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ObamaCare will save us; just look at how successful the Credit CARD Act is.

Tuesday, March 23, 2010
By Dan

Investors Business Daily has a great review of the 20 ways in which ObamaCare will take away your freedom. Most of the changes involve the new Democratic paternalism: we know better than the free market. Funny, the Democrats thought the same thing about credit cards. [Full disclosure, I work in the credit card industry, though not for a bank.]

The CARD Act, passed late last year, was intended to create a “Cardholder Bill of Rights.” Far from it, the Credit CARD Act has prompted credit card companies to raise their prices (APR on balances); restrict lending by reducing available credit; charge annual fees on basic cards that have not been seen for decades; and refuse to offer products that were on the market only a year ago.

We were told that credit card companies were evil and shouldn’t profit so much. We were told that credit card companies should not be able to change their price based on risk–if you default on one loan, why should another lender be able to raise your rates? Congress declared an end to the law of cause and effect. Amazingly, there were unintended consequences from Congressional hubris.  Sure, you have marginally clearer disclosure on credit card practices now, but what good is disclosure for a product you can’t afford?  I’m sure the people at Maserati put out a fantastic brochure, but that doesn’t help me at the Dodge dealership.

And now, the Democrats tell us that health insurance companies are unfairly profiting from you. We are told they should not be able to underwrite based on risk–if you’re already sick, why won’t they give you insurance? It takes little brains not to realize what will happen to insurance premiums and plans. But then again, that is what Congress is known for–little brains.

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