More Government to Protect Us from Ourselves
by Star ParkerPutting more and more wolves in charge of guarding the henhouse might characterize the big problems we’ve now created for ourselves.
Government is growing. The private economy is shrinking. Those wielding political power see fewer and fewer problems they believe private citizens can solve on our own. Soon, each one of us will have our own personal guardian bureaucrat.
The real difference between us and the hens is that the hens are not paying for the wolves’ salaries and benefits.
This past week new rules governing our credit cards kicked in, following passage of the Credit Card Accountability and Responsibility Act, signed into law last year.
The point of the CARD Act is to protect us consumers from the scheming bankers from whom we get our credit cards.
As result of these new protections, consumers can be grateful that credit card interest rates are the only interest rates that are not now dropping. According to the Wall Street Journal, the average card interest rate is now 1.6% higher than last year and the gap between credit card rates and the prime lending interest rate is the highest it’s been in 22 years.
More good news for consumers is that there is less credit available. The average credit limit on new cards being issued is down 11% from last year.
And, because the CARD Act implements new rules limiting the flexibility that banks have, for example, in changing rates on balances of overdue accounts or on exceeding credit limits, banks are simply finding new ways to raise revenue.
Over the last year median annual fees on cards increased 18% and median fees on cash advances increased 33%.
It’s hard for our politicians, who are busy spending our money and raising our taxes so we can pay them to protect us, to grasp that there is a private economy in our country with private businesses that earn their living serving consumers. And that when regulators start telling them what to do, businesses must find alternative ways to provide their services and earn a living or shut down.
Equally hard for politicians to grasp is that if our private economy is left free, it’s competitive. So if consumers are not getting a good deal, and there is a better deal to be had, a competitor will step in and offer it.
Nor can power loving politicians fathom that, except in the case of our new health care law, in which government will force private citizens to buy government defined health insurance, citizen consumers are free to do and buy what they like.
There are no penalties or interest payments for credit card holders who pay their bills on time. So those allegedly getting protection by these new rules are those who choose not to. Those who do pay on time now will pay higher fees to finance these new protections. And, it will be harder to get cards, which will hurt low income families that liberals supposedly care so much about.
There’s even more good news in store for those who think freedom is the root cause of our financial problems.
Soon we will have the Bureau of Consumer Financial Protection in place, as result of the Dodd-Frank financial regulation bill just signed into law. The new bureau was set up in about 400 pages of the several thousand page bill, and, with a $500 million dollar budget and several thousand employees, will protect us in every other aspect of our financial lives.
It’s good that our politicians are getting our financial affairs in order for us.
Proof that we can rely on them is that our government debt is now almost 60% of our GDP and projected to reach 100% by 2020. Standard & Poor’s has just indicated that the AAA rating of US government bonds may have to be reduced, showing that the United States is now a credit risk.
Email this to a friend | Print |
Share on Facebook
| Tweet this
| 
Follow Us on Twitter
Subscribe via RSS
Got a Tip?
52 Comments
I missed the good news part of that post.
Those who would give up Essential Liberty to purchase a little Temporary Safety, deserve neither Liberty nor Safety.
*Benjamin Franklin *
Now, I do not wish to have the Government protect me, so, can I opt out, and just be free?
I am SO excited to see another bureaucracy set up by the Feds to control as much of the financial sector as possible. They are such efficient managers and I am excited that I can pay for this bureau to mess around in our financial lives which will now be under greater control by the Feds. It is so wonderful, that here in this great country, we are forming yet another group of public sector union members to increase the Progressive voter base. One day, after these bureaucrats have spent their required time mucking about, I can fund their pensions and health care for life. Thanks Federal Government, for your concern for me.
There are no penalties or interest payments for credit card holders who pay their bills on time. So those allegedly getting protection by these new rules are those who choose not to. Those who do pay on time now will pay higher fees to finance these new protections.
Bingo. I made the very same argument to friends. It's par for the course with leftist politics: punish the responsible, reward the irresponsible.
Anyone hear the ad on radio, along the lines of "Do you have 10,000 dollars or more of credit card debt? The government has enacted necessary legislation to provide needed relief to consumers. You can have half your debt forgiven. Act now!" What the H-E-Double Bogus Anthropogenic Global Warming Charts!?
Now I know who to thank for the jacked-up annual fee on my AMEX.
[C]an I opt out, and just be free?
No, for the same reason you can't opt out of 0b*macare. The people who would tend to opt out, are the ones the government intends to milk.
Oh no. Government has to protect you. It's for your own good, you know. You should be grateful, really.
/sarcasm
I'm retired Military, so, as I understand it, I'm not put into Obamacare.
But, with Democrats one never knows for sure.
Well, with Democrats the only thing one knows for sure is just how much Democrats hate the United States Military and United States Military Veterans.
That's for sure. Hear anything about designs on Norfolk? A caller to the Neal Boortz Show claimed the regime was thinking about closing the base, which, in a rational world, would be inconceivable.
The United States Military is supposed to protect the Freedoms granted by the Constitution, and follow the Constitution of the United States at all times.
The Military in my opinion has been slacking.
Now, if I were a Member of Congress I would pray that the Military does not pick up the pace.
Of all the things to change, we must change this mind set. No more nanny state. No more government first and private sector second. We have allowed ourselves to be taken over by government far too long. This has not been the American way.
Those who have been pushing this way of thinking are emboldened to keep up this fight. We will be in the battle of our lives leading up and after the November elections. Get ready to get vilified as we take our country back. It's worth the fight. No more sitting on the side lines. It's time to take a stand.
"Now, I do not wish to have the Government protect me, so, can I opt out, and just be free?"
Silly Peasant!! Freedom is for Bureaucrats!
Cut demon's head off…impeach the POTUS and his zombies…remove all vestiges of Obama. Stop intitlements, repeal all Demo Legislation including Freddie and Fannie…the arrest and prosecute the demons from Hadj…and those who selected them. Take Over Compliance is punishable by death…wish it were so. Fat chance.
God Bless Glenn Beck and America.
No more government first and private sector second. We have allowed ourselves to be taken over by government far too long. This has not been the American way.
To those who argue that conservatives just trade masters by favoring the private sector over government, we need to explain that when it comes to the private sector, we can opt-out, and pick among competitors. Government? Your stuck with the flavor-of-the-day.
EOD hit the nail right on the head. It's time for all of us to opt out. Our federal government, which proudly wallows in the power to do anything it wants with no regard to the constitution, is a system that largely relies on local enforcement and individual compliance. If we refuse to comply, and our localities refuse to enforce, the illusion of power collapses. Yes, your employer collects the taxes. Change your withholding. Don't buy the healthcare they tell you to buy. Ignore the mandates. One voice is ignored. Many cannot be. They can't arrest half of America. One of our founders famously observed that we must hang together or we shall surely hang separately. It will always be true. If we hang together, the emperor will be seen without a stitch on. As long as we do not, they will continue to hang us all, person by person.
The Base is only losing 1 Command and keeping its other Commands, as I understand it, for now anyway.
And, I never liked that Command to begin with.
U.S. Joint Forces Command, a new Command set up so the Services can learn how to better work together, and perhaps even stop picking on each other.
I believe the Services are set up just fine separately.
I do not want the Army to be more like the Navy, Air Force, and/or Marine Corps.
Everyone has their own job to do.
USJFCOM sought to make everyone in the Military a "Jack of all Trades", which as the saying goes makes one a Master of None.
They sure do like to think that.
Bureaucrats also believe that they know more than everyone else, that they are smarter than every other American.
I tell them that they work for me, not the other way around.
Unless I'm at my day job, then I just say that they work for me, and then ask rhetorically if they believe that the Building they are in was built and paid for by the U.S. Taxpayer just to give them a Damn Job.
Soon they'll be overseeing our savings and giving us an allowance for our needs. Oh wait, that's called Social Security "benefits". You know, the "cow with a million teats" that we feed out of out own pockets, then hope it isn't dead when it's finally legal to get our gallon of milk? I forgot.
I have a dream, and more and more government ain't it.
God how pathetic!!!!!
This is the last paragraph from the article on the Restoring Honor rally on MSNBC. It actually seemed to do the rally well until this…….
"Many in the crowd watched the proceedings on large television screens. On the edges of the Mall, vendors sold "Don't Tread on Me" flags, popular with tea party activists. Other activists distributed fliers urging voters "dump Obama." The pamphlet included a picture of the president with a Hitler-style mustache." http://www.msnbc.msn.com/id/38891505/ns/politics-....
If this is the worst that happens, it only goes to show once again the LMSM's are desperate to find something wrong with America. It's no longer about finding what's wrong with a certain people or political affiliation. They are against America, period.
God how pathetic!!!!!
The Obama Administration cannot be happy about this. Every time they regulate something like the financial or healthcare industry the people in charge of those companies do something they didn't plan (and we suffer for it). I guess they will decide at some point they just have to seize these intitutions in the name of "fairness."
Any one else notice multitude of neighborhood “Advance on your paycheck cash checking centers i.e.(loan sharks) popping up across the nation …….
If people would stop the spending on all those electronic devices, cars they can’t afford, clothes with hefty price tags, sports events (to watch petulant over paid sports ninnies), booze and cigarettes…….. They, wouldn’t need to have an outstanding balance on the credit cards, and they could make their house payment and, and maybe even pay for their own medical ins. We live in the age of debt… massive, unfettered, unsustainable debt… because.. WE’VE JUST GOT TO HAVE IT NOW!
Rebellion against tyrants is obedience to God.
Benjamin Franklin
http://remembernovember.com/
Any form of government this planet has ever experienced is a criminal organization as it uses it's power as an application of force to control the free will of individuals. Understandably we do need some form of force to protect freedom from…no other phrase for it… the evil intent of other individuals. But make no mistake, the foundation of government is based upon corruption, so it's power must be checked and limited to the minimum amount possible for the maximum amount of freedom for individuals. Any more power and you shackel the individual to the whim of corruption. Our Founding Fathers knew this hence the Bill of Rights. The Bill of Rights to protect the smallest minority (the individual) from the whim of corruption. No other protection is needed, thank you.
I remember all the bad things in the world started to happen after Obama became President. Bush even stopped Iran from getting a bomb after being in power for 8 years
"Why are there 40 million poor people in America?" And when you begin to ask that question, you are raising questions about the economic system, about a broad distribution of wealth. When you ask that question, you begin to question the capitalistic economy. " — MLK Jr.
"Standard & Poor’s has just indicated that the AAA rating of US government bonds may have to be reduced, showing that the United States is now a credit risk."
I find it difficult to believe that our government has not already been down-rated as a credit risk. It has to be that too many international banks are holding our worthless cash and don't want to ignite a world wide depression. Maybe that's BO's plan: Borrow until it happens with the resulting dollar having zero value on the international market. Now, tell me again how a country goes about declaring international bankruptcy? Boy oh boy, what happens then?
We have been taken over by a foreign unfriendly government WITHOUT A WAR.
That's saying loan sharks have a right to operate. I know a lot of conservatives who believe that. One of the reasons consumers quit spending money is because they didn't know what the cost of the money will be. Replacing my aging Air Conditioner at 5% interest is a good financial decision. Under the old rules if I was late once my rate would go up to 29%. Now that Air Conditioner purchase is a very bad idea.
The old rules have a lot to do with the Banking crises. When the gas prices skyrocketed, people got behind on their credit cards. Before the Bush administration, they would have just had their credit rating dinged and a small late fee. In 2007- 2008 people who had cards that they could manage were late because they were spending the money on gas . Now 5% or 10% was now 29% with additional late fees. People had a choice, pay the credit card or put food on the table. So they quit paying the credit cards because they can't pay them off anyway. Now the banks have lots of bad loans and they are in trouble. Under Capitalism, they would go out of business and banks would quit playing around with bad business models. Oh wait, Bush bailed them out and Obama followed suit. All these bank managers who should be in the unemployment line got bonuses.
The credit card reform act is one reason the Republicans will have trouble in November. They like to blame consumers who made bad business decisions but bailed out the bank managers who also made bad business decisions. People who use to live in fear of being late on a bill because the interest rate would skyrocket can now relax thanks to the Democrats. And the most important thing is they can continue to pay their bill rather than defaulting.
Back in the day, the government had laws to protect us against the practice of usury. Today we have laws protecting us from single-use plastic bags. I am SO proud to be an American today. (footnote: in one respect the preceding satire is disavowed: Glenn Beck's Washington rally does truly make me proud to be an American)
"Why are there 40 million poor people in America?" And when you begin to ask that question, you are raising questions about the economic system, about a broad distribution of wealth. When you ask that question, you begin to question the capitalistic economy. "
MLK said many very uplifting things,…the problem is that,….
he also said a lot of very dumb things,..
this quote you posted there Libby is probably the dumbest.
Mr. King,..the reason there are 40 million poor people in America is because,….
the "capitalistic economy" has so far made it so 300 million Americans who are NOT poor,…..
unlike the Soviet economy,. or the Chinese economy,…or the Latin American economies,…..
Thank God,..thank God,……thank almighty God,….. that we have a capitalistic economy,…….
the best opportunity for the remaining 40 million,……….ay 343,…?????
Capitalism is and will remain the greatest creative force in the history of mankind. The problem with capitalism is some capitalists. The problem with socialism is socialism. Peace
"The pamphlet included a picture of the president with a Hitler-style mustache."
I can't say for sure, but I would be willing to bet those pamphlets were passed out by the LaRouche people. It just sounds like their MO. One way or another, it was an infiltration.
It's all as a result of the deterioration of the moral fiber of our country,…..
GREED, it appears, has become a prerequisite for an MBA,…..
hopefully many of us embraced the message of today's DC event,………
so we my start turning things around.
You make a deal for 5% interest and make one mistake,….
and that deal becomes 29%,…………
this is wrong.
Well said.
I would add, those 40 million people who are poor today are not all the same 40 million who were poor a year ago. People move up and down in our system. FREEDOM!
Is it wrong? You signed the contract. It sounds like it is a consequence for violating the terms of a contract. None of my cards had that one strike and you are out caveat. I could CHOOSE my credit terms by shopping around for cards. I learned to do that after one of my cards hit 29% because of the policies during the Carter years. Live and learn. You play, you pay.
Agreed. Given how no gov controlled society has eliminated poverty (only redefined it so they could beat their chest and claim they eliminated it) its not like they have done better. N. Korea is 100% gov run and controlled and yet they have massive poverty.
Yes there are $40 mil poor yet $300 mil non-poor which is quit an accomplishment and far better than most any other country… at least a country with diversity and large population. Yes if you're sweden with 9 mil people who all come from the same background, all have the same religion, are all white, all speak the same language.. its pretty easy to manage them. Its not called club Sweden for nothing.
I get tired of people who make good sense making good sense around here. Ms. Parker should just settle for being yet another hot looking conservative on her way up and not waste time educating us knuckledraggers. We're not worthy yet.
Let's hope her candidacy for Congress is a complete success!!!!!!!!!!!!!!!!!!!!!!!!!!!
Nothing in all the world is more dangerous than sincere ignorance and conscientious stupidity.
Martin Luther King, Jr.
"Don't you understand Mr. Rearden? You couldn't win in any of those deals. You're the one who has something to be looted." – One of Rearden's employees
"I have often wondered at the smugness with which some claim the right to enslave my mind… yet what is it that those people expect to depend on when they are on an operating table under my hands?" – Dr. Thomas Hendricks, who quit society when medicine was placed under the control of the State.
Ayn Rand, Atlas Shrugged
Ah, the "Blame Bush!" libs have come out from under their rocks.
It's because the US government is seen as the ultimate hedge investment. When the price of US bonds seems to spiral up past all rhyme and reason, you will know then that the last economic bubble is finally being blown up and that the fiat currency we call the US dollar is finally about to go back to its intrinsic value: zero.
The wife just got a job after 7 months of nothing. The company tried to put her into their plan at substantial cost in both her hourly wage and co-pays. We finally got it resolved for her to "opt-out" because she's under tricare. We are hoping that it remains that way!! She had other's that worked for the sister company who weren't as lucky and swear they are paying the company co-pay of $27 and the tricare co-pay of $12. I'm still not sure how that can be….
I used to think that dem politicians were stupid and therefore victims of the law of unintended consequences. Now I'm wondering if they've known what they were doing all along.
point being,hens get eaten by wolves,like american citizens.
I want two guardian bureaucrats, just too make sure I get enough government intrusion into my life! If one will do, then two ought to really work…
I think they require two or more intrusive guardian bureaucrats. That way they can watch each other watch you. It's just one more safety feature in the whole scheme to make your life double-plus-good.
I'm surprised MSNBC didn't report that they put a Hitler mustache on Obama because they must be Nazis who like Hitler and Obama.
Yes, I work for a company which serves those banks and card program managers. Our clients have lost millions in wasted cards and in development and compliance costs. These bills are a morass of legislative insanity and we all pay.
After our 4th round of layoffs recently, I thought back on one woman who was walked out that day. She and other Obama sycophants in our office were non stop gushing during the election period. Wonder if she makes the connection to why she is now unemployed?
All they have is blame Bush or your a bigot…….thats it..nothing to see here folks move along
And there was slavery some years ago, but that was all Bush's fault as well. Go figure
and furthermore, being 'poor' in the USA is like being at least middle class or better in most of the rest of the world! "poor" folks in this country have cars, AC, TVs, cell phones, etc., etc., etc., out the freakin' wazoo! the single biggest health problem amongst the American 'poor' is OBESITY!!!
i'd rather be a poor American than an upper middle class citizen/subject almost anywhere else.
Bawney Fwank is the Dems financial genius. He helped get rid of the laws that limited how fast your interest rates could rise and increased the ceilings on those interest rates to help our banks get more money to loan out to unqualified people in the form of mortgages. We used to have usury laws that said 29 – 34% interest rates were excessive. Now they are helping the soundness of our banks and bankrupting America. The Republicans support free enterprise, the Democrats support power over the people and institutions that help them to that power.
You must be logged in to post a comment.