| Broncos724 said:
1. Credit card companies are predatory but do not use illegal business practices. Many other businesses prey on the shortcomings of people (such as cigarette companies) to make money. But also there is (obviously) a big market for credit cards, and the companies have to make a profit somehow, otherwise what would be the point? 2. Obama does act to limit their "abuses." However his actions will have unintended consequences. His noble intentions will actually make things worse. 3. When the rules change the credit card companies have to also change their policies to continue being profitable. How can you blame a company for wanting to make as big of a profit as they can? 4. So yes, this is Obama's fault. If he seriously didn't foresee this cause-and-effect situation then it's worrying for what other unintended consequences there will be in his future legislation. |
This was the point of this thread.
As for Credit Card companies being predatory, I am not so sure that in reality, that's true. They find ways to offer credit to those who could otherwise not get it. What Obama is in effect doing, is lowering the number of people who credit will be offered to in the future.
Not always a bad thing, but more of a parenting tactic, that I don't think should be the responsibility of the government.
