Happy 10% credit card interest cap day
By 
No?
Maybe it will come after Infrastructure Week.
President Donald Trump called for credit card companies to cap interest rates at 10%, roughly half the industry average, effective Jan. 20.
The banks’ response can be summarized here.
In a normal administration run by normal people attempting to respond to a real problem affecting real people, the White House would have done normal policy-making stuff like craft and issue draft legislation. But this administration is stuffed stem-to-stern with the best of white supremacy, American style. So after yelling HOAX! about affordability the DOPUS issued a decree to cap interest rates by social media post. And slapped on an 11-day deadline based on a date that is important to him.
I’m not sure banks could have met the deadline if they wanted to. But they didn’t want, and apparently they forgot that everyone bows down to trump because he is so scary and stuff. Or whatever the excuse for horrible white people who are too classy to be labeled MAGA happens to be. Is Trump’s bottomless well of blackmail materia still a thing?
I think the less dimwitted cabinet members knew it wasn’t going to happen, which is why you had Kevin Hassett wimbling about Trump Cards late last week. That is not, as I initially thought, credit cards that would be issued by Banc Trump. At least not yet.
Now, Hassett, who is director of the National Economic Council, is floating a different plan, this one more narrowly focused on consumers who don’t have credit access but have the income to justify credit lines.
“They could potentially voluntarily provide for people who are in that sort of sweet spot of not having financial leverage very much because they don’t have access to credit, but they have enough income and stability in their lives so they’re worthy of credit,” Hassett told Fox Business host Maria Bartiromo.
“Our expectation is that it won’t necessarily require legislation, because there will be really great new ‘Trump cards’ presented for folks that are voluntarily provided by the banks,” he said.
I’m not an expert, but I assume that if banks wanted to issue credit cards to the people he’s talking about, the banks would have already done so.
But anyone who was alert during the first verse of this nonsense knows these are the only problem response tools available. Deny the problem exists. Bark out some orders to fix the problem. Announce the problem is fixed. Get bored. Go play golf. Or redecorate a bathroom. Or go to a party. Repeat.
Please stay on topic in the comments.
