What’s the quickest way to ensure that credit availability to consumers will dry up immediately?
That’s an easy one…make it less profitable for credit card issuers to lend! Combined with the additional risk of lending in a recession, that’ll do the trick. And that’s exactly what Obama‘s anti-business gang did next:
From the New York Times:
Under the measure…banks and card companies would be required to give 45 days’ notice before a change in interest rates…would be prohibited from raising rates on existing balances unless a card holder fell 60 days behind on minimum payments…makes it much harder to issue credit cards to students and prevents companies from charging a fee to those who exceed their credit limit unless the customer elects to pay the fee in exchange for being allowed to charge more.
OK, great. So more protection for people who aren’t able to figure out what they can afford and what they can’t…what else does the bill accomplish?
But the credit card victory came at a cost that angered some backers of the legislation: approval of an unrelated provision allowing visitors to national parks and wildlife refuges to carry loaded weapons if they are otherwise licensed to possess guns.
Awwwww Hell Yeah! I was just talking to my Mom the other day about how much easier this economic environment would be on us all if only we could walk into National Parks with LOADED weapons. I mean, yeah, I guess it’s pretty cool to be able to visit Jellystone Park with an empty gun, but loaded? Now that’s stimulus.
I’m going to give you the name of the responsible politician who snuck this psychotic provision into a bill designed to protect consumers knowing that the Dem’s wouldn’t vote it down no matter what. That way, when you see him at Dunkin’ Donuts, you’ll know to be careful. After all, if he wants guns in the park, imagine what he’s strapped with headed for his morning coffee.
Our intrepid statesman is Senator Tom Coburn, Republican of Oklahoma…American hero.
So let’s sum up what we’ve learned…we have a bill meant to protect consumers, but that will actually, in the real world where we live, REDUCE the amount of available credit as issuers say “f@ck it, too much hassle for not enough profit”.
And then the cherry on top of this bill, which won by a vote of 361 to 64 in the House, is that we get to roll up on National Parks from coast to coast packing heat, loaded guns. This bill may work out well in a Red Dawn type scenario, but barring that, I’m gonna go out on a limb and say it’s one of the stupidest pieces of legislation ever to drop out of the armpit of DC.
Congrats, guys! Homerun!