Austan Goolsbee - Credit Card Bill Kicks in Today

[MaverickXSE]

who the eff needs an effing credit card? just spend the money you actually have and you're not gonna get screwed by some credit card company... c'mon people start thinkin' , plastic's out!

[bofalawsuit]

Great youtube. I have create piggybankblog com for all those who have been abused by Bank of America's potentially irregular, fraudulent and simply abusive home loan modification process.

I am John Wright and I AM FIGHTING BACK!

John Wright

piggybankblog com

[datzfast]

if you use a card your already stupid client of the system. so what will change, nothing. you will still be a stupid client.

[datzfast]

Dude take you credit card and buy some hair.

[RifleEyes]

This guy is hilarious in a weird way.

[WesTheGod]

The people here who are focusing their "debate" on the comments he made about he could not understand credit card ToS's are either complete trolls or conflict whores.

First of all, he was just trying to appeal to the audience. Even if it wasn't his best choice of words, if you're actually going to try to intellectually checkmate his choice to say it, then just stfu and/or gtfo.

How about actually discussing the pros and cons of the policies he was bringing to the table... my god...

[bobjman]

I'm sorry you can't understand your own credit card statements Mr. Goolsbee.

I'm an economist too, and while my B.A. isn't as impressive sounding as your Ph.D, I feel very sorry for you if you spent so money money on that education but can't figure out a credit card statement. I have no problem with mine, I don't pay fees. In fact the credit companies pay ME, because I take advantage of cash back programs.

I would be happy to help you and other Obama economists understand economic issues.

[lordennis01]

Lol well said

[bobjman]

If you're really an economist, then answer me this:

How can you improve the overall health of the economy by reducing the profitability of the US financial industry with this Bill at the SAME TIME you're propping the same institutions with money from the treasury?

Also how does paying to destroy a perfectly good working asset (say a car), to buy a new one with loaned money help the overall economy?

[MessengerG]

They are already starting to try to go around the laws. JP Morgan Chase is preying on customers with low fixed balance transfer offers by increasing the minimum monthly payments. In my case they raised it by 3% or over $300 per month. They want you to default on your payments so that your interest rate automatically goes up. They get bailed out and we get bitten.

[CrescentSword]

It's abot time they fixed these dirty MFs.

[DigitalAquarius]

Common sense in the white house is a sign of relief after 8 years of being confused.

Thank you Mr. President.

[lordennis01]

This guy is a joke, he has a phD in economics and he can't read terms and services? He's probably an incompetant economist and should be replaced then.

[Ducky1987]

He was being ironic.

[lordennis01]

How so?

[Ducky1987]

Hyperbole. It's of the same class as the statement that follows ("smallest print your printer can print"). He was just trying to ingratiate himself to the audience--of course he can read credit card terms.

[lordennis01]

How is that a Hyperbole? If he can't read and understand terms of services then he is telling the truth, and therefore useless. If he can read and understand credit card terms he is lying and therefore should be removed. The latter is usually encouraged. However Hyperbole, as I understand it, is simply an exaggeration, not a lie.

[Ducky1987]

You're making an unwarranted logical leap. If he can read the terms then he's not necessarily lying. He can be exaggerating, and I think he's clearly doing that here. He knows that credit card terms can be difficult to read. In saying that he can't read them, he's exaggerating their difficulty. That's why I said hyperbole.

[lordennis01]

First let's clarify what he says. "I have a PhD in economics and I can barely read what these things [Terms and services] are."

Following your logic, A president can say " I am a president, and I can barely understand what intelligence reports mean." He would then, by your standards, be exaggerating. There is no hyperbole, none that I can see.

He should try to appeal less to stupidity, and focus on the matter at hand.

[Ducky1987]

The joke lies in the disparity between his station--PhD--and the lowliness of credit card terms. The terms "should" be simple to somebody like him, but he's ironically saying they're not *objectively* simple (which is not to say he doesn't get them). A proper analogy would be "I'm a quantum physicist and I can't read this pre-algebra textbook." Your president analogy doesn't work b/c intel reports are actually part of his job, not something "below his pay grade" so to speak.

[lordennis01]

There is no joke in credit card terms. I don't see what the joke is. Understanding the legal binding between the credit card companies and their clients IS part of his job. I think the analogy you gave just makes my point even stronger, I don't know a quantum physicist who does not understand pre-algebra, you might find me one.

[Ducky1987]

Again, you're not seeing the irony. It seems like you're refusing to. Hey, I tried.

[TsunamiSoundWave]

Love it,,,they way it always should have been..

[Yanadew]

This is great

[iwokeup2009]

this bill is sold as something great but really its just more legal backing for the FED, what shite

[donutsandwich]

i honestly don't see the need for this bill.

it's unfortunate that most americans can't even understand the basics of credit cards.

yes, there are times when credit card companies impose arbitrary (many times unfair) changes to one's terms, but it's common practice.

on the same token, most credit card users are completely irresponsible in managing their debt.

credit card cos. aren't as evil as everyone (and politicians) make them out to be.

[drmondman1]

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[Gandanga]

Great work Dr. Goolsbee. Thank you for all that you do. Followed you during the campaign; you were great.

I like your guys work on b.economics. Great stuff!

[karen32862]

Hopefully this doesnt bomb as badly as cash for clunkers.

[MagellansUnderwear]

Cash for clunkers bombed? most dealers couldn't keep enough inventory to keep up with the demand! the only bomb in cash for clunkers is the back log in getting that much money out to the dealers, and that's happening as we speak.

[iLuvAkeys4ever]

Megallansunderweaer: Cash for clunkers is a success: GM has just rehired 1,300 workers because of this Government run programe and the demand for more effiicient cars!

[chrislwd310]

nice!!

[775gary]

bush is nazy!!!!!!!!!!!!!!

[PioKolby]

Don't pay interest to scum bankers

[donutsandwich]

do you mean the fed?

[PioKolby]

Globalism is dead! America is rising

[PioKolby]

rollinglibs works for the United States Government

[PioKolby]

Shut up Fed!

[rollinglibs101]

all wee weed up"? No wonder the Doofus-in-Chief lugs Axelrod's teleprompter with him everywhere he goes.

We have boarded a jumbo jet being flown by a kid who has never ridden a bike

[rollinglibs101]

Mr. President - that wee wee isn't rain. Stop doing it up our backs.

Thank you

[rollinglibs101]

'Wee weed up'? WTH? Is Barry back to hitting the pipe?

[rollinglibs101]

"All Wee-Weed Up"?!?

What kind of a president talks like that? Is this a Saul Alinsky term? Is he operating on 4 cylinders?

Barry Soetoro has officially JUMPED THE SHARK. Time to cancel his season. His series is OVER.

[jeditesgirl1]

The next thing Obama should work on after health care reform is Bank Reform. He really needs to monitor some of the shady practices banks use in order to make more money. Banks make more money every year on fees then they do on anything else. Fees and penalties are a multi-million dollar a year industry. How about helping us there too?

[peterviool]

Yeah, but you cannot deny there is a relation between the position of the Royal Bank of Scotland and the release of the sUpposed bomber's release of flight 103.

Mr Obama should do better!

[ashutten]

lulz @ Germany being rich. L2facts

You should work for FOX imo.

[magnusekul]

worldislamicorder is a jew

[WorldIslamicOrder]

Alan Greenspan (Jew), Bernaki ( Jew), Credit card companies (Jew owned), Banks ( Jew owned).

[WorldIslamicOrder]

This Jew is telling us lies from the White House office, dictated to him from the gangster in chief, Joker President Obama. If you want to solve the American economic troubles, remove all the Jews from top positions including this White House Jew. When Hitler removed the Jews from German financial institution, Germany grew and got richer. Even today, Germany is rich, prosperous, and Jew free. No Jew may hold any titles in any American financial institutions. That should be the law of the land.

[Cutchswife]

At least Obama is trying to protect consumers from the sharks.

[purplejugnut]

one thing that should be made illegal is the banks right to allocate the moneys in an overdraft situation to get the most fees out of it.

i've noticed that sometimes i will make a payment online and the payment won't post to my account until a few days after i made the payment. there is no reason that it should take so long especially when i am making a payment on a credit card from the same bank as my checking account.

[purplejugnut]

the bank seems to be creating a situation that if i am not very careful would cause me to overdraft. to me this is unscrupulous. i realize it i my responsibility to keep track of expenditures however your bank should not be actively trying to scam as much money as they can from you.

i just don't understand why one of their computers would be unable to communicate to another of their computers that i have funds and just post the transaction.

[Kni7es]

Indeed. This is 2009, people. You can't tell me that in a digital age like this it takes several days, even up to a week, for an electronic transaction to process through a company's computers. That's bullshit. If I can get on the phone and talk to someone in real time on the other side of the planet, your ATMs can give me an accurate statement of my balance on demand.

[curtishawkley]

how about if we change to word debt, in the dictionary, to slavery. That way people have a better idea what they're getting themselves into.

[tizacat]

Goolsbee!!!!!! You the man!

[bootyjudie]

Great Job guys! World Peace & Love! xoxox

[theastrusmega]

Austin Had my vote for Finance Secretary or Press Secretary due to the way he handled the media on financial issues.

Gibbs and Geithner are doing a great job but Goolsbee is the man.

[3rkid2]

This guy's eyes have violated my soul.

[WorldIslamicOrder]

its the jew eye. the jew claw is worse.

[bkarwin]

We need Austan Goolsbee to explain the economic need for Health Care Reform in his inimitable style!

[RWDixon8r]

Exactly.

[FriedDaisy]

It would probably be a good idea to call all of our creditors and ask for them to send us the new, easier to understand term agreements so that they will know that we know about the new law.

[AFpilotJJ]

The smallest print your printer can print!

[AnthonyNews]

yes..its in the law..credit cards cant cheat us anymore******

[zutroy1]

The bill kinda did get cut apart and written down a fair bit, not unlike cap and trade.

Regardless I don't see how many people could complain about what did go through. Kudos on protection the uninformed consumers and making it easier for them to read and understand it all in the future.

[underbird]

The cost of credit will now go up.

[TheRealCates]

I love what Obama is doing. Keep up the good work Mr President!

[idontnormallydothis]

sheeple

[smcoger]

And it's drops in the bucket that add up to a world of social justice and peace, so let's keeping dropping change into the bucket.

[smcoger]

Barack's doing what he can to help the Lower and Middle Class American; if we're dissatisfied, then we don't like our own reflection. Let's encourage him to do better, by improving ourselves and forcing our politicians--our composite reflection--to do better.

[franielee38]

That bill is just a drop in the bucket.  It should say "What the credit card companies still do!' It is an outrage!

[bnelms22]

This is the only thing Barry has done that I agree with. We will see how it pans out, however I dont use CC's and I recommend all you pay them off cutt them and close them.

[bass109]

serve jesus christ, and hold the truth

[MoPapparani]

no thanks, I'll think for myself without fear

[surfbum188]

You need to be the spokesman for everything!

[divrnr]

I like this guy too! He needs to speak more to us the ordinary Americans...

[legalizemarijuananos]

i feel sorry for u ordinary people. i plan on aiming higher.

[lenren2004]

lol

[qizix]

I like this guy!

His interview on the Colbert Report was great also!

[w8tlftr4u]

Yea I like his way of getting his point accross, Big O need's to use this guy for explaining some issues to the American people.

[w8tlftr4u]

Good job Austan, thank god I never have carried a balance past it's due date, phew!!! I just recieved some drastic changes to a sears card I have, with some major increases in interest rates , and bigger penalties for late payments etc,,, I called and canceled that blood sucker,haha. Again nice way of explaining Obama's aproach to issues, wish the non believer's would stop and listen.

[sourdiezel0916]

no it wasn't every single conspiracy theory, i mean every last one, is easily disproved scientifically.

[BlueSkies360]

Is this constitutional?

[anchor425]

so when do we audit the Fed....forget the symtoms...ace our problem please !...cut the head off the monster.....!

[Evulmeh]

Fed has been audited numerous times alrdy

[Captolamia]

The fed has never been audited. Go read some history. And Bernanke has threatened congress with collapse if its audited.

[Evulmeh]

The Government Accountability Office audits the FED regularly, it has in the past, and is doing it in the present under public law 95-320.

The FED is also audited by independent auditors and releases it's annual report.

[Evulmeh]

And for the Benanke statement.

Bernanke did not oppose the auditing, since that is already being done through old legislation. He opposed NEW legislation giving the GAO power into policy.

Right now the FED is free from short term political pressures. The new bill would introduce this into the FED.

This would mean that long term monetary policy would have to be adapted as political pressures change. Which would be devastating to the economy.

[Kapan60]

That's a false argument. The FED already undergoes short term political pressure. If the Republicans want cash to support the war from the FED, they get it. If the Democrats want cash to support some social program, they get it.

All they have to do is call up Bernanke and ask for some paper money to be printed.

There is only one way to insure we have a uncorruptable monetary system. A fixed standard (gold or whatever) the Fed can't destroy.

[Evulmeh]

Such 'short term political pressure' has nothing to do with the monetary policy of the FED.

The plan that bernake opposed, does create short term influence in monetary policy.

[Kapan60]

No short term political pressure? Like the fact the Fed printed $2 trillion during the Bush years to support the "War on Terror" or the trillions printed to "save the banks".

We, as taxpayers, take that as inflation. Thus destroying the consumer's ability to buy anything and the economy suffers.

Not to mention the fact The FED did nothing to control prices when gasoline skyrocketed.

[Evulmeh]

That is not short term political pressure on the monetary policy.

Political pressure on the policy system would be to change policy again and again by the sway of the political allignments in congress.

This is merely doing things that the FED was designed to do in the first place.

[Evulmeh]

Furthermore: It's not as simple as you make it seem to be.

Republicans don't just 'ring' the FED to get some cash. It requires careful planning, and the FED looking into if this could fit within their monetary policy.

Your statement actually helps Bernanke. Because the plan Bernanke opposed would in essence allow the republicans to influence the policy.

And thus, they could print money without regard of the policy, where as now there are measures to prevent that.

[Kapan60]

You really believe that? Look at the mess we are in right now thanks to Greenspan and Bernanke. It's all attributed to the FED's ability to print money out of thin air and the way it failed to control banking interest rates in the 1990s.

Even Bernanke admitted the FED was in part responsible for the Great Depression because it tightened up credit too much.

Now we're on the FED financial roller coaster again, hoping the same idiots that caused this mess can control it.

[Evulmeh]

It's attributed to a failed monetary policy.

Alan Greenspan screwed up. He admitted he screwed up. But again, all you state is flawed policy.

Flawed policy =/= flawed system.

The failure that is Iraq doesn't mean that the entire governmental system is a failure. It means the policy was wrong.

Getting rid of the FED isn't the answer. The answer is to improve/change the policy.

[Kapan60]

The rate of inflation has decreased the purchasing power of a single dollar to less than $0.04 since the FED was created in 1913.

Flawed policy is certainly equal to a flawed system. The FED was created to control prices and yet it doesn't do that very well at all.

Central economic planning doesn't work.

[Evulmeh]

Actually FED was created to issue a single currency.

It was also created after The panic to give extra capitol to banks when they need it to prevent them from crashing and causing a spiral of destruction.

You must also understand that, if you are right about it failing to control prices, it could still lie with flawed policy and not system.

I'm also skeptical about the FED failing as hard as you make it out to be, but my knowledge of economics does not extend that far.

[Kapan60]

Can you show me one example in which the FED actually worked the way you describe?

The banking panic, was created in part, by the same bankers that benefited from the FED being created. Instead of the American People in control of the currency we gave our printing rights away to a banking cartel.

You claim it's a policy issue. Then show me one policy the FED did that worked.

[Captolamia]

Before the Fed we had a single currency. IE the dollar printed by the treasury. That point is mute. The FED is a failed system and your answer that you are skeptical is not an answer to the statement that the current dollar is worth 3.8 cents vs 1 dollar from 1913.

The Fed is the problem and without it you could eliminate Income Tax.

The Revolutionary war was not fought over taxes but the right of the STATES to print INTREST FREE MONEY. B. Franklin.

[burntonion05]

It is about time. Now get us health care reform. Also, if you are going to make the cc companies make things easier for everyone to understand why not do the same thing with the health care bill. Shorten it up a bit and make it easy to understand for the avg American or it will be hard to sell.

[djmarkcotter]

i know they raised my cc fees based on something totally unrelated because i was a "high risk" it has since ruined my credit,,, is obama going to fix that too?

[natchi212]

thank you mr. president!!

[AspireE360]

I'm glad they done something like this btw

[hdot1006]

rofl you have a big head

[AspireE360]

First comment:D