This morning I am hearing the news about Chris Dodd's Credit Card Reform Legislation which was passed in the Senate yesterday. Under this bill certain predatory practices would be outlawed. In particular, those skyrocketing rates that the Credit Card companies spring on consumers after luring them into their trap with irresistibly low introductory rates will no longer be allowed.
Of course the Repugnicans are against it.
The reporter may have been paraphrasing the official Repugnican talking points on this. She said that their opposition is based in the expectation that such legal limitations would be ineffective since the Credit Card companies will obviously "have to make up the difference somewhere."
The idea is to stop the outrageous rip-off practices of Credit Card companies.
But Repugnicans insist that ripping people off is not only a right of the free market - for Credit Card companies it IS their business. If you try to regulate them by outlawing those surprise spikes in interest rates they will have to make up the difference somewhere...
They'll surely find some other way to rip us off!
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