Posted By Walt on December 1, 2009
Senator Udall,
First, thank you for championing the interests of your constituents and those of us outside of Colorado as well.
And, second, thank you again; now here comes the “but” part.
After you have protected us from usurious lenders who can do pretty much what they want, consider why you even have to go to bat for us for such blatant and egregious acts of greed. Instead of looking upon us as relatively helpless pawns in an astronomically huge commercial mugging of the American consumer, afford us the respect of being moderately intelligent people who are forced to play in a game that isn’t just stacked against us but that was invented by the banks.
Why do elected officials always go the perpetrators of the problem to get consultation on a solution? The monetary system is not supposed to be in place to accommodate the institutions that implement it. It’s supposed to work for the American people.
(Yes, our nation was founded by white, male, landed gentry and, in fact, their first mission was to benefit their own mercantile class. But like yourself, they got off to a good start. Others have improved on their first draft. It’s up to us to provide the still needed embellishments.)
Why not rewrite the rules for us? Because the banks would just scoff and threaten to not loan anybody anything? Do your really think so? For how long? Once the new rules of the game are applied nationally, i.e., they can’t just freeze out markets on a state-by-state basis, and are accepted as the new, permanent way of doing business, all the players will do just that – do business and resume playing to benefit themselves as much as possible. But because the new rules are written to put us on equal footing, maybe we won’t be treated with disdain anymore or lose quite nearly as often.
We aren’t naive. This would take a lot of political stock. You and some of your congressional allies might lose an election here and there in the process. It would take courage and intelligence. The bill would have to be carefully crafted. I’d be glad to help do that.
Credit is not something that people can chose to opt out of these days. I offered to rent a car for my nephew a couple weeks ago. I thought I’d pay for it in cash. The rental company would take only a credit card – no checks and no cash! I used my credit card because I have one. Some people don’t. Credit ratings, late charges, and interest rates are used to financially bludgeon people. Remember when you couldn’t pay ahead on your credit card to make sure you wouldn’t miss a payment? Why was that? Because they wanted to give you a narrow enough window that you couldn’t help but miss one sooner or later.
Banks keep records on our financial behavior and punish us when we stray out of bounds. They all share this information via credit bureaus, etc., so that they know who among us is not quite as quick with the checkbook or as punctual with the calendar. Banks make errors all the time. Even worse, they do some bad things on purpose. (Ask me about Key Bank.) But who keeps track of their transgressions? Where is their rating as a credit lender kept? And what would really happen if they got a low score? We deserve to be able to monitor and hold accountable the banks just as they get to scrutinize our transactions. If a bank racks up enough demerits they could be constrained from charging interest above a certain rate. We would need an Office of the Financial Ombudsman to investigate consumer as well as institutional complaints and to mediate and arbitrate remedies.
Please don’t continue to ask the banks and insurance companies and all the other corporate predators how you can help them to better manage us. Write the rules for us so we can stop looking so stupid. It hurts to get taken advantage of, but it hurts a lot more when the con men get to act like you didn’t know any better. We know better. All we need is a rule-maker with guts. Is that you by any chance?
Thank you again, Senator. You’re headed in the right direction. Let me know if I can help. By the way, where do my two Senators, Cantwell and Murray, stand? Are they with you? I’ll be glad to call them if they need encouragement.
Sincerely.
Walter R. Jorgensen
former City Councilmember, Tumwater, WA
Category: Banking |
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Tags: Banking, credit cards, Udall