Take a look at Obama to take aim at credit card abuses - I find myself trying to agree with our President. The only piece of sanity that I can see is the third paragraph of the story - 'We need to do things to stop the marketing of credit in ways that addict people to it". - Make it harder for people to get credit is the only sane concept I see. There are very deep costs associated with this change however.
That said - this would apply to the policies put in place over the past 30 years to provide credit (specifically home loans) to those on the lower end of the financial spectrum. As soon as that is done - the social reformers will complain and the process of going back to the miserable state of where our financial services model is today will begin.
So, a single step towards agreement should not be seen as agreeing with the direction. No, instead I fear the current administration will unfairly target business again and punish organizations and people who are actually trying to earn money for their families and their shareholders - this concept appears to be lost on many in Washington.
There is NO good cure for what brought us to this point. I just wish the President and Congress would sit back and realize this. Instead of quick fixes - examine the entirety of the situation and plan ways to fix it instead of throwing legislation and policies at the crisis wall to see what sticks. The consequences are too expensive.
That said - this would apply to the policies put in place over the past 30 years to provide credit (specifically home loans) to those on the lower end of the financial spectrum. As soon as that is done - the social reformers will complain and the process of going back to the miserable state of where our financial services model is today will begin.
So, a single step towards agreement should not be seen as agreeing with the direction. No, instead I fear the current administration will unfairly target business again and punish organizations and people who are actually trying to earn money for their families and their shareholders - this concept appears to be lost on many in Washington.
There is NO good cure for what brought us to this point. I just wish the President and Congress would sit back and realize this. Instead of quick fixes - examine the entirety of the situation and plan ways to fix it instead of throwing legislation and policies at the crisis wall to see what sticks. The consequences are too expensive.
No comments:
Post a Comment