Senate Caves to Banks: 21 Dems Join GOP to Kill Credit Card Rate Limit

OPS:  With Dems like these, who needs enemas ?

Senate Caves to Banks: 21 Dems Join GOP to Kill Credit Card Rate Limit

Last Wednesday, Sen. Dick Durbin, D-Ill., the majority whip and the chairman of the Subcommittee on Financial Services and General Government, said this:

DURBIN: And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place.

Flash forward to today:

The U.S. Senate blocked consideration of a 15 percent cap on credit-card interest rates, as lawmakers continued debating ways to limit lenders’ fees and changes to contracts with consumers.

Senators voted 60-33 to invoke budget rules that killed the proposal, by Senator Bernie Sanders, a Vermont independent. Sanders said the action was needed to stop banks from routinely charging 25 percent to 30 percent on credit cards.

via Pensito Review » Senate Caves to Banks: 21 Dems Join GOP to Kill Credit Card Rate Limit.