When banks go wrong–Part 8

Ruthie Johnson, in her letter published on 11 January 2012 (The Coeur d’Alene Press) wants to blame Senator Dick Durbin (Democrat) for why banks want to put fees on everything—as it pertains to the conducting of ordinary business and the turning of profits.

But, I guess she forgot a few things on the way to passing judgment on the opposition party. Precisely, it was the GOP at their ant-regulatory worst that made possible the predatory lending practices that Senator Durbin among others wished to now curb. Starting with, bankruptcy reform.

Once that consumer regulatory law was passed, banks such as Capital One felt free to engage in highly questionable tactics, look for reasons to run up the bill on credit card debt and refuse to correct this disputed debt situation. The latest from this bank with whom I no longer do business and owe nothing to “Case #100011785197383” claims that $3,366.41 (where the line of credit was originally established at 2,000 and they neglected to credit a payment made to this account some years earlier) is an “accurate” payment due. This disputed situation happened well before Senator Durbin and his party assumed majority control. And immediately after the bankruptcy reform bill was passed into law.

You see, the Republican party doesn’t like the idea of “job creators” (megabuck business interests) having to be held accountable when it comes to their employees and customers—it destroys jobs—so they claim. Well now, didn’t these same unaccountable business interests succeed in destroying jobs just because they went a long ways toward destroying a consumer base? I’d thing so. So, if Senator Durbin can be called “guilty” of anything, it is trying to protect the very people who are partners in “free enterprise” and over all job creation: the consumers themselves. In any question of the free market, there can not and should not be an us versus them. We all lose if that is the case.

So shame on Ms. Johnson for failing to understand the basics of capitalism.


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