How to mess up credit markets
Capping credit card fees is a really bright way to help make credit markets work.
lawmakers have introduced new versions of old bills capping credit card fees, limiting executive compensation, regulating hedge funds and carving away at corporate tax breaks. . . . .
Labels: Regulation
posted by John Lott at 10:42 AM
2 Comments:
Feelgood legislation designed to garner votes, and written without any understanding of how the credit card market functions.
SSDD!
Well...
Yeah, a lot of it is misplaced and ill-informed.
But hey, we need to have some basis for deploring "Joe the [knee-]Capper" and distinguishing him from the guys at Third National Bank, rght? I vaguely recall (mid-1950's - hey, I was maybe eight or nine when I heard, could easily be wrong) when thirteen percent was the limit beyond which legal interest rates became illegal usury.
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