Obama To Take Aim at Credit Card Abuses

This from cnbc.com. The president now wants to crack down on "deceptive" credit card industry practices.

[quote]"We need to do things to stop the marketing of credit in ways that addict people to it," Summers said in an interview on the NBC television talk show "Meet the Press." [end quote]

So credit cards are like packs of cigarettes?

[quote] The meeting comes as lawmakers have vented anger that banks with big credit card operations charging high interest rates and fees are the same institutions getting government bailouts from U.S. taxpayers who use these credit cards. [end quote]

That's the mantra these days: how dare they, when they are getting bailout money from taxpayers!

I wonder if this is going to be popular, just as bashing executive bonuses at a government-bailed insurance company was popular for a while.

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