Government Help Hurts

Credit cards are a demagogue's dream come true. What better way to win public affection than to rail against banks for their harsh terms? In the politicians' morality play, creditors are the villains and debtors their helpless victims.

A little context first: No one has a natural right to a credit card. Someone has to be willing to undertake the risk in issuing it. Banks issue cards in their quest for profits. Nothing wrong with that.

Think about what a credit card is.

Credit card debt may be next on the bailout agenda. Many consumers have piled up more debt than they can repay and politicians are eager to come to their "aid". Do you want to pay your neighbor's debt with your taxes?