John Stossel vs. Slate on Credit Cards
2009 April 29
Read John Stossel explain why the credit card demagogues are wrong and why goofy things like a “Credit Card Holders Bill of Rights” are unnecessary. For a completely different, and utterly asinine, view read this piece from Slate arguing for government issued credit cards. The author, Christopher Beam, thinks one with Obama’s picture on it should be issued The “O-card”). God help us.
Kudos to Reason.
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I always get a Vaderish vibe from my creditors, “I have altered the bargain, pray I do not alter it further”.
There is a power imbalance which both sides are eager to take to the Congress, which makes for grand political theater, especially when the party of the working man rolls over for the industry.
John Stossel is awesome.
Walt,
There is no power imbalance. I have only one credit card which I rarely use and always pay off at the end of every month (if I used it that month at all). Therefore, the issuer has no power over me. Credit card issuers only have the amount of power consumers choose to give them.
“The borrower is slave to the lender,” says Proverbs. I choose not to be a slave.