This whole business of having the Obamessiah stipulate credit rates is just another sign of how ridiculous our economic system has become.
* APRIL 23, 2009, 2:58 P.M. ET
Obama Pushes New Credit-Card Rules
WASHINGTON -- President Barack Obama said he will push for a law to provide "strong and reliable" protections for the millions of Americans who have credit cards.
The president on Thursday outlined his priorities after meeting with chief executives of the credit-card lending industry.
Mr. Obama said he wants legislation that will prevent consumers from facing a sudden, surprising rise in fees. He said credit-card companies must publish their forms in plainspoken language. The president said companies must make it easier for people to do comparison shopping and said there must be greater enforcement so that violators feel the "full weight" of the law.
Both the House and Senate are working on versions of such a law.
But the banking industry is warning that Mr. Obama's push for legislation could backfire, restricting lenders and making less credit available to Americans during the economic crisis.
Mr. Obama met with business leaders Thursday, a session the White House said would be an "open and productive conversation."
That's codespeak for "I won, get with the program."
Further down the story, we get this laughable commentary from Larry "Women Don't Like Math" Summers:
White House economic adviser Larry Summers said over the weekend that the administration wants to curb pitches that addict people to plastic.
"Individuals are going to have to save more. That's why savings incentives are so important," he said. "That's why we need to do things to stop the marketing of credit in ways that addicts people to it and so that our households are again saving and families are again preparing to send their kids to college."
Meanwhile, the Feds are using TARP in the same way that the Gambino crime family used their loan shark business: you wanna pay the money back? Nah.. I don't want my money back; I want you to do me a favor.
But, what is truly laughable is that the Obama administration - the same guys who are more than tripling our federal deficit - are lecturing the American people on saving money for the future.
And targeting credit card companies for making it too easy for consumers to spend money.
Perhaps we should pass a law making Chinese T-bill purchases more difficult, so that our government won't get addicted to plastic.
ARC: St Wendeler