“Business” media with no empathy for consumers, worry for credit card companies

May 15, 6:56 PMDC Corporate Ethics ExaminerJim Cunningham

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As I’ve said before, even recently, the problem with “business news” media is that it’s pro-business to a fault. An excellent example of this is the way it has been expressing so much concern, lately, for the welfare of credit card companies during a time it’s obvious to most people that credit card companies need tighter regulations because they’ve been taking advantage of consum… [ahem] their customers.

Worries over huge credit-card debt

I was fooled by that headline. I snorted when I realized the “Worries” were over the credit card companies – not the public.

See:

The federal government said last week that 12 of the nation's 19 biggest banks could experience credit-card losses of $82.4 billion through the end of next year under a "worse-than-expected" economic scenario.”

Wait, it gets better… er, um… worse:

The severity of credit-card losses will depend largely on how high the unemployment rate goes. It reached 8.9 percent in April, and some economists expect it to climb past 10 percent.”

Heavens! Those poor banks are going to be affected by the unemployment rate! What about the… um… the UNEMPLOYED! How’s THIS for a “business” headline…  
“8.9% of working people have been layed off and can no longer afford to pay their bills!”

That gets more to the POINT, doesn’t it? But NOOOO… the “Business” media are, as always, more concerned with the investor class who still have money – and investments - and are just interested in how they’re going to protect them.

(This, by the way, is part of the reason I now believe it was a really BAD idea for the Washington Post to do away with their business section and just cram all of that “Business” news into their ‘A’ section. But more on that in a future entry.)

Republicans, ever willing to put corporate interests over people, are worse, and CNN Money sympathizes:

Senate Credit-Card Legislation Could Crimp Issuers' Growth

Proposed credit-card legislation would put the brakes on the ability of issuers to raise interest rates and impose late fees - the very tools used by card companies to offset rising losses in the current economic slump…”

Tools? TOOLS!
 

You say “corporate corruption and greed”, CNN Money says, “Potato”.