The really important piece of this legislation that would have really done something to curb the crazy rates being charged never even made it out of committee. The very idea of curbing rates will never work in a congress that depends on the financial sector to get elected. The final bill is meaningless and is simply a complete lie. Sen. Richard Shelby (R-Ala.) used a parliamentary maneuver to prevent the rate limit amendment from coming up for a vote.

Many here at TPM were young children and may not remember 25 years ago when we had double digit inflation. Already being on the wrong side of forty then I do remember. Even though we had inflation at 15% or even a little higher, we still didn't have credit card rates at 30%. Ever since Vietnam we've been on a downward spiral and there is no end in sight. It's been one fiasco after another. DD is right. Kill them all.