Credit Card Follies

CREDIT CARD FOLLIES….Elizabeth Warren tells us that at yesterday’s credit card hearing in the House, ordinary cardholders who had agreed to testify suddenly found out that they wouldn’t be allowed to speak unless they signed a blanket waiver:

The people who had been invited to testify had flown in from around the country with their credit card bills in hand, only to learn that they couldn’t talk unless they would sign a waiver that would permit the credit card companies to make public anything they wanted to tell about their financial records, their credit histories, their purchases, and so on. The Republicans and Democrats had worked out a deal “to be fair to the credit card lenders.” These people couldn’t say anything unless they were willing to let the credit card companies strip them naked in public.

Hmmm. That’s pretty much how we used to treat rape victims in court, isn’t it? Why the Democratic majority felt like it had to agree to this “compromise” is a little hard to fathom.

In any case, Warren has a good question: does this policy apply to credit card companies too? “I asked if the credit card companies were going to testify to such factual statements, would they be required to produce the data to back up the claims so that we could all see it and evaluate it….I never quite understood the Congressman’s reply.” Actually, I have a feeling she understood it perfectly. It’s only got two letters, after all.

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