Saturday, November 8, 2014

Insane Govt Spending - By Executive Order, Obama Bails Out Credit Card Companies

By Executive Order, Obama Bails Out Credit Card Companies:

Obama used the people’s phone and pen set to give away some more of our money.

Borrowed money…

President Obama signed an Executive Order on “Improving the Security of Consumer Financial Transactions,” which is basically an 8 billion dollar taxpayer funded giveaway to credit card companies.

What’s even more amazing is how little it costs to get money from Washington these days.

Last year VISA spent $518,000 on donations to candidates of both parties and $2.7 million on lobbying and for this they reap billions. Pretty good return on investment!
Get the whole scoop:

Here’s the deal, lately the credit card companies have been shelling out a lot of money due to identity theft. So they need to tighten security.

In order to make these changes (adding encryption chips to the cards and upgrading all the credit card readers in stores ) is going to cost them a lot of money, about $8 billion. The trouble is, even though those changes will save them a fortune and even though they can easily afford to make the improvements, they don’t want to spend their own money.

So along comes Obama offering to put those costs on ‘we the people’s credit card’ which is already maxed out to the tune of $17 trillion.