As if it weren't bad enough that they want me to pay for your mortgage ...

[Tex]

... now Obama wants me to pay for your high interest rate credit cards too. Via Powerline:

Historically, it's been a truism that banks don't make money on credit card customers who pay off their bills every month. Instead, revenue has been raised disproportionately from the banks' more feckless customers, in the form of fees, penalties, and--most important, presumably--the high interest rates credit card companies charge on balances. Of course, that is not necessarily unjust, as these same feckless customers cause the most trouble and expense to credit card companies, not to mention the most losses when they can't pay their bill and default.

All of that is about to change, as Congress has just enacted new credit card regulations intended to limit banks' ability to collect money from distressed or incompetent customers. he New York Times explains the consequences:

"It will be a different business," said Edward L. Yingling, the chief executive of the American Bankers Association, which has been lobbying Congress for more lenient legislation on behalf of the nation's biggest banks. "Those that manage their credit well will in some degree subsidize those that have credit problems."

Wonderful.