Saturday, December 12, 2015

The Economy Is Improving, So Washington Has Decided It's Time To Screw You

Congress appears to think the U.S. economy has improved so much that it’s time to turn the screws on American households.
Convinced that consumers and household borrowers needed more protection from the financial industry in the aftermath of the financial crisis, Congress and the Obama administration restricted the use of so-called “gotcha” credit card fees and created a new federal agency devoted to protecting consumers from unscrupulous financial companies.
But with the U.S. economic expansion in its seventh year and the unemployment rate poised to drop below 5 percent, Washington policymakers are discontinuing aid to household borrowers and paring back key protections -- much to the delight of creditors.
Consider three recent examples:

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