Wednesday, October 21, 2009

Bernanke: Don't move up the credit card date

Oct. 21 (Bloomberg) -- Speeding up the effective date of new credit-card rules to Dec. 1 from next year may result in “unintended consequences” for banks, said Federal Reserve Chairman Ben Bernanke.

“Card issuers must be afforded sufficient time for implementation to allow for an orderly transition and to avoid unintended consequences, compliance difficulties and potential liabilities,” Bernanke said yesterday in a letter to Spencer Bachus of Alabama, the ranking Republican on the House Financial Services Committee.

Bernanke gives the go-ahead for the banks to rape and pillage the card holder first.

If the banks and credit card companies are so healthy, let them sell some stock to the suckers on Wall Street and raise money that way!

What a bunch of crock!

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