(Video) PBS Frontline documentary "Secret History of the Credit Card"
[source]
This post is a shout-out to Qrswave, who has written extensively on the topic of usury and abuse of the common people to enrich the few through the fraudulent & exploitative activities of Federal Reserve, Wall Street, banking-financial institutions and credit card companies in the past.
Did you know the existence of "Office of the Comptroller of the Currency", a bureau of Department of U.S. Treasury?
No?
Then the documentary will shed light on what this obscure organization do -- and it exists to protect the banks' fleecing of American customers with the practice of usury as the gatekeeper of the swindling corporations masquerading as the regulator, subsidized by the taxpayers. Un-f*cking-believable.
Because I'm a frugal person, I seldomly use the credit card. In fact, I 'never' carry it with me. It stays in the shoe box where it belongs. I live within my means, as opposed to the American way of life in the customer culture of "have more, will pay later". I always use debit card and bank transfer transactions, but these come with significant risk of fraud that may be irreversible compared to chargeback advantage of credit card.
The documentary is guaranteed to make your blood boil with the history of how the credit card industry flourished by exploiting the loopholes to swindle the millions of customers in the name of greed.
I will make mention of two particular segments of appalling revelations as indicated on the time marks.
Special guest appearance with Eliot Spitzer as the now-disgraced former Attorney General of New York state.
- 10:00 to 14:12
- 26:57 to 31:08
Frontline episode aired in November 2004 - 56 minutes
