In yet another piece of revisionist brilliance, the pillar of intellectual fortitude formerly known as Barney Frank has passed legislation that will.... lower credit card interest rates.
Yes, ladies and gentlemen, this horrific deja vu is truly a massive glitch in the administration's matrix. Let's recap:
1) ZIRP (that's Zero Interest Rate Policy for you lucky souls who do not know this acronym)... yes, not even Greenspan sunk so low
2) Promotion of rampant TALFage, aka securitization
3) Promotion of massive leverage PPIP to the tune of 12x. (Even CCU's LBO was done at 10x)
4) And now - capping credit card rates (read the letter below. Pay particular attention to the insanity by Maxine Waters)
Bravo, Messrs. Geithner and Bernanke, Bravo... In 3 shorts months you have gotten us smack in the middle of the despised Bush credit-bubble maelstrom.
I say fire Volcker, I say put Greenspan back in the saddle, I say deliver me from saving rates, I say let the chips of groundless hope fall where they may.
You have to give up, you have to realize that some day you will be bankrupt, until you know that, you are useless.
You have to realize that someday you will be leveraged like it is 2006. This is your life.... And it's being inflated one minute at a time.
I want the market to hit me as hard as it can.
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