Avoid these companies, I tell my students, for they, like the purveyors of tobacco, seek to lure the young into a lifetime of dependence.
How is it, I wonder, that credit card companies are allowed to charge usurious rates to the people who have become indebted to them?
Why is it that the word “usury” has disappeared from our common usage and discourse?
How have these companies been allowed to gouge debtors with interest rates that exceed 30% without someone in government stepping in and saying that they are unjustly enriching themselves?
The answer to all of the above is that government has been heavily lobbied and then paid off by the banks and issuers of credit cards.
Most of the laws that govern lending institutions are based in fairness, but some are tainted with the foul odor of financial inducement, or to be more succinct, the stink of bribery.
This appeal will likely be decided in favor of the bank because laws have been passed (note paragraph above) in favor of banks to continue their practices which, in her case, clearly breached a fiduciary obligation that a bank has to its depositors.
But the phrase “fiduciary obligation” is going/has gone the way of the word “usury.” We are at the mercy of corporations whose monetary clout supersedes the voices of individuals looking to redress grievances or just get a fair shake.
What this country needs is a Roosevelt — Teddy or Franklin, take your pick — to tackle this head-on and then rein in the moneyed monsters that have grown fat by financially driving millions of Americans to the wall.
Come November, We the People will use our clout to remind our lawmakers just who is in charge in this country. In campaign speeches so far, the word “change” is in the air, and that is a welcome word to both parties. For the very young who need to know that their voices count, for the very old who need to know that their rights will be protected and for all of us in between, we’re due for a change.
DAN KIMBER is a teacher in the Glendale Unified School District, where he has taught for more than 30 years. He may be reached at DKimb8@sbcglobal.net.