Free Markets, Free People


Nanny Wants New Credit Card Rules

Why not just wrap us all up in bubble wrap and bottle feed us?

“We like credit cards — they are valuable vehicles for many people,” said Senator Christopher J. Dodd, Democrat of Connecticut, the chairman of the Senate banking committee and author of the measure now being considered by the Senate. “It’s when these vehicles are being abused by the card issuers at the expense of the consumers that we must step in and change the rules.”

Doug Bandow provides the proper pithy reply to Sen. Dodd:

“Abused by the card issuers.” Of course. The very same card issuers who kidnapped people, forced consumers to apply for cards at gunpoint, and convinced merchants to refuse to accept checks or cash in order to force everyone to pull out “plastic.” The poor helpless consumers who had nothing to do with the fact that they wandered amidst America’s cathedrals of consumption buying wiz-bang electronic goods, furniture, CDs, clothes, and more. The stuff just magically showed up in their homes, with a charge being entered against them against their will. It’s all the card issuers’ fault!

Certainly card issuers are raising their rates arbitrarily to very high rates. And, as I did recently, card holders are calling them up and very politely saying “stuff it – and while you’re at it do it with my canceled card”.

Credit cards aren’t a ‘right’, and the fact that someone gets themselves into trouble with them doesn’t make them a ‘victim’ deserving of special legislation to “right a wrong”.

What in the world ever happened to individual responsibility and accepting the consequences for your actions?

~McQ

  • Facebook
  • Twitter
  • LinkedIn
  • Tumblr
  • Digg
  • Reddit
  • email
  • Print
  • Google Bookmarks

21 Responses to Nanny Wants New Credit Card Rules

  • The problem in the logic of thinking anything government does limits freedom is that even without government we get manipulated by advertisers, powerful actors, and others who get us to think the way they want us to, with the ‘myth of the free market’ causing people to believe they are making free choices.  There was a lot of manipulation to get people addicted to consumption, cheap  credit, to believe the ‘wealth effect’ (or ‘wealth illusion’) and make the choices we make.  We are all being manipulated every day, and delude ourselves into thinking choices are truly free.  True liberty requires more than just no or less government, the idea that markets are free or represent liberty is a pernacious lie that hides the ability of elites to shape and  manipulate the people.  

    • “There was a lot of manipulation to get people addicted to consumption, cheap credit, to believe the `wealth effect’ (or `wealth illusion’) and make the choices we make.  We are all being manipulated every day, and delude ourselves into thinking choices are truly free.”

      Erb, I know this may tend to stun you, but that is what being free is all about: we make our own choices. From good and bad choices we learn about life. If we speed in our car and hit a tree, we learn not to do it again. We learn not to tell our boss that he should die a slow death, as we might lose our job. We can buy a lottery ticket if we wish, even though the odds are overwhelmingly against us, because we are allowed to do so. It is called “free choice.” Government has absolutely no right to step in and try to regulate the choices we make, be they bad (eating fattening brownies) or good (leaving one job to get a better one that pays more). It is when government tells you that you cannot do certain things, then freedom dies.

      If you are too dense, or too left wing, to understand this, that smacks of your misfortune. But try not to act as if somehow The Clown™ in the White House is making things better with his takeover of all segments of our lives. He is only inviting revolution.

    • If you think consumers need to be protected from themselves, then I would suggest students need to be protected from their professors, too. After all, there is a lot of slanted propaganda that young, naive minds are going to absorb.

      Maybe we should set up a bipartisan commission that will review your lectures to make sure of their quality before you can deliver them.

      Fair?

    • I’ve said it before and I’ll say it again…Erb is a piece of sh!t.

    • We are all being manipulated every day, and delude ourselves into thinking choices are truly free.

      When someone gets a credit card offer in the mail, what law says that the recipient is required to sign up? If some ad is run on TV, who says that a viewer cannot decline to buy the product being advertised? And where does it say that someone of limited financial means must buy a home?

    • And of course these evil elites (the Illuminati? Masons? Vast Right Wing Conspiracy?) are too stupid to think of trying to shape and manipulate the government, which is  cheaper and easier.

    • Just because you’re too weak minded to make your own way in the world and need protection, don’t drag us into it.

      Somehow I made it through w/o getting myself “addicted to comsumption” or running up unpayable debt on my cards buying junk I couldn’t afford and didn’t need. Guess that makes me a superman or something.

      Let the people who run up their charge cards have everything reposessed. If that means they get kicked out of their homes, boo hoo.

      Either learn basic personal budgeting principles or suffer.

    • “even without government we get manipulated by advertisers, powerful actors, and others who get us to think the way they want us to, with the ‘myth of the free market’ causing people to believe they are making free choices.”

      Absolutely the dumbest thing you’ve EVER written. 

    • That is certainly an interesting argument to make at a site brimming full of LIBERTARIANS, you know the guys who think that free choice is an inalienable right? 

      Well if the power of advertisement is so great that we have no free will, then I suspect that you have a horde of consumer items in your home and are up to your ass in debt right?  NO? Oh I see, only the hoi polloi and riff raff are too stupid to watch out for themselves, so they need Obama and smart professors to look after them.

      Also, if the things we see in movies and television and on magazines is so powerful that it subverts free will, then the arguments of the christian conservatives take on new meaning don’t they?  After all, if those things truly are powerful then when the do gooders complain about all the violence and gratuitous sex they see in media and how its harming kids, then they must have a point right?
      Maybe then by your argument we should be for censorship. (for the children)

      You know, I don’t think you intend on being a jackass, but your ideology makes you one.

    • True liberty requires more than just no or less government, the idea that markets are free or represent liberty is a pernacious lie that hides the ability of elites to shape and manipulate the people.

      Scott, true liberty is anarchy, which requires precisely no government. Would you clarify this statement? What are you advocating?

    • But, Scott. can’t we say the same thing about our schools including the universities.  Of course, people try to manipulate each other, but only the government can do it at the point of a gun.   It seems quite unfair to point to advertisers and business without also including politics, politicians, and government.  Beside, you once recommend “The Myth of the Free Market”.  I haven’t read it yet (after finding two egregious errors on the first page after the introduction), but do you not think the author is trying to manipulate me into thinking as he does?  Is the author not trying to manipulate me into taking action that reflects his views?

      Rick

    • I love it when you demonstrate so ably that you just don’t get it at such a fundamental level.

      You teach eh?

  • Under the rules in the new world of The Clown™, we have the government monitor our food, our guns, how much we drink or smoke, what doctor we see, how much we earn at work, and how much our homes are worth and how the banks can or cannot lend us money.

    Karl Marx would be a proud fugger right about now.

  • Hell, consumers probably got more ripped off voting in people like Obama than using their credit cards. 

  • Same experience with cards here. I thought that if they hadn’t forced me to pay off all the cards as quick as I could, they could have kept me as a customer for a very long time and made a lot more money.

    But then I asked myself, why did I even agree to such a thing? I have a math-intensive degree so I’m entirely cognizant of how exponential growth works. I can read, and I was fully aware that the terms said they could raise the rates for any reason at any time.

    Why? Because everyone was doing it. I bought into the herd mentality.

    That’s the same reason I don’t want to government running things. How does the government decide things? By a vote or a committee or by polling people. And what is the dominant mentality in all of those? Herd mentality.

    I learned my lesson and I can avoid the same mistake in the future. I can ignore the conventional wisdom and do what I know is obviously right. But if we have the government take over, we’re yoking all our decisions to the oblivious herd of talking heads and do-gooder busybodies.

  • So, lemme get this straight: credit cards are good, but only so long as they charge “acceptable” interest rates and fees???  Isn’t this sort of thing only going to encourage people to keep using - in many cases, ABUSING – them?

    “Hey!  Congress slashed my interest rate in half, so my minimum payment dropped!  Now I can afford that plasma TV I’ve been wanting!”

    It would be interesting to see that crook Dodd try to explain why in the world a card company or bank should issue cards to people when they won’t make much (if any) profit.

  • pedro has been steadily getting naturalized. it’s a beautiful thing, speaking god’s only officially approved language.

    and pedro agrees with bruce here. until that point in time when these credit card companies show up at our door with their hats in hand, that is, looking for a guvmint handout.  then all bets are off.

    • these credit card companies show up at our door with their hats in hand, that is, looking for a guvmint handout.

      Awwww P (you don’t mind if I call you P do you?),   fact is most of the big banks we’ve already financed HAVE come under the Federal wing, and the fact that most of them DO issue the major credit cards, well, you go ahead and pretend that the two groups are completely different.  If they ARE different,
      maybe you know who is running the Credit Card industry that you seem to think is drastically different than the banking industry the Fed is already bailing out?
      Pretty much every card I have is tied to a BANK (and it’s not like I only have one or two cards….) including American Distress Express.

  • There is a retailer in the eastern Pennsylvania who a few years back said it plainly …
    there is nothing in my store that you need … it’s my job to get you to spend anyway

    If they put that on your checkout receipt I bet, just like cigarettes, people would spend anyway.

  • What happened to observing the original contract? Since the mid 90′s, CC companies modified provisions of their contracts repeatedly.

    Today, CC’s make much more on fees than interest. Not so bad until your realize that many fees are induced, such as sitting on payments until one day after the due date (See Consumer Advocate Clark Howard’s research) and then rasing the interest rate from 8-10% to 27%. Or, raising the rates based on “poor payment performance”, which can and often does mean paying 50% more than the minimum for three months running.

    All this crap took place shortly after the Repub’s got control of Congress in 1995. Since thhat time, the Banking/CC industry has shoveled over $5 billion in campaign contributions to Congresscritters.

    If it walks like a duck, and quacks like a duck…

michael kors outlet michael kors handbags outlet michael kors factory outlet