Summary
Congress is congratulating itself today over its passage of a credit-card reform bill. This afternoon, there'll be a signing ceremony at the White House. But this ain't hardly the law President Barack Obama came to Albuquerque urging our senators and representatives to approve -- and our federally protected bankers already are at work on ways to keep the American public paying through the nose for our plastic instant loans.
Some of us shouldn't have credit cards; our must-have-now, worry- about-it-later society includes hordes of irresponsible chargers; they're the ones the card companies have been nailing with ex post facto fees that'd choke a horse. As the president put it in moneylenders' defense, "Banks are businesses, too. So they have a right to insist that timely payments are made."See the full content of this document
Extract
If This Be Credit Reform, Bring Back Dante!
But when the big print in their advertisements touts reasonable- sounding charges for their service, and the small print says the borrowers ...
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