So first and foremost, please excuse the fact that this is NOT a conventional diary and is not normal length.
I've been following this credit card deal for a little bit, and I'm damn confounded by the shit they're doing.
So I told you all last week that I received a press notice... I listened in on the call, and was flabbergasted by what the CC companies are doing to these small businesses.
During the call there were a few small biz owners on the phone. Many had amazing stories to tell about how much of their bottom line is sucked up by cc interchange fees.
In one instance a woman who owns a gas station basically has to PAY THE CREDIT CARD COMPANY when buys a coffee or newspaper.
For instance, a person comes in and purchases a newspaper via credit card.
Well the damned fee for the usage, plus the percentage the cc companies take means she is actually fiscally better off just giving the damn paper away.
Here's a link where you can listen in on the call. Recording of the call
http://thecreditcardcon.com/...
FYI: top link that has the speaker next to it.
I also did some additional research and found out that our sites that take political donations ie ACT BLUE... also have to pay this fee even though they're non-profit entities.
Want a scary figure??? go to actblue.com, and divide the total amount raised by 3 percent -- thats what cc companies have made off us supporting our candidates.
So while we're in an economic tailspin in an economy that is supported by consumer spending, credit card companies are taxing users by boosting rates w/out real notice literally overnight, and at the same time charging the businesses that allow us to use our cards. Talk about burning the candle at both ends...... it's just another example of the excessive greed that ran our economy into the ground in the first place.
I think we should all dedicate a two day period where all consumers use only cash this holiday season -- to let the cc companies know we know what they are doing!
oh...and with the onset of the Teabaggers who clamor nonsensically about fiscal reform I thought I'd provide you all w/ a nice chart that illustrates how truly misguided they are.
Fiscal Responsibility Chart
http://www.lafn.org/...
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