Rackets - Con Men

To the Editor,

I am an old man, I should say elderly, in the mid-nineties and recently retired. So what do I do? I read the newspapers and listen to the radio, WABC or WOR {NJ stations}, to hear the opinions of others and not my own.

So I decided that the writers and the news commentators are so well informed and clever, I don't have to think for myself.

So, I don't think on my own. After all, I was in business for over 70 years, and as successful as I wanted to be. By the way, I was thoroughly honest and fair. Never overcharged or sold the customer was anything not necessary.

That is my introduction and how my thoughts and opinions.

I first thought what a wonderful world. Everything is just peaches and cream. And then I thought is it possible that everyone could wear a halo on their head, that didn't make sense. So I thought some more. What happened to me like Ponzi, of the Ponzi and what happened to the Tulip Bulb scheme in Holland and the chain letters? Surely all the con men didn't die out. There must be some con scheme in the works right now. Could it be gambling, like in Atlantic City? No, most people I know go for the entertainment and ready to lose a couple of dollars for the excitement. And then I thought some more. Such as the credit card maze. I get credit cards through the mailwith 0 interest. Who bothers to read the fine print? Charges or late payment, tremendous interest charges, threatening letters. Call first and then nasty. Meanwhile, late charges at high interest rates and then the wait and then you hear that you over spent so they sue you for the money. By the way, after 15 days late the interest rate is 18%, compounded daily, and if you still can't pay the charges in full, including the original charges with late charges and interest, after another 15 days the charges is brought to 36%, again compounded. The next step you lose your home, your car and every tangible asset that you have.

Where is the government to stop this practice? I'll stop here because there is so much more to this con game.

J. Elefante
Elizabeth

As published in the Elizabeth Reporter