Feb 25 2009

KPFK Fund Drive Day 20 – Maxed Out

Feature Stories | Published 25 Feb 2009, 10:50 am | Comments Off on KPFK Fund Drive Day 20 – Maxed Out -

Print this Page Print this Page |

Support KPFK – Make a pledge at 818-985-5735, or online at www.kpfk.org.

maxed outPresident Obama addressed a joint session of Congress yesterday, in what was essentially a state-of-the union talk. Obama justified the stimulus bill he just signed into law, and outlined his ideas for reforming the economy through investing in renewable energy technologies, health care reform, and fixing public education. Many reacted to the speech as inspiring hope and confidence in tough times. But not everyone was impressed – Louisiana’s Republican Governor, Bobby Jindal delivered sharp criticism of Obama and his economic stimulus plan in his own speech.

GUEST: Norman Solomon, journalist and author of War Made Easy

Many economists are warning that on the heels of the foreclosure crisis is the credit card crash. The US Senate and Banking Committee recently held hearings on the credit card industry which resulted in legislation limiting the fees that credit card companies can charge. Committee chair Chris Dodd introduced the bill, which also bans unilateral changes to credit-card agreements and retroactive interest rate increases. He slammed the industry saying that an era of lax regulation had lead to these companies “gouging” consumers. Last December the Federal Reserve Board of Governors introduced sweeping new changes to the industry, that included restricting interest rate hikes, allowing at least 3 weeks to pay off balances, and clarifying due dates. The national financial collapse has led to companies tightening credit lines, even for customers with stellar credit scores, at a time when Americans may need the extra cash more than ever to get through unemployment and faltering businesses. A poll conducted last June found that nearly three out of four Americans felt the government should regulate the credit card industry more closely.

Comments Off on KPFK Fund Drive Day 20 – Maxed Out

Comments are closed at this time.