Posted by lae2 on December 14, 2009 at 14:36:51:
The path to reelection on Capitol Hill is thought to be paved by bashing Wall Street. The same day that bankers are referred to as "fat cats" is the day that they are asked to meet with high authority regarding loosening up loans. Washington can't have it both ways. Or, at least, I can't. You bash the banks from the most revered position in this country and then you ask bankers to take on loans that Washington has made more risky.
Sure, the banks have been predatory. But, the real problem resides in the fish who just want to watch reality television (oxymoronic I know). Those who applaud Washington for bashing the banks just had their credit rates increased to 30%. Who has the bigger stick? The fish need to open their eyes to the sharks.
Consumer "protectionism" has just put an end to consumer credit. The reality television folks will catch on when their Holiday debt can't be paid off within one billing cycle. The meaning of 30% will then hit the masses. Short retail.