Whose economy?

In the Oct. 27 issue of the HDN, a story related how Senate Banking Committee Chairman Chris Dodd had proposed an immediate interest rate freeze on the estimated 700 million credit cards in circulation. But, the story concludes, "Banks said capping interest rates would cut their profits and force them to lend less money, which would reduce spending and worsen the economy."

I wonder? Whose "economy"? We know how to fix their economy: Borrow oodles and gobs and let them charge 29 percent per month interest rates and charge us $39 for being a day late when we can't pick up enough cans from the roadside (are beer sales down?) to pay on time. All the while letting the government guarantee their success with lending by bailouts and then taxing the people and blaming them for not spending enough to keep the economy afloat? My neighbors did not send the bulk of this country's manufacturing overseas. Who did it and why -- and why would it "force" them to lend less money?

I thought lower interest rates might cause people to spend more money (but I must have it all wrong) and that would help the economy. The readers might google "Naked Short Selling" and look for an article by Matt Taibbi that appeared in a recent issue of Rolling Stone. We know you are wondering: A music rag is the best place to find financial news? Should we ever have expected the criminals to tell us about their crimes?

Richard Henderson

2518 E. 21st