2/3/2012 6:16 PM ET|
Arbitrate your life away
But the fact that the National Arbitration Forum could do business at all shouldn't give anyone comfort -- least of all the companies that argue that arbitration is just as good as going to court, only faster and cheaper.
It's the "cheaper" part companies really like, since they don't have to deal with pesky class-action lawsuits that cost them money and (often) force them to clean up their acts when they're treating consumers unfairly. Companies warn that the end of mandatory arbitration would result in higher prices for consumers. Give up your rights so you can save a few pennies, in other words.
If binding arbitration is really a better option -- cheaper, faster and just as fair -- then companies should let it compete in a free marketplace. Let us choose whether to have disputes resolved that way, rather than forcing it on us as our only option. That's the way binding arbitration used to work, before companies figured out they could strong-arm us into signing our rights away.
One way to curb corporate power would be to have Congress step up -- OK, OK, you can stop laughing now. Big Money has such a stranglehold on our lawmakers that only public opinion -- a big, roaring mass of public opinion -- can force Congress to defy its corporate funders. We haven't got that at the moment, again because most people don't realize what they've lost.
Another possible solution lies in the newborn Consumer Financial Protection Bureau. The Dodd-Frank financial reform act requires the bureau to study mandatory-arbitration clauses, and the bureau has the rule-making ability to limit or even abolish the clauses in consumer contracts.
No wonder the big banks have opposed the agency. It's our best hope of getting back our power of choice. Keep your fingers crossed.
Liz Weston is the Web's most-read personal-finance writer. She is the author of several books, most recently "The 10 Commandments of Money: Survive and Thrive in the New Economy" (find it on Bing). Weston's award-winning columns appear every Monday and Thursday, exclusively on MSN Money. Join the conversation and send in your financial questions on Liz Weston's Facebook fan page.
VIDEO ON MSN MONEY
Rallys don't do anything as proven by the Occupy try. Now all those people have is cold feet. Just like the tea party. No one is going to change the abuse we take as citizens (I mean the real American Citizens).The long and short of it is this entire financial, social, and business philosophies stink. They will not be changed soon. Just be a good boy or girl and bend over because I am sure there is more to come. Who would have ever thought this kind of thing could ever happen in our country? Well, it did.
Rallys don't do anything as proven by the Occupy try. Now all those people have is cold feet. Just like the tea party. No one is going to change the abuse we take as citizens (I mean the real American Citizens).
Gary, there is ONE WAY to take our government back.
Hear me out and then follow suit. Rais the flag and spread the word on this, as its the only way to make this happen:
The problem with our government isn't party-related (not any more, at least) its power-related. No matter which candidate gets elected in November, he/she is already encumbered by campaign support to pursue certain interests that are not pro-citizen. And the reason this happens is because candidates who win the primaries are the candidates with the most financial support from special interests. The only way to stop this is to vote differently in the primaries. If we vote in the candidate who doesn't have all the fancy ads and TV face-time, we eschew the system that is pinning us down. We selected the candidate who has most-likely said "NO!" to back-scratching and favor-for-funds politics - perhaps even selected a candidate with...integrity. Now if both the Democrat candidate and the Republican candidate come from this type of background, then whoever wins will truly represent the will of the majority that he/she was chosen to represent. No business favors owed. No entaglements with lobbiests or wealthy donors. A Congress made up of these underdogs could re-write campaign rules that could eliminate this whole system. But they must be the ones in office to do so, because anyone in office right now is already a pawn, and are beholden to vote against anything that would handcuff their backers.
Quit the straw dog crap. Because you can type doesn't mean you have a brain.
I'm going to institute a 100% stupidity tax for people who post trash.
Are corporations run by people? Do corporations represent the interest of the stockholders and employees? If you tax someone or thing, should they not have a right to speak freely? Do some among us want to have taxation without representation?
This is the same kind of thinking that lead to the housing crisis. "Gee, I didn't realize that when I signed for this mortgage that I would really have to make monthly payments."
It's a contract......if you want the product you accept their terms and plan on living up to them. If not, you do without or go to another provider. Plain and simple.
Really getting tired of the whiney, non-responsible mentality that has crept into our society.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
RECENT ARTICLES ON CREDIT CARDS
Joe Cantrell says he faces charges after trying to take advantage of the retailer's policy.