COLUMNIST: Trump’s credit-card cap would feed the weakest to the sharks |
A month ago, President Donald Trump called complaints about affordability a hoax and a con-job perpetrated by Democrats. Now he's attacking businesses for ripping off Americans. The latest targets of this naked cynicism are credit-card lenders, who are being told to cap interest rates at 10 percent for a year.
This is dumb policy that shouldn't survive contact with the real world. If it does, the most likely outcome would be a significant contraction in lending, especially to the riskiest borrowers with the fewest options to access credit. They'd be left with little option but to turn to more expensive and less regulated lenders. Trump would feed the most vulnerable to the worst sharks.
The president first posted on Friday evening that he would no longer let Americans be ripped off by card companies charging........