Ahhh, populism. You truly are the worst form of government.

Leave it to Dodd/Maloney to put in place a law on unsecured credit lending that MATHEMATICALLY/ACTUARIAL forces companies to raise rates and slash limits....

Then blame everyone but themselves for the reality when it happens.



"Maloney said credit card companies "brought this on themselves"" haha. idiot.

Can you imagine the credit limit SLASHES that would have happened if they just immediately froze rates on CC companies?(socialism, by the way) Some people had 6.9% unsecured credit rates. If you can't raise someones 6.9% Unsecured credit rate, why would you ever lend them anything over $500-$1,000? It's tough to get a secured loan for that rate.

Playing with capitalism by adjusting free market rates/rules punishes small businesses, responsible people, reward $ card users, and the poor. To benefit the irresponsible, delinquents, and so that a congress man in a close race (Dodd) can make it look like he's doing something good.