I Love Bills

As in, those passed by Congress to look pretty. Like this one:

http://www.nytimes.com/2009/05/20/us/politics/20web-credit.html?_r=1&nl=pol&emc=pola1

I think this bill wins the award for "Bill-which-undermines-the-American-people's-sense-of-responsibility."

It's like the government is saying, "Okay... we've given you people enough time to realize that you shouldn't abuse credit cards, and you haven't learned your lesson. Since you're too dumb to understand, we'll do it for you."

And I love the language they use:

"We stood up for consumers and stood up to abusive credit card companies."-
Harry Reid

Translation:

Consumers=helpless geek at school

Credit card companies=playground bully

Harry Reid=Superman


“Any effort to restore confidence in our economy must start not on Wall Street but in Main Street, and that’s what the credit card situation is all about."- Harry Reid


Translation: Average Americans are the imbeciles who started this, so we have to clean up their mess.



And, basically, they're right. The credit card companies might be preying on consumers, but consumers are easy prey.

Among other things, the Senate measure would prohibit companies from
raising interest rates on existing balances unless a card holder was 60 days
behind, and then it would require the rate to be restored to its previous level
if payments were on time for six months. Consumers would have to be notified of
rate increases 45 days in advance. And companies could not charge a late fee if
they were late processing a payment.

Statements would have to be mailed 21 days before a payment was due. It
would be harder for companies to issue cards to people under age 21. Rates could
not be increased within the first year, and promotional rates would be in force
for at least six months.

This all sounds like a good idea, right? And maybe it'll help a few people. But the one thing this bill ignores is Americans' decision-making abilities, which tend to be pretty poor. Because no matter how much reform the government does, it's still easier for people to charge it than save.



This is why I should be president.

-TS