First, the Federal Government decided that we needed to bail out/take over key parts of the financial sector. Next, the automobile makers received a bailout/take over from the Feds. Recently, the so called “Public Option” health plan that is Federal Government run is making its rounds through Washington in various pieces of legislation.
If you don’t think that the “Public Option” is a government take over of the health care sector then just ask yourself – When the government “competes” – guess who always wins? (The answer: the government always wins because its impossible to compete long term against the government. Competing against the government is like playing a basketball game where the government is the other team, the referee, the coach, the owner of the arena, the league owners, etc etc).
All of this makes me wonder – what’s next? Is the government’s push to regulate the credit card industry via the newly enacted CARD legislation simply just the first move in a plan to eventually take over the credit card companies and force them to issue “Public Option Credit Cards” or “Government Bailout Credit Cards” to people regardless of whether they are actually credit worthy candidates? (hmmm, if you think this is too far fetched then maybe a reminder about the Community Reinvestment Act and its role in causing the financial meltdown is in order: Here’s How The Community Reinvestment Act Led To The Housing Bubble’s Lax Lending).
Granted, some of this is somewhat satirical because I seriously doubt that the government would ever issue a “Government Public Option Credit Card” but when you consider all that has happened lately with the Federal Government’s grab for power – who really knows?
- Government Help for Credit Card Debt: Grants, Loans, & Other Mythical Creatures
- Are there any government credit cards?
- House Votes to Move CARD Regulation Start Date up to Dec 1st
- Want a Retail Credit Card? You Better Make Enough Money…
- Albina Community Bank Loop Visa Card
- Will regulators ever cap credit card rates?
- Is there such things as student loan credit cards?