Political Quotes

“I will be necessarily brief. First of all, with regard to the credit card companies, this isn't a problem for credit card companies. If you go to the grocery store and use a credit card, it lists the grocery store. You have an automatic receipt. There is a presumption that you went to the grocery store and you bought groceries. They are not luxury goods. That is automatic. You could go in and charge $1,000 of groceries on that credit card and there would be no problem. Second, if you take a look at what we are talking about, in addition to the credit card companies, you can draw up to $750 in cash. You if go above $750, you have to explain. If you go up to $749 in cash, you don't have to explain anything to anybody. We are talking about the mother who is in real trouble and can't pay her bills. I am as sympathetic to that as anyone. But that is not with this is about. We are misreading. First of all, it applies to only luxury goods. On page 147, line 2, a consumer's debt owed to a single creditor--if you have five different credit cards and go out and charge $250 on five different credit cards, it doesn't matter. This is a bunch of malarkey, with all due respect. I understand the intention, and I think this is just a misreading of the legislation.”