Credit-card companies take unfair advantage of us. Let's revolt.
Workers at the largest financial institutions are on pace to earn as much money this year as they did before the economic collapse, according to a recent article in The New York Times. Goldman Sachs just set aside $4.7 billion for bonuses and compensation in the first quarter. And traders and investment bankers at JP Morgan Chase are projected to earn an average of over $500,000 this year.
I think it's safe to say that these guys just don't get it, no matter how many times they get hauled to Principal Obama's office.
So even if the Senate passes credit-card reform this week, as the House did last week, not enough will change fast enough. Several of the new regulations won't kick in until a year after the legislation is enacted or July 1, 2010, whichever comes first according to Bloomberg News.
So I'm introducing a plan that can take effect as soon as your next billing cycle. Let's stop paying our bills. Millions of us all at once can tell our unscrupulous credit-card lenders that we won't pay them another cent until they make the terms more reasonable. There's no regulation that says they have to wait until the law passes .
They've been raising our rates arbitrarily for years; I assume they can lower them, too. The impact of our civil disobedience will be immediate. And best of all, this action won't add to the federal deficit. All we have to do is say, "Enough." The short-term effect will be an additional stimulus for the economy as millions of ordinary Americans suddenly have more disposable income to spend on real goods and services rather than on usurious interest payments.