Hooray for the Credit Card and Loaded Weapon Bill!

The Bill's Sponsors

The Bill's Sponsors

Pop quiz:

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!

Tags: , , , , ,

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.

What's been said:

Discussions found on the web
  1. Hondo commented on May 21

    As Rep. Kanjorski explained on CNBC this morning, many national parks are experiencing increasing bear activity (the animal, not the stock market condition!) and being able to bring a rifle into a national park for self-defense isn’t such a bad thing.

  2. Hondo commented on May 21

    As Rep. Kanjorski explained on CNBC this morning, many national parks are experiencing increasing bear activity (the animal, not the stock market condition!) and being able to bring a rifle into a national park for self-defense isn’t such a bad thing.

  3. Hondo commented on May 21

    As Rep. Kanjorski explained on CNBC this morning, many national parks are experiencing increasing bear activity (the animal, not the stock market condition!) and being able to bring a rifle into a national park for self-defense isn’t such a bad thing.

  4. Angela commented on May 23

    Hoorah for the guns! You mean the Republicans FINALLY decided to play the same DIRTY games the Democrats play ALL THE TIME and slip a totally unrelated piece of controversial legislation on the back end of a bill. Go Repubs! You are finally taking notes from the Dems and playing the same game they invented. More Power to Ya! Firepower that is!

    Considering a small boy got eaten and killed by a bear last year hiking in the smokies on a trail to a commonly visited waterfall, I think guns are a MUST when in the parks as the parks are very dangerous and I wont go there without arms to protect my life.

  5. Angela commented on May 23

    Hoorah for the guns! You mean the Republicans FINALLY decided to play the same DIRTY games the Democrats play ALL THE TIME and slip a totally unrelated piece of controversial legislation on the back end of a bill. Go Repubs! You are finally taking notes from the Dems and playing the same game they invented. More Power to Ya! Firepower that is!

    Considering a small boy got eaten and killed by a bear last year hiking in the smokies on a trail to a commonly visited waterfall, I think guns are a MUST when in the parks as the parks are very dangerous and I wont go there without arms to protect my life.

  6. Angela commented on May 23

    Hoorah for the guns! You mean the Republicans FINALLY decided to play the same DIRTY games the Democrats play ALL THE TIME and slip a totally unrelated piece of controversial legislation on the back end of a bill. Go Repubs! You are finally taking notes from the Dems and playing the same game they invented. More Power to Ya! Firepower that is!

    Considering a small boy got eaten and killed by a bear last year hiking in the smokies on a trail to a commonly visited waterfall, I think guns are a MUST when in the parks as the parks are very dangerous and I wont go there without arms to protect my life.

  7. Jonathan commented on May 23

    Mr. Brown you act like you have never heard of a bill being tacked onto the end of another bill, a tactic that apparently you were never aware of.

    Who invented this tactic and who is guilty of doing this very same thing on just about every bill written, THE DEMOCRATS.

    You talk like this is some new thing that the Republicans did and yet your own party is the one who does this more than anyone.

    Oh, I forgot, it’s ok when the Dems do it. It’s justified if it is a Democrat.

    Gun owners are not psychotic and I hope if you have a child you dont take that child into a National Park with wild animals without someway to protect that child’s life. That would be very irresponsible of you.

    I am sure glad people like you were not around when our forefathers wrote the constitution and gave us the right to bear arms.

  8. Jonathan commented on May 23

    Mr. Brown you act like you have never heard of a bill being tacked onto the end of another bill, a tactic that apparently you were never aware of.

    Who invented this tactic and who is guilty of doing this very same thing on just about every bill written, THE DEMOCRATS.

    You talk like this is some new thing that the Republicans did and yet your own party is the one who does this more than anyone.

    Oh, I forgot, it’s ok when the Dems do it. It’s justified if it is a Democrat.

    Gun owners are not psychotic and I hope if you have a child you dont take that child into a National Park with wild animals without someway to protect that child’s life. That would be very irresponsible of you.

    I am sure glad people like you were not around when our forefathers wrote the constitution and gave us the right to bear arms.

  9. Jonathan commented on May 23

    Mr. Brown you act like you have never heard of a bill being tacked onto the end of another bill, a tactic that apparently you were never aware of.

    Who invented this tactic and who is guilty of doing this very same thing on just about every bill written, THE DEMOCRATS.

    You talk like this is some new thing that the Republicans did and yet your own party is the one who does this more than anyone.

    Oh, I forgot, it’s ok when the Dems do it. It’s justified if it is a Democrat.

    Gun owners are not psychotic and I hope if you have a child you dont take that child into a National Park with wild animals without someway to protect that child’s life. That would be very irresponsible of you.

    I am sure glad people like you were not around when our forefathers wrote the constitution and gave us the right to bear arms.

  10. Bitcoin Era Review commented on Sep 22

    … [Trackback]

    […] Here you will find 63626 additional Info to that Topic: thereformedbroker.com/2009/05/21/hooray-for-the-credit-card-and-loaded-weapon-bill/ […]

  11. PI News Wire commented on Sep 22

    … [Trackback]

    […] Read More on that Topic: thereformedbroker.com/2009/05/21/hooray-for-the-credit-card-and-loaded-weapon-bill/ […]

  12. pinewswire commented on Sep 30

    … [Trackback]

    […] Find More here to that Topic: thereformedbroker.com/2009/05/21/hooray-for-the-credit-card-and-loaded-weapon-bill/ […]

  13. bitcoinloophole commented on Oct 04

    … [Trackback]

    […] Read More Information here on that Topic: thereformedbroker.com/2009/05/21/hooray-for-the-credit-card-and-loaded-weapon-bill/ […]

  14. 918kiss commented on Oct 07

    … [Trackback]

    […] Information on that Topic: thereformedbroker.com/2009/05/21/hooray-for-the-credit-card-and-loaded-weapon-bill/ […]

  15. older dating commented on Oct 14

    … [Trackback]

    […] Information to that Topic: thereformedbroker.com/2009/05/21/hooray-for-the-credit-card-and-loaded-weapon-bill/ […]