May 2, 2008

STRICTER CREDIT CARD REGULATIONS: “The Federal Reserve and two other banking regulators are set to unveil today one of the most aggressive efforts in decades to crack down on the credit card industry, prohibiting practices such as arbitrarily raising interest rates on outstanding balances.”

These industries operate as what Scott Adams calls “confusopolies,” taking advantage of complexity to bilk customers. I’d prefer transparency to outright regulation, but that’s probably hard to accomplish.

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