The Banking Industry Invasion
By Dennis S. Murray Sr.
The banking industry has manipulated the American people for centuries and now that we have banking reform they are argue and selfish. The consumer continues to be taken for a ride with additional credit limits and regulations that deprives the American consumer there way of life to rescue their families in times of crisis. The House Bill that was passed in Congress 223-202, impose more oversight and stronger cushions for the largest banks and Wall Street, however the American people need real reform. It forces them to pay billion in emergency funds that could be tapped when troubled companies needs to be taken over, but does it really help the American consumer of credit card debt or has Congress provide another pass in this House Bill to allow the banking industry too continue trampling on the American consumer even more. Congressional oversight could have really helped the American consumer even more by not allowing the Banking industry to hike up rates, fees, or interest on credit cards during a period eleven months before the bill went into law February 21, 2010. However, the Banking Industry was allowed to make up the money they claim would have been lost by using the bailout money to stimulate they own pockets for additional raises and bonuses that were already in the pipeline. Greed!
After the financial collapse the system was still making money off of the underserved whom have lost their jobs, homes, 401ks, and more by increasing fees while Congress was sitting on they hands and watching the American people commit suicide because of financial losses. The consumers got more banking regulations which only puts more limits on the help that they needed regarding loans or credit cards. Greed in the banking industry is a disease, when years, after the collapse the banks continued to provide records bonuses to there executives and managers. The consumer still gets the shaft, while Congress sits at the dinner table fatting up their wallet with tax payer’s bailout money. The American people will continue to have a complicated relationship with the Banking industry and its credit system which will allow more corruption and dishonesty in the industry years to come. Many of us that have had great credit will go without using credit cards on vacations or business travel and this will lead to more deceptive and fundamentally unfair practices in the industry.
When President Obama signed legislation in 2009 which imposed boarder regulations on the industry, the banking lobbyist started paying off Congress while driving this country and the American Consumer to destruction with additional financial hardship that will last longer than President Obama will be in office. Some of the banking regulations will help the American consumer but most of it will hurt us for years to come with interest rates on credit cards as high as 90%.