Cracking Down on Credit Card Companies
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During good times, credit card companies were denounced for offering easy credit. Now they're under fire for tightening up. We hear the pros and cons of a bipartisan credit reform bill President Obama says he wants to sign. Also, Senate hearings into torture allegations, and the government of Pakistan will have a say in how US Predator drones are used against the Taliban in its country.
Banner image: Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd (D-CT) and ranking member Richard Shelby (R-AL) are authors of the Credit Card Accountability, Responsibility, and Disclosure Act. Photo: Chip Somodevilla/Getty Images
Making News
A 'Collective Failure' Led To Harsh Interrogations ()
At the first congressional hearing into allegations of torture, Ali Soufan repeated what he has told reporters about the interrogation of al Qaeda operative Abu Zubaydah, who was subjected to harsher and harsher methods. Calling waterboarding "actionable intelligence," the retired FBI special agent said better results were obtained more quickly with "intelligent interrogation." Bobby Ghosh, senior editor at Time magazine who has interviewed Soufan, watched today's hearing.
Guests:
- Bobby Ghosh: World Editor, Time magazine, @ghoshworld
Main Topic
Cracking Down on Credit Card Companies ()
During good times, consumers were seduced with easy credit. Now, angry card-holders tell stories about rising interest rates and decreasing limits. Card companies, including some banks with taxpayer bailouts, are changing the rules. Liberal Senate Democrat Chris Dodd and conservative Republican Richard Shelby have co-authored a bill to reform the business of credit-card lending. In his latest weekly radio address, President Obama indicated that its time has come. Some sleazy practices might be ended. But credit might also be harder to come by in times of need. Is that necessarily a bad thing? We look at the pros and cons.
Guests:
- Sudeep Reddy: Economics Reporter, Wall Street Journal, @Reddy
- Travis Plunkett: Legislative Director, Consumer Federation of America
- David John: Senior Research Fellow, Heritage Foundation, @Heritage
- Michael Hiltzik: Columnist, Los Angeles Times, @latimeshiltzik
- Charles Duhigg: Reporter, New York Times
Links:
- Credit Cardholders' Bill of Rights Act (HR 627)
- Reddy's article on amendments to credit card reform bill
- Plunkett on House passage of Credit Cardholders Bill of Rights Act
- John's article on credit card bill as restrictive and damaging
- Hiltzik's column on vilification of credit card companies
- Duhigg's Sunday magazine article on credit card companies' risk profiling
Reporter's Notebook
US and Pakistani Militaries Work Together on Drone Attacks ()
The US military will now have a new role in hunting the Taliban, and Pakistan's military will have new authority in the use of unmanned Predator drones. The Pakistani government has bitterly protested attacks by the drones used by the CIA. Today's Los Angeles Times reports that the US will now be using the drones and that Pakistani officers will have “significant control over routes, targets and decisions to fire weapons.” Pentagon correspondent Julian Barnes, who co-wrote the story, has more on the compromise program that has not been officially announced.
Guests:
- Julian Barnes: Pentagon Reporter, Los Angeles Times, @julianbarnes
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