by Zach Carter, TMC MediaWire Blogger 

While the bank lobby continues to hold significant clout in Congress, President Barack Obama entered the fray on behalf of consumers Thursday, demanding that lenders put an end to abusive fees and predatory interest rates.  

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Cross-posted at Daily Kos

I wrote this letter to Paul LaMonica in response to his article at CNNMoney.com titled This isn't just a Wall Street Bailout.

I have grown steadily weary of the calls to suck it up and just let the greedy corrupt bastards in Congress and the financial markets dictate how this bailout is going to be run. And after revelations that even the minimal oversight in this bill is an absolute farce, I've had it.

Let them burn. Read my full letter to Paul below the break. The block quotes are bits I've added specifically for this diary.

That said, I definitely understand the perspective of those nearing retirement or in retirement, but what's better. React out of fear and give these people everything they want, the very people who made the mess we're in, or take a step back and actually implement bits that will keep this from happening again?

My mother is 10 years from retirement. My father is a little closer. My aunts and uncles are all 49-56. My grandmother is 78 and in retirement while my grandfather passed away years ago.

I definitely have a lot of pain and empathy for those nearing retirement or in retirement. But we can't be willing to sacrifice the future stability of our market in the fear of today.

Remember the Patriot Act. Remember Warrant-less Wire Tapping. Both, and more, passed out of fear and paralysis.

And we've regretted it ever since.

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Yesterday's diary, reported Congress is having hearings today to consider seriously needed reforms to our countries credit card practices - but now Republican opposition may stop its passing.  This legislation, which enjoys bi-partisan support from many Democrats and Republicans, is aimed at helping reduce the hidden interchange fee through increased transparency, but Reuters reports (bold added):

"A consumer group, the U.S. Public Interest Research Group, said it supports legislation because it would create a mechanism pressuring both merchants and the credit card companies to negotiate fees.

`The panel (would) not set prices or establish government price controls,' said Edmund Mierzwinski, consumer program director at U.S. PIRG. `It is an oligopolistic market in which a small set of cardholders dominate the market and establish a set of deceptive practices.

The bill has little chance of becoming law this year due to Republican opposition and the dwindling number of congressional work days left before the November election.'"

More details below.

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