PUNDIT ALERT! Obama and Predatory Credit Card Interest Rates

So far, Barack Obama's lack of full disclosure has gone unnoticed by the pundits jabbering about the Las Vegas Democratic debate last night.

The unpleasant truth is that Sen. Obama wasn't honest, in response to Tim Russert's question, in describing his entire voting history on the 2005 U.S. Senate bankruptcy bill.

Barack Obama "talked the populist talk" last night, lumping in credit card companies as targets of his economic rescue plans. But, in his first year in the U.S. Senate, Sen. Obama voted "Nay" on the Dayton Amendment to the 2005 bankruptcy bill that would freeze credit card interest rates at no higher than 30%. Obama sided with credit card companies over our nation's bedrock middle-class families as well as young adults susceptible to the companies' alluring, deceptive marketing.

That specific vote garnered Obama the admiration of his many corporate donors who find him "reasonable." After all, credit card companies comprise his second largest donor bloc. Harper's magazine noted in "Barack Obama Inc.: The birth of a Washington machine" that "it is also startling to see how quickly Obama's senatorship has been woven into the web of institutionalized influence-trading that afflicts official Washington. ..."

There's more...

Obama, His Lobbyists and His Cronies

"Let the vetting begin,"writes Taylor Marsh, who gives us this YouTube:

VIDEO LINK || Taylor's video link

ABC News is all over the scandal involving Tony Rezko, who goes on trial February 25th for "extortion and fraud charges, which include shakedown allegations involving an Illinois pension fund." (Much more below the fold.)

Besides Rezko, here are more of Barack Obama's lobbying connections:

  • Pharmaceutical Companies: Obama's New Hampshire campaign co-chair, Jim Demers, is a lobbyist for pharmaceutical and pro-tobacco lobbyists.

  • Credit Card Companies: Obama voted to protect credit card companies' "predatory credit card interest rates." (Sen. Hillary Clinton voted against the amendment.)

  • Nuclear Energy Companies: Exelon Corporation, "the nation's leading nuclear-power-plant operator" is Barack Obama's "fourth largest patron." U.S. Sen. Obama "Obama helped to vote down an amendment that would have killed vast loan guarantees for power-plant operators" -- "called 'one of the worst provisions in this massive piece of legislation' by Taxpayers for Common  Sense and Citizens Against Government Waste; the public will not only pay millions of dollars in loan costs but will risk losing billions of dollars if the companies default." (Harper's)

There's more...

Obama Inc. vs. Working Families

Barack Obama Sided with Credit Card Loan Sharks While Hillary Clinton Stood Against Them

Obama's numerous corporate donors were pleased -- especially The Bond Market Association's legislative affairs guy Mike Williams. While Obama voted against the 2005 bankruptcy bill, he voted against "an important amendment, which was defeated, that would have capped credit-card interest rates at 30 percent." 

"[Obama] studied the issue," Williams said. "Some assumed he would just go along with consumer advocates, but he voted with us on several points. He understood the issue. He wasn't closed-minded. A lot of people found that very refreshing." -- "Barack Obama Inc.,"Harper's

Sen. Hillary Clinton voted for the cap on predatory credit card interest rates.

The American economy is collapsing, middle class families are floundering, home foreclosures are spreading, housing prices are diving, unemployment is up (did you see the disturbing report yesterday?), oil is at $100 a barrel, and what can working families do to thank Barack Obama in this crisis? Obama made good on his rhetoric to work with Republicans -- by exploiting middle class and working people. (Dayton Amendment, U.S. Senate Roll Call Vote -- Obama Nay; Clinton Yea)

There's more...

Diaries

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