Lunacy: Obama Bureau Wants to Force Credit Card Companies To Issue Cards to People Without Incomes
The Consumer Financial Protection Bureau will propose a rule within the next few months that will make it easier for applicants without personal income to qualify for credit cards, the agency’s director Richard Cordray said at a congressional hearing last week.
The rational they’re pushing it into is that stay at home moms can’t get credit because they don’t have an income to pay it off. Well Duh. If you’re going to borrow money you should show that you have a chance to pay it off.
I’m sure that the stay at home moms aren’t the intended beneficiaries of this proposed rule. The left in this country is hell bent on destroying our institutions. Their last trick was the Community Reinvestment Act which started the practice of forcing banks to loan money to home buyers who had no way to pay their mortgage.
And we know how that turned out.
So the lady with the Obama phone will finally get an Obama credit card. After all it’s unfair that those that work get to buy stuff with their money. That’s just greed.