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Obama recently gave support for two bills that will regulate credit cards. In short, he wants to use the government to take away options from consumers by forcing credit card companies to limit interest rates and other forms of interest. http://www.washingtonpost.com/wp-dyn/content/article/2009/04/20/AR2009042003558.html?wprss=rss_business http://www.latimes.com/business/la-fi-credit-card21-2009apr21,0,7360732.story The banks are struggling, so they are charging higher interest rates and finding more creative ways to profit. Obama, in order to “protect” us, is using the government to make some of what they’re doing illegal. Summers (Obama’s economic advisor) said Sunday that the president was focusing on such credit card abuses as those "having to do with the way people have been deceived into paying extraordinarily high interest rates that they wouldn't have paid if they knew what they were getting themselves into." Completely...
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