The Gargoyle Leader’s Blazing Stewardesses rip editorial board (which is wrong again-but consistant) praised our Washington delegation for supporting the raping and pillaging of subprime credit card holders. Because taking 50-100 years to pay off credit card debt seems reasonable to them;
Sen. Tim Johnson and Sen. John Thune as well as Rep. Stephanie Herseth Sandlin were representing the interests of South Dakotans, the job that residents here elected them to do, with their votes.
We’re gratified to see them take this stand.
Because if First Premier has to lay off 5,000 people next year, we are screwed.
1) Does Dirst Premier even have 5,000 employees?
2) What makes you think they’ll have to lay them off. They’ll still be making money hand-over-fist. Credit cards haven’t been banned altogether.
As I understand it they will have to drastically change their program to something 100% different, in 9 months, that’s like 9 days in the credit card industry. And you are right, I was exagerating, if they do not change the program the only people that will be laid off is the sales reps.
If they’re even reasonably well-run, they’ve seen these laws coming down the pipe since Obama started looking inevitable – possibly as far back as 2006. They’ve been planning for this, and all they have to do is implement those plans.
It will be interesting to see how they adapt, but I don’t think they’ll be hurt too badly.
“They’ve been planning for this, and all they have to do is implement those plans.”
I used to think like that, until I started working in this industry. Making changes is like pulling teeth.
If the change means the difference between surviving and going under, it will be made. I worked in a very similar industry for a while, and they adapted fast when they had to.
If they don’t, they deserve to fail. Regualtory risk is one of many factors taken into account when businesses grow/expand. They plan for it before it happens.
Trust me, they will just have lawyers tie up the legislation as long as they can like they did with Country of Origin Labeling.
They’re gonna need a lot of lawyers.
Trust me, they could hire 1,000 lawyers and it would still be more beneficial to them to be paying them to fight this then to let this cash cow go away.
It’s all loan sharking. It’s always only been loan sharking. If the banksters can (and do) make money on 5% mortgages, they can make money on 5% APR credit cards. But they refuse to. Their greed has torn off their own noses to spite their faces.
Lewis, not that we want to dance on anyone’s misery, but since the Argus is too beholden to banksters cheesy ad revenue to do this – please consider tracking the job loses in SD from this bill. (It may take a long time to count ’em, (since there won’t be any).)