On a day when federal regulators enacted sweeping new credit card regulations to go into effect in July 2010, the true nature of the corporate greed-barons who have run our country into the dirt stands revealed. I keep hearing about the end of the insane beliefs that the "free-market" knows and cures all, that "laissez-faire" economics is a good and healthy thing, and that personal greed is an acceptable philosophy upon which to run a country of 300+ million people. All I can say is don't believe the hype of your corporate overlords, they are still only intent on gaming the system and "legally" stealing as much as they can from you before the backlash hits.
So I get a letter from Chase Bank, which is the bank for my Circuit City account. Circuit City, if you didn't know, has filed for bankruptcy protection and is closing 155 of its 722 stores. Now according to the "free market" and the other philosophy so often espoused by Republicans and so little actually followed, "personal responsibility" , who do you think is responsible for Circuit Citys debt obligation? You guessed it, we the peons lol. This letter informs me that due to Circuit Citys business incompetence which lead to their bankruptcy they will have to raise my everyday APR to 26.9%. Yes I will have to pay to bail Circuit City out of bankruptcy!
This is morally wrong. The utter failure and blind greed of the corporate ruling class has now been laid bare for all to see. From using to taxpayers money to fund bonuses and to using taxpayer bailout money for junkets, they still don't get it. Thats why all this smokescreen about them saying they do get it must be combatted. We have a once in a lifetime chance to actually change the culture in this country, we had one on 9/11 too and Bush told us to go shopping so we could give more money to his corporate buddies. We need to push now for blanket transparent regulations of all financial services, we need to out and publicly shame the corporate greed-barons who during the worst financial crisis in our lifetimes are still trying to rape, pillage, and steal every last thing they can before they are stopped.
I called Circuit City and while going through the menu something very interesting happened. You know where is says this call might be recorded etc, well it said that and then before I was transferred to the guy it said this call WILL be recorded or monitored. Let the fun begin. I ask the guy, how can you be raising my APR to 26.9% when I've never been late, never missed a payment, and never gone over the credit limit. He is like well we are raising the APR on everyone... and I lost it. Let me get this straight I asked, you guys mismanaged your company into the ground and had to file for bankruptcy and I'm expected to pay more to bail you out? Where is the "personal responsibility" in that? Where is the guiding hand of the "free market" in that? The free market is just great when you are ignoring all the rules, inventing financial weapons of mass destruction, and raking in obscene profits. When you fail due to your incompetence, lack of actual business sense or moral compass, etc , then instead of saying the "free market" has spoken and taking "personal" responsibility" you make me have to pay for your financial sins? This is a sad snapshot of the incredibly sick culture that has been perpetrated by the last 8 years of no accountability. I mean this is Arbusto and Harken on a national level, you can utterly fail but you will get out scot free because you are one of the rich elites and you can leave the small people holding the bag of your failure. It has to stop.
The only way it will stop is if we demand that it does and then work to make it happen. Call your senator or representative and ask them if consumers should have to bail out Circuit City. Ask them if taxpayer money should be going to fund Goldman-Sachs bonuses and AiG junkets. Ask them what "personal responsibility" means for corporations and their overlord of sickening greed. Ask them if the "free market" hasn't spoken in this case. You know the same "free market" that when corporations are laying off tens of thousands of people while giving their ceos huge bonuses is working fine according to the incredibly sick people who propagate this line of thinking. Cancel any card that you can that acts in an unethical manner, and tell them why. As I told the Circuit City guy, you guys are in bankruptcy and you are going to do something that is as blatant an "F U" as I've ever seen. No wonder you got into bankruptcy, and how this will help you get out I have no idea as people will just say enough. They will cancel their cards at a time when you need their business to survive. All in all, an amazing portrait of the short-sightedness that got us into this financial predicament. Talk about cutting off your nose to spite your face, yes Circuit City you can raise my APR when I did nothing wrong and make me try to shoulder your burden. You can never make me buy another thing from your store, and I predict I will be far from the only one to think so. Drop your Circuit City card today and tell them why.
Enough is Enough.