This is our history in Sioux Falls, SD (H/T – Poly)

1. Interested in the how SF went from cow town to what it is today? There is no more important documentary that you can watch than this one. When it was released in 2004 on PBS’s Frontline program our local media made absolutely no mention of it at all. After all, how could our media giants respond about a doc that exposes their advertisers as scam artists.

   You wanna break out big time Stu Whitney? Write about the credit card scams going on right in your own backyard.

2. Everything in this video clip is accurate — as of 10 years ago. There have been many new regulations passed for the good of (and not so good to) consumers regarding credit cards. There is more regulation and more expense to the banks because of that regulation, which is passed to consumers in pricing of cards, pushed back to the merchants in fees, and absorbed by the banks as well. It is to the point of over-regulation and even the tiniest banks have to do what the largest banks have to do. If you can’t get a credit card from your local bank, these regulations are why.

   I’ve worked as an auditor in the industry for over 30 years as an employee and as an independent consultant. One thing has been constant — consumers continue to neglect reading the credit card agreement and fail to ask questions if they don’t understand what is in it. Time and time again, the language required has been dumbed down, printer larger, table formatted, etc.; but what does it matter if it’s not read? Personal responsibility prevails

   Introducing the credit card industry to the state, particularly SF, changed some things, for sure. Suddenly the best paying jobs didn’t necessarily involve packing meat, (though there is nothing wrong with doing that for a living). But, alternatives followed. It has been good.

   I don’t think this is a legacy for “us”. It is for the financial sector. Remember, banking services are not public utilities and they are not entitlements. Banking is for profit and they do a good job of making those profits. If they do things that are illegal, and many of the practices described in the Providian case are now illegal (and were then as well), then they deserve fines and whatever else is justified.

   A legacy is more than a product sold by a bank. Our legacy is what it has always been — things like faith, family, work ethic, pride in our work, city, state, and nation, along with other intangibles.

3. teatime says,

   Introducing the credit card industry to the state

   It has been good.

   I spent 21 years working in the credit card industry. I started at 5+ an hour and left making 12+ an hour (BTW, not even a living wage).

   Yes, it has been good for a small percentage. For the majority it has not.

4. Tea….you can apologize for credit card predators til the cows come home. The fact remains…they are predators of the old, the uneducated, and kids out on their own while still teenagers. If you did in fact watch the video then you know what now Senator Elizabeth Warren was talking about. Contracts are written to trap those least likely to understand what is inside that contract. The old, the young, the uneducated.

   http://www.nerdwallet.com/blog/credit-cards/first-premier-aventium-centennial-review/

   About your last paragraph and what our legacy truly is. ALL laughable Bullshit. If it is as you claim it is, WHY are half our school kids on free or reduced school lunch programs?

5. Poly, I wasn’t apologizing, just explaining and providing some updated information about changes in regulations in the last 10 years. If you want detail on the regulations, just go to http://www.frb.gov and search for credit cards. Pick your topic or lettered regulation and go for it.

6. Poly: I meant to ask you how the credit card industry causes more children to qualify for school lunches. That is an income based system regulated under the Department of Agriculture, as are food stamps. No personal expenses, such as credit card payments, are taken into account when applying to qualify for the lunch program. Credit cards are regulated by the Treasury Department.

7. teatime,

   Read my previous post.

   That’s how our children qualify for free and reduced lunches!

   teatime says,

   Introducing the credit card industry to the state

   It has been good.

8. Tea….if you actually take the time to read the link in post #4, you will see predators like first premier have teams of shady lawyers doing an end around for anything meaningful that was passed in the credit card reform act.

   First premier claims to help those with bad credit get back on their feet. Then why do they target first year college kids with no credit history? Same for senior citizens living in low income retirement apartments. Why is that tea.

   Like anon says, and I’m referring to your last paragraph rant about our legacy. How in the hell can one have pride in their work when their kids are going to school and getting free or reduced meal tickets? And anon has absolutely nothing to be ashamed of. It’s happening more and more often as the middle class lifestyle I enjoyed while in my working years is in today’s world the working poor.

   Will a republican senate and congress fix these things? Not likely. They are owned by their corporate campaign donors. I don’t look for things to change much in the next six years. But look out in 2020. I’m guessing 2 of 3 kids will then qualify for reduced or free meals. If such a program even exists then. Anyway, a tipping point, 2020, will be reached and the working Joe and Jayne will reclaim our government.

9. Poly: Yes, I have read every word of the links and listened to the entire video. The credit card act was 2009, other rules have changed since then. All information presented here is true, but dated.

   Your analysis still ignores an important component — personal responsibility — as in read before you agree.

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