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Archive for October 21st, 2009

Socialism Comes to Credit Cards

Thanks Bank of America and federal government.

Because the feds declared some interest charges on credit cards too high, banks like BAC are looking at simply slapping all cardholders with annual fees. Especially if you never incur interest interest charges by promptly paying off your bill.

Right now BAC’s credit card biz is in a shambles and the bank has to recover revenue somehow. The kicker is that federal bank regulators absolutely want that to happen as they cannot afford another banking crisis. So the political and regulatory power structure pretty much demands that all credit card holding Americans pay a tax of $29 to $99 a year to help prop up the nation’s banking system. There is no other way to look at it.

If you haven’t already, get thee to some sort of credit union. I have a feeling those escape hatches will be closed shortly.

Update: BAC is knocking heads with the NFL over licensing rights for credit and debit cards. Because if it has the right logo on it, you won’t care how much it costs you. Or something.

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Why I Won’t Watch SEC Football Again

It is crooked and corrupt. Who says so? The SEC league office.

I snapped off the hard-hitting and tight Arkansas-Florida tilt on Saturday as it was obvious SEC officials were favoring the #1 ranked — and potential league cash-cow — Gators at home. The final straw was a completely phantom late hit call on a Razorback which set up Florida’s tying touchdown.

The SEC now says that the call was a mistake. Duh. But it can do that now that Florida escaped with a 23-20 win, aided by two more highly questionable pass interference calls. For the game Arkansas had 10 penalties for 92 yards. Florida had just three penalties for 16 yards.

It is fair to say the SEC has millions of dollars riding on both Alabama and Florida making it thru the regular season unbeaten, assuring that one team will emerge from the SEC title game in Atlanta with a spot in the national title game. If SEC refs have anything to do with it, I’m sure that will happen.

Update: The SEC has suspended the entire crew that worked the Fla.-Ark. game. Next, 40 lashes with a wet noodle.

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October 2009
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