As predicted, H.R 627 will have a huge impact on our economy. How’s that so? Here’s what Jamie Dimon CEO of JP Morgan Chase has to say about the bill in the letter to shareholders: “By all measures, 2009 was a terrible year for our credit card business”… “in the future, we will no longer be offering credit cards to approximately 15% of the customers to whom we currently offer them” – due to the changes imposed by the law. Just imagine what an impact it will have on card industry, lending and banking! 15% less spending and 15% less credit available on the entire U.S market assuming that other banks have to cut credit to same percentage of their customers and aproximately 15% less profit for every major bank. Small businesses will feel the impact of this law in the near future as weel as American families who strongly relied on easy access to credit funds. You’ve done it again Mr. President! the war against free enterprise in in a full force. I can’t wait to see a very first credit card issued by the U.S government.. the time will come for this just like for the student loans…
The impact of H.R 627 on American households
As predicted, H.R 627 will have a huge impact on our economy. How’s that so? Here’s what Jamie Dimon CEO of JP Morgan Chase has to say about the bill in the letter to shareholders: “By all measures, 2009 was a terrible year for our credit card business”… “in the future, we will no longer be offering credit cards to approximately 15% of the customers to whom we currently offer them” – due to the changes imposed by the law.
Just imagine what an impact it will have on card industry, lending and banking! 15% less spending and 15% less credit available on the entire U.S market assuming that other banks have to cut credit to same percentage of their customers and aproximately 15% less profit for every major bank. Small businesses will feel the impact of this law in the near future as weel as American families who strongly relied on easy access to credit funds. You’ve done it again Mr. President! the war against free enterprise in in a full force. I can’t wait to see a very first credit card issued by the U.S government.. the time will come for this just like for the student loans…