But I personally think that it will be worse than that. It is not only consumers (American people) who will suffer because of this bill, but we’ll see merchant’s profits shrinking in a very fast pace due to decreased credit availability and many businessess will have to lay off more people. Banks will lose billions in revenue that they generate from the interchange fees and credit card loans and even those new fees will not be able to offset the loses. If this administration will continue on this path unemployement rates will go up to 13-15%. But it looks to me that this is what President Obama and this administration want. They’ll have an excuse to say that only government can fix those problems and this administration will start to nationalize: automobile industry(first step was already made), healthcare – the battle is brewing, financial industry and the banks – President already started an attempt to take it over is just a matter of time – bailout money allowed this administartion to make the first step in that direction and caps on bonuses and salaries are the best examples of what’s coming. America will be a wealfare state…
Credit card legislation – the story continues…
Here’s the latest update on the credit card legislation.
http://news.yahoo.com/s/ap/20100222/ap_on_bi_ge/us_credit_cards_new_law
But I personally think that it will be worse than that. It is not only consumers (American people) who will suffer because of this bill, but we’ll see merchant’s profits shrinking in a very fast pace due to decreased credit availability and many businessess will have to lay off more people. Banks will lose billions in revenue that they generate from the interchange fees and credit card loans and even those new fees will not be able to offset the loses. If this administration will continue on this path unemployement rates will go up to 13-15%. But it looks to me that this is what President Obama and this administration want. They’ll have an excuse to say that only government can fix those problems and this administration will start to nationalize: automobile industry(first step was already made), healthcare – the battle is brewing, financial industry and the banks – President already started an attempt to take it over is just a matter of time – bailout money allowed this administartion to make the first step in that direction and caps on bonuses and salaries are the best examples of what’s coming. America will be a wealfare state…