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How do banks get away with usurious 30%-70% credit card rates when they themselves are borrowing money at less than 1%– the lowest rate in history? Answer : Joe Biden
What senator boasts he is “the black man’s best friend “ when the NACCP reports 60% of African-Americans who hold credit cards have been deemed poor credit risks and are virtually enslaved by escalating high rates and crippling penalties he has worked tirelessly in Congress to make legal ? Answer : the Joe Biden who shamelessly shouted to a crowd of blacks that “Mitt Romney wants to put y’all in chains!”
As a matter of interest , why isn’t every voting consumer across the fruited plain up in arms about this pornographic level of greed by banking institutions not only dependent on good faith and trust in our free market system but supposedly bound by fair trade laws , treaties and historical custom ? Answer : It’s a huge and enduring mystery , but the last person to ask is the man known in the senate for 40 years as “The Gentleman From Master Card” Quid Pro Quo Joe Biden.
Clearly Biden does not appear to be the brains behind any of this , or let’s face it : anything else. Until his newly minted designation as the Democrats great white hope, he was generally dismissed by the editorial class an amiable dunce who after 50 years in public life had not yet figured out that rehearsing heroic fantasies before reporters : being at the top of his law school class , having a father who died of black lung in a mine , being arrested with Mandela ; not only made him a laughing stock time and time again but seriously threatened his livelihood . That is , his generally acknowledged livelihood as a stooge for the banking industry .
On the other hand , whenever Biden sponsored legislation has proven to be disastrous –the repeal of Glass-Steagall which led to the housing market collapse / 2008 recession, the dismantling of bankruptcy protections for small businesses and individuals or his advocacy for federal level predatory lender protections that fomented angry denunciations in state houses everywhere –his class clown image has worked very well indeed. Occasionally his sponsors and benefactors have to pay fines and go to prison , but no one ever blames Joe, not really.
In fairness, Biden was the longest running senator from Delaware, a state owned outright by the DuPont family who declared it “The New Luxembourg” at the beginning of the 20th century. As envisioned it was to be a tax haven for the wealthy, like its European counterpart, where the banks would ruthlessly husband and increase their fortunes. When Biden was first elected in 1970 , the credit card business which had been created by these self-same banks had suffered a near death experience due to overzealous lending and fraud. Whether you believe Biden is a congenital idiot or a convenient one , he has been a point man for an industry that has revolutionized personal credit and allowed hundreds of millions to enjoy freedoms and luxuries no king or queen in pre- 20th century history could have ever hoped to realize. And while nothing quite succeeds like success, nothing quite corrupts like success either
Should we care that as a result of his loyalty to the banks, Biden owns three mansions , has tax payer funded servants – helicopters-private jets-yachts and armored limos at his command and he and his family live lives of unmitigated extravagance? Or that he got his son Hunter on the board of MNBA—the largest credit card issuer in history—when he was still in college?
Actually, if teams of prosecutors , forensic accountants , experts on banking law and interstate commerce reviewed every detail of every deal Biden made over the past 40 years, there’s a good chance they’d find him technically not guilty. And that’s why we should care.
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