Friday, April 24, 2009

Further Down the Road to Socialism

Has the president finally gone too far? President Obama yesterday took the managers of some of the country's largest credit card companies to task for various practices that the president evidently finds offensive.

Why wasn't there more outcry about this latest interference with business prerogatives from the defenders of free market capitalism? People should be marching in the street to support their precious freedom to be charged 29% interest on outstanding balances! They should be demanding that the government stop interfering with these businesses' right to collect exorbitant late fees, and to change the terms of credit card agreements whenever they choose! Where is the anger about this latest example of government strong-arm tactics? If people don't stand up for their rights now, the next thing you know the government might bring back some quaint and outmoded concepts like usury.

At least Larry Summers understands that this issue is so boring he can snooze through the meeting. (AP photo, from New York Times article)


  1. Government control of private companies isn't socialism it's actually fascism.

  2. Well we can certainly argue about what "control" means, and we can also argue about what "socialism" and "fascism" mean, but you might not find yourself too popular for claiming that more government regulation of credit card issuers would take us down the road toward either socialism or fascism. It wasn't that long ago that the interest rates that the credit card companies are currently charging would have been considered usurious, and I'm not sure anyone called this country a fascist state for enacting usury laws. So what Obama is actually proposing could be called a return to some pretty old-fashioned, and even Christian, values.