a different business,” said Edward L. Yingling, the chief executive of the American Bankers Association, which has been lobbying Congress for more lenient legislation on behalf of the nation’s biggest banks. “Those that manage their credit well will in some degree subsidize those that have credit problems.”

Video: The Obama-ACORN Connection

FNC's O'Reilly airs a follow-up report on the pre-election Obama-ACORN story that was spiked by the New York Times with the ACORN whistleblower herself speaking: