Joe Cunningham: “this is an issue of principal. If an individual makes a loan, it is simple, they pay it back. When an individual goes in…”

“this is an issue of principal. If an individual makes a loan, it is simple, they pay it back. When an individual goes in to borrow, whether it is from their colleague, a bank, whether it is a savings and loan or whatever, they know what the interest rates are and they should adhere to the rules of that loan. If they do not, it is called responsibility. They should take responsibility for that action and pay it back. And if they cannot, then it is called accountability. We must all account for the fact that we did not take into account all the different areas in which we cannot pay back that loan, whether it is from our brother, a bank or anybody else. The gentleman speaks about the rich versus the poor and the credit card companies making all this money. No one makes an individual go get a credit card. No one makes an individual borrow from their uncle or father or whatever it happens to be. But if they do, they darn sure better pay it back, because we do have laws in this Nation, versus someone saying, oh, someone is preying on the other individual. Interest rates, according to Alan Greenspan, are below 2 and 8 percent lower than if a liberal Congress would have ruled since 1994 because of the balanced budget. Now, think how an 8 percent increase on a credit card would have affected these people. It would have been disastrous. The other liberal answer is to tax people.”