More updates on the banks and credit card companies that have received tax payer monies while raising interest rates on their customers.
Well, its official, American Express is sending out notices that everyone's interest rates are going up and are even going to retroactive on existing balances to over 14% while they are allowed to send their losses to the tax payer via the Treasury and become a holding company so they can get out of paying some of their debts. This company is the epitome of the LOUC of the government action.
The government bails out American Express with our money instead of letting them go under as their poor management and performance should have done, and then allowing them to put some of their customers into forced bankruptcy by raising their consumer debt retroactively. What a "turn around is NOT fair play!"
This is how the government intervention causes LOUC (law of unintended consequences) to occur when they do A and get B instead. The government can not be trusted when either in the Republican or Democrat is in control the White House and/or Congress. It does not matter. They are very much the same.
Even the failing oil prices are not going to change things since every one is getting told the economy is going to hell and have been told this for over 2 years by the Democrats were trying to gain the White House. Well they did, and now they are facing their worse nightmare:
THEY WON, AND NOW THEY HAVE TO PERFORM!
I am sure when they fail, they are going to blame on everyone else than themselves as they normally did and do. Remember they blamed Bush-43 for the 2000 recession when it started on Bill Clinton's watch in March of 2000 almost 10 months before Bush-43 took office.
When this economy continues to tank and is made worse by the Dems in both White House and Congress, they are going to blame it on Bush-43 as it started under his watch. It's his fault. Just be ready to hear it soon.
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