European Stars and Stripes (Newspaper) - November 18, 1991, Darmstadt, Hesse                                Monday november 18, 1991 the stars and stripes b Page 5bankers rip Cap on credit card rates Washington Apas Many As 60 million americans could lose their charge cards and the Economy sink Back into recession if Congress forces a reduction in credit card interest rates Bankers say. A something like this gets to every Consumers pocketbook a said Mark Riedy president of the National Council of Community Bankers. A is it the Straw that Breaks the camels Back and leads us Back into another recession if it goes through it certainly  based on a spot Check of a dozen major card issuing Banks the american Bankers association estimates that nearly half the nations 120 million Mastercard and visa users would lose their cards. Those who keep them could face sharply reduced credit limits higher annual fees and loss of the Standard 25-Day Grace period before interest is applied the group said. A plan to impose a floating ceiling on rates won overwhelming endorsement in the Senate last week a Day after president Bush suggested Banks bring Down the rates on their own. On Friday the Dow Jones average of Industrial stocks plummeted 120.31 Points the steepest drop in two years. Treasury Secretary Nicholas Brady blamed the fifth worst decline on the Senate legislation and predicted the Market would rebound. A i done to expect that legislation Ever to see the Light of Day and i think the Market will understand that a Brady said sunday on no cd a meet the press. A this is Wacky senseless  Brady said the legislation would a result in credit cards which Are elitist. The Only people who would have credit cards would be the Rich  sen. Alfonse m. Do Amato r-n.y., sponsor of the legislation said on the same program that it was a ridiculous Quot to say the legislation precipitated the Stock Market decline. A if there was Competition this legislation  lenders undoubtedly would Cut Back sharply on the availability of credit cards. Such actions could adversely affect consumer spending and the  Federal Reserve chairman Alan Greenspan some traders said the credit card proposal is worsening fear that a shortage of credit plaguing businesses could spread to Consumers. A lenders undoubtedly would Cut Back sharply on the availability of credit cards a Federal Reserve chairman Alan Greenspan told Congress. A such actions could adversely affect consumer spending and the  under the Senate formula a attached to legislation designed to Rescue the governments Deposit insurance fund a rates now would be capped at 14 percent. That a Well be necessary a he said. A a it a not elitist legislation. Working class taxpayers Are being called on to bail out the Banks for the Baa Loans that they have  vice president Dan Quayle on abcs this week with David Brinkley said he was a confident that the president will make sure that this does not become Law and if that requires a veto so be  under the 18.9 percent Industry average and the 19.8 percent levied by eight of the top 10 companies. Senators said their constituents Are tired of being gouged by card rates that have increased while other rates including the interest paid on deposits have fallen precipitously. But Bankers and economists said a rate Cap at a time of rising bankruptcies would leave credit card companies with Little Choice but to close the accounts of All out the most credit worthy customers. Bush urged Banks last week to lower the credit card rates to a help stimulate the consumer and get Confidence  Bankers interviewed after tuesdays speech said politely but firmly that they would Price their cards for business reasons not based on what a politician however powerful said. Do Amato then surprised Bankers and the administration by proposing to Force rates Down. Senators even such conservative republicans As Strom Thurmond of South Carolina and Alan k. Simpson of Wyoming flocked to pass the rate Cap in a 74-19  blames town for Muakka Gold drug ring Tampa Fla. A a judge chastised residents of Muakka City for tolerating a marijuana ring that grew More than 1 million plants Over a decade and earned the tag a pm hakka Gold for its Premium pot. . District judge Elizabeth a. Kovachevich imposed sentences Friday of one to 11 years for 21 Muakka City residents who pleaded guilty to roles in the pot growing conspiracy. The judge said the defendants their families and friends had a a Brazen  looking toward the packed gallery of her courtroom Kovachevich added a i perceive an attitude that has to be broken in the Muakka City area. You were As much responsible As they Are. You supported them morally and emotionally. Nobody stopped them. Everyone just said a go for  a Smith s lawyer reports 6 break ins at alleged Palm Beach rape site investigators uncovered a conspiracy dating Back to 1981 to produce the pot. Those pleading guilty admitted to germinating marijuana seeds transplanting seedlings into pots placed in plastic foam and floating the pots among weeds on Public and private wetlands in the area. N the stars and stripes from wire reports Miami a at least six break ins have occurred at the Kennedy family a Palm Beach estate since William Kennedy Smith was accused of raping a woman there easter weekend Smiths attorney said saturday. A the police do have some suspects that they Are investigating a said defense attorney Roy Black who lives at the estate during the week. A at least six times people have come into the  Palm Beach police Are continuing their investigation involving possible burglary charges. A dispatcher saturday would not comment on Blacks claim about the break ins. A i tend to think its More in the realm of people taking photographs a Black said in his Miami office. A i done to know anyone a broken in to steal  Black claims a camera carrying intruder was seen the night of nov. 11 inside his mansion bedroom where the cases defense documents Are kept and was chased off the property. Police charged Robert Calvert a freelance television cameraman with trespassing. But Calvert was not identified As the person seen inside the bedroom and he denies it though he acknowledges staking out the estate. Since last weeks apparent burglary attempt private Security around the compound has been increased Black said in an hour Long interview Given under the limited gag Rule the judge has placed upon trial participants. Meanwhile jury selection is scheduled to continue today. Smith the 3l-year-old Nephew of sen. Edward m. Kennedy d-mass., has denied charges that he raped a 30-year-old woman March 30. Circuit judge Mary Lupo has scheduled opening statements for dec. 2. Black has argued the alleged break ins and pretrial publicity have jeopardized Smiths chances for a fair trial. Black also said jurors Are going to see More Kennedy family members coming to court when Smiths rape trial starts next month. A i would think that anyone who is on trial would want to have his family at the trial a Black said in the interview. A a in be gotten Many Calls from family members who want to come and sit in the courtroom while will is on  but since the defense Only has passes for three places in the 48-seat courtroom Black said a people will have to come Down at different times. A lot of members of his family Are going to come Down and sit for a Day or two Days or half a Day in the courtroom. Because they want to be with him at this difficult  Smiths Uncle Robert Sargent Shriver jr., attended court twice last week. Smiths Mother Jean Kennedy Smith and aunt Patricia Kennedy Lawford along with the defendants brother and two Sisters came to court earlier during jury selection. Although the attorney reported getting Calls from a a Large majority of Kennedy family members he declined to identify them or provide any schedule for their courtroom appearances. Texas youth Dies after being starved fort Worth Texas up a a 13-year-old boy died saturday nearly two weeks after being found starving and chained in his parents Mobile Home officials said. Morning Man at medical Center. The boy had been on a ventilator since being brought to the Hospital nov. 3 after paramedics were summoned to the White settlement trailer Park when a 911 hang up Call was traced to the Home. Jay and Linda Hill remained in jail accused of denying the boy food As a form of punishment. State District judge Scott Moore who denied a request from doctors that the boy be removed from life support systems said he remained on the equipment until his death. Doctors made the request Friday be cause of Stephens worsening condition but Moore said he wanted to hold a hearing before granting such a request. Jay Hill 42, was indicted by a Tarrant county grand jury last week on charges of aggravated kidnapping and injury to a child. His Bond was set at $200,000. Linda Hill 38, was being held on charges of injury to a child but her Case has not been heard by a grand jury. Her Bond was set at $100,000.10 years ago nov. 18,1981 state department officials reported that president Reagan planned to propose a virtual elimination of . And soviet medium Range missiles in europe.20 years ago nov. 18,1971 a president Nixon rejected a provision attached to the military procurement Bill. The so called Mansfield amendment requested that Nixon set a final troop withdrawal Date from Vietnam subject to the release of american prisoners of War and an accounting of . Troops missing in action.30 year Sago nov. 18,1961 a defense Secretary Robert s. Mcnamara said americans military buildup in the Berlin crisis was proceeding rapidly. Meanwhile Secretary of state Dean Rusk said the . Offer to provide nato with its own nuclear Force would be discussed by president Kennedy and German Chancellor Konrad Adenauer in the following week.40 years ago nov. 18,1951 a there were frontline Hopes for peace As the communist forces indicated they might accept a dramatic . Proposal to end the korean War within a month. The United nations said it would accept a Buffer zone along the present Battle line if the communists agreed to an Exchange of War prisoners and other details of a formal armistice. .