You Got Just What You Asked For

NBC Nightly News ran a story tonight about how credit card rates have increased recently. http://www.msnbc.msn.com/id/3032619/ns/nightly_news_with_brian_williams The explanation attributed to the credit card companies was that their costs have increased. The real reason, which even the banks admit, is that the new Credit Card Act has, in fact, forced banks to increase rates to marginal, and even good, customers to make up for their upcoming inability to change rates on customers who pay late. And now, Joe-on-the-street is complaining about how his interest rate is increasing. Waa waa. This is exactly what happens when socialist policies are implemented -- the good subsidize the bad.