Populism Runs Wild- And Wicker and Cochran Are Both Guilty

By a 90-5 margin, the Senate passed what supporters call a credit card holders “Bill of Right.” And with a title like that, who can oppose it? And apparently most Senators said, ‘not I.’

However, this flawed bill is very reflective of Obama’s approach to governing- reward those who made mistakes (and blame business) at the hands of those who were responsible with their money.

While the Clarion-Ledger thinks this is the best thing since sliced bread, responsible cardholders may beg to differ. Here is what Edward L. Yingling, head of the American Bankers Association, had to say about the bill:

“It will be a different business…Those that manage their credit well will in some degree subsidize those that have credit problems.”

Like I said, that is the shape of the USA today. If you are not responsible and spend more than you have (whether it’s for your house or credit card bill), you can look for Obama and Congress to bail you out.

Now, for those of you who pay your credit card balance off each month- look to lose interest free grace periods (and begin accruing interest immediately) and for new annual fees. But Obama would say that those people need to share in the sacrifice as his justification for support of this bill.

It is a shame Senators Cochran and Wicker fell for the populist trap, and responsible Mississippians will pay.