May 3, 2008
Many, many very foolish card holders either never read the fine print in their credit card agreements or simply did not care. After all, they reasoned with some then-current justification, my house keeps going up and up in value and all I have to do is to refinance and pay down or off the card balances.
As we know, this bubble, so profitable to crooked banks and hedge fund operators, has collapsed, leaving an immense field of wreckage in its path. When card holders with huge balances realized they simply could not pay off some of them, they waffled for a while, sending in a few dollars here and there but eventually, tired of dunning phone calls, a huge and growing number of them just walked away from their debts.
The card companies, and their banking partners, were horrified and their immediate, and predictable, response has been to leap on those who still pay and squeeze the hell out of them with the same kind of crooked tricks that the mortgage companies try to inflict on bankrupting home owners. They always manage to jack up what the bankruptee files. $5,000 for “extra special legal fees,” or “title searches” for an additional $6,000 and so on.
Not content screwing first time and inexperienced buyers with phony mortgages they know will fail when the rates automatically rise to 17%, these jackals and eaters of rotting roadkill have to get the last dime from really hurting victims.
Now, the card sharks are going to push the envelope and squeeze their own particular brand of predictable sucker. And how astonished they will be at the mass defections now on the horizon and how they will howl to Congressmen they have bribed to pass a law forbidding people to walk away from any credit card debt under penalty of spending weekends in the gas chamber.
This whole rotten nest of mangy rodents needs to be cleaned out with a flamethrower and a bulldozer. The outraged public is beginning to get very angry and if, as they are talking about inside the Beltway offices, food gets rationed, (rice, corn and wheat for certain) the guillotines will go up in public squares all across America and when they are done, we might have a government that will actually work for their constituents instead of sodomizing them.“