Senate Banking Committee Chairman Chris Dodd who is having a really bad term decided he would pick on the biggest bully in the country, credit card banks. He filed legislation that would stop credit card holders in their tracks. The measure called for an immediate interest rate freeze on existing balances for the estimated 700 million credit cards in circulation. This has no shot of passing but it will sure sound good during the upcoming campaign. Can you hear him now “Chris Dodd is the only one with guts to stand up to the banks on capital hill; Chris Dodd is fighting for you, the little guy.” The truth is this legislation will never go anywhere in the Senate. The banks which had an immediate comment claim that capping interest rates would cut their profits and force them to lend less money, which would reduce spending and worsen the economy. It seems odd that a person so connected to big banks after he was tied to a sweetheart loan scandal. The Senate Ethics Committee cleared him of violation. There already was credit card reform as part of the banking crisis and tarp that puts new rules for credit card lenders into effect in February. The law limits when and how banks can hike rates, but it does not set a cap on the amount of interest that can be charged. The most recent poll we had seen in his home state shown that 47 percent of respondents view Dodd unfavorably or very unfavorably. The unfavorable number is even higher among unaffiliated voters a whopping you lose 53%.
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