20080905

Joe Biden - Economist

Joe Biden credit card reform

ya gotta dance with them what brung ya.  nobody knows that like thirty eight year senator, joe biden of delaware.   the credit card industry brought him to the dance and he has put out like a slut for them.

new york may be the banking center of the world but delaware is the credit card center of the united states.  in 1981, delaware passed the financial center development act.  the act seriously relaxed the states usury (legal loan sharking by banks) laws making use of a loophole in federal law.  it goes something like this:

when you use a credit card, you are doing business with a bank which may be headquartered in a different state than yours.  the bank is bound by the usury laws of their home state, not yours.  as you may well imagine, the fcda attracted shady banks to delaware like democrats to a book store, (or, to be fair, like republicans to a science book burning), all eager to get a high interest credit card into your hand.

2005 - the bankruptcy abuse prevention and consumer protection act (barf for short) was rammed through congress by joe biden's masters in the delaware bank boardrooms.  it was signed into law by a giggly president bush.  compared to the money dick cheney was kicking up to him for his energy policy racket, this looked like a gold mine.

sadly, in a rare lapse in moral correctness for him, joe biden voted for the bill.  thus finishing off his dirty lap dance for the delaware credit card family with a happy ending.

ps. for the record, obama voted nay, mccain voted yay with president bush and clinton, curiously, did not vote.  one presumes she was busy campaigning for the 2008 presidential election

vote for nader.


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