Another sign of their stupidity . .

Senate Banking Committee Chairman Chris Dodd (D-CT) has introduced legislation to freeze credit card interest rates. “At a time when families are struggling to make ends meet, jacked up rates can quickly create crushing debt,” Dodd said in a statement. “People need to be responsible with their money, but they shouldn’t be taken to the cleaners by outrageous rates.” This follows a bill passed in May — the Credit Card Accountability, Responsibility and Disclosure Act — which bars rate increases without a 45-day notification. Since that bill is due to take effect in February, banks, not being stupid, are raising their rates now. Thanks, Chris. All we need now is a law that forbids banks from canceling cards or refusing credit for any customers. Why do Democrats think that problems created by regulation can be fixed only with more regulation?


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