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For all the talk of economic recovery in the news, the facts seem to belie the hype. Take this sampling I got in one web search.
· April Retail Sales dropped 0.4% (AHN.com)
· California budget shortfall of up to 21.3 billion dollars (San Jose Mercury News)
· "Home prices in the U.S. dropped the most on record in the first quarter from a year earlier, led by California and Florida, as banks sold foreclosed properties. The median price fell 14 percent to $169,000, the National Association of Realtors said May 12." (Bloomburg.com)
· US Jobless rate is now at 8.9%, the highest level since 1983. (Bloomburg.com)
· California unemployment stands at 11.2% (USA Today)
My quick search did not turn up recovery, it turned up a deepening crisis.
usury
3: an unconscionable or exorbitant rate or amount of interest ; specifically : interest in excess of a legal rate charged to a borrower for the use of money
(http://mw1.m-w.com/dictionary/usury, accessed 5/14/09)
How is a 28% interest rate on a credit card NOT usury? Is there any better example of the monied interests controlling law and government than their ability to charge such an interest rate and NOT be prosecuted for usury?
Well the answer is that 28% is a legal rate! So everyone, simple solution, let's change the law! Write the president, write your senator, write your congressman/woman, write your governor and your state representatives and tell them the tea party is coming if they continue to allow the banks to rob us blind!
"To constitute usury the borrower must not only be obliged to return the principal at all events, but more than lawful interest: this part of the agreement must be made with full consent and knowledge of the contracting parties." (http://www.lectlaw.com/def2/u015.htm)
If 28% is legal, then how can you NOT agree to it if you need credit? When did the voters approve a 28% rate? I do not recall ever voting on that! I think it's high time we DO vote on that, don't you all?
Is there anyone out there (who does not run a bank) who does not think this amount of interest is unconscionable and exorbitant? Is there anyone out there who thinks that such interest rates do not qualify as usury in a moral economic system?
"We the People" lost control of our legal system if Banks can continue to get away with usury and walk away pockets full of gold on New & Lingwood shoes. (look them up, they're very expensive and only bankers and their lawyers can afford them)
Banks can borrow money at 3.25% this week according to Bankrate.com. Yet the laws of the land allow them to lend it back to credit card customers at nearly 30%.
Unconscionable – Exorbitant - Outrageous
The ultimate 20th Century Tea Party would be that everyone with a loan carrying an interest rate higher than 9% would stop making payments for six months - unless - the banks renegotiate the interest rates at a conscionable and reasonable rate. The people have the power to put an end to the usury, they simply have to say as a unified group of citizens that enough is enough.
If the banks can't survive on 9%, nearly triple the interest rate that they can borrow money at, then I say go out of business.
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