To the Editor,
No one is seeking to inhibit the financial services sector from innovating or competing for credit card customers in a free market. (“A Different Credit Crunch,” Editorial, May 23).
But legislation, unfortunately, is required when self-regulation has failed. Even individuals with limited knowledge of the financial crises understand that predatory capitalism is at the heart of our financial morass.
Even a small amount of self-restraint might have prevented a financial meltdown. But, self-regulation was non-existent, replaced by greed and rapacious capitalism; the cause of the impending financial collapse. The financial industry did not care who they might hurt, as long as they got theirs.
Congress may go too far, which they often do, but something had to be done after nearly a decade of excesses. We bailed out the banks. We’re giving them money at zero percent. It’s imperative that we help out the customers they so callously took advantage of.
Author, “Final Audit”
This letter addresses Congress’ move to protect the American consumer from predatory capitalism by imposing new regulations on credit card issuers limiting certain excessive financial practices. Submitted to the Los Angeles Times, May 27th, 2009.