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Credit card issuers have drawn fire for jacking up interest rates on cardholders who aren't behind on payments but whose credit scores have fallen for other reasons. Now, some consumers complain, Bank of America is increasing rates based on no apparent deterioration in their credit scores at all.
The major credit card lender in mid-January sent letters notifying some responsible cardholders that it would more than double their rates to as high as 28%, without giving explanations for the increases, according to copies of five letters obtained by BusinessWeek.
Big responsibility, indeed.
Perhaps next the Citibank CEO can get a nice golden parachute also. Then we can talk about their comfy synergy with known drug money laundering Central and South American banks.
I guess for someone not so well schooled in how capitalism works you wouldn't be able to distinguish the difference between competing for services in a free market and arbitrarily controlling the economy -- including pay scales -- through a "command economy", a la the old Soviet communist model. Thus, for folks like you, I added the example of paying "(free) market prices" for services of professional athletes. Jordan got $30 Million for one year of playing services because that is what the Bulls were willing to pay him. Others get $10, 20+ Million per year for the same reason. You want your Favre to work for $500 grand this year?? What if someone else offers him a million? You get the picture.
I'd be very comfortable with caps on salaries, for business execs as well as athletes; who deserves $1 Million or more per year while some people are living under bridges and out of dumpsters????? Salary caps across the board are an idea whose time has come. But to get from here to there is a mine-field, starting with: WHO decides -- Jesse Jackson? John Conyers? Timothy Geitner? Barack Obama? Geo Bush?? Dick Cheney? Personally, I wouldn't be comfortable with any of them taking on that role in my life.
So, for the record, I am in favor of free market principles to set the scale of salaries people earn, as a barometer of how much value the public puts into a certain piece of work; yet, I believe there should be a way to equalize goods and services across the board to eliminate the misery and shame of people who must live in subways and drainage ditches because they have no means of support. Of course, for those who make no effort whatsoever to support themselves lawfully, there needs to be some special "remedial" care for them.
"All that is required for evil to triumph is for good to do nothing."
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