Tuesday, May 19, 2009

'Credit Card Restrictions Close to Enactment'

From The Washington Post here. I saw this at Salon earlier. This is the original lede paragraph. New lede paragraph follows. (Actually, on closer look, the entire story was redone.) (Original title: "Senate passes credit card crackdown".)

The Senate today overwhelmingly passed a bill that would sharply curtail credit card issuers' ability to raise interest rates and charge fees, taking a critical step in reforming an industry that has gone largely unregulated for decades.

Landmark credit card legislation, poised to reach President Obama's desk by Memorial Day, will force the card industry to reinvent itself and consumers to rethink the way they use plastic.

Interesting how the story morphed from its consumerist angle to a corporatist angle. Poor banks, which got public bail-out money and then turned around and sunk their fangs deeper into the throats of the struggling middle class. (I put no stock in The Washington Post.) (See graph below.)

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