Bad credit card debt may be the next big crisis looming on the economic horizon, some financial analysts say, and on Thursday President Obama will stage an event in Albuquerque, New Mexico, to persuade Congress to fix the problem. Flanked by local residents who have wrenching stories of crippling debt, he'll ask the Senate to pass tougher credit card regulations later in the day.
"Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper. It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burden all the interchanges of property with their swindling profits, profits which are the price of no useful industry of theirs."
The "Masters of the Universe" on Wall Street - through their greed,
recklessness and illegal behavior - have plunged this country into a
deep recession causing millions of Americans to lose their jobs, their
homes, their savings and their hope for the future. In order to fully
understand the cause of this fiasco, I have introduced legislation
calling for a thorough investigation of the financial meltdown and the
prosecution of those CEOs who broke the law. The culture of greed,
fraud and excessive speculation must come to an end.
