Aunt Jemima's Revenge: Larry Summers Sleeping On The Job

Friday, April 24, 2009

Guess we ain't gonna get that roll-back of credit card interest rates anytime soon. Thanks Larry.

lincolnperry, April 24, 2009 at 7:45 AM: Well, I wish O good luck on this one. The Credit Card business is so convoluted. Mastercard and Visa operate as associations with member banks, some that actually have ownership in the associations. The banks get paid when you use the credit cards at a merchant, and when you pay interest on your bill.
The consumers are complaining about the interest rates, and the merchants that accept cards for goods and services are complaining about interchange cost!
So this has been brewing for a while!
ch555x, April 24, 2009 at 9:15 AM: If you don't have the cash, forget credit cards unless VERY necessary. I think that's one of the problems, though not everyone is in this situation. Some folks just don't have economic common sense to even bother with credit. It's best to have the cash than the credit. You'll have more ownership rather than more debt...
Anonymous, April 24, 2009 at 11:11 AM: LOL! Maybe he's just concentrating reeeeeeeeely hard...
Anonymous, April 24, 2009 at 1:07 PM: Perhaps he's daydreaming of a "perfect" world in which us wimminfolk know our place and "accept the fact" that our feeble, girly brains can't do math or science, and only aspire to be Stepfordwives. Pffft! /snark