Of Course, It Is the Banks’ Fault!

Congress is off on another crusade, to save Americans from credit cards. People get into debt, run up big fees, generally feel abused, and complain to their elected officials. Never mind the obvious convenience, which is why credit cards have become an indispensable part of American commerce. Legislators plan on micro‐​managing the credit terms which may be offered across America.


Reports the New York Times:

“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.”

“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!


But then, Sen. Dodd’s assumption that consumers are not responsible for their actions fits his legislative style: no one is ever responsible for anything. Least of all the residents of Capitol Hill.