The banks responded to the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (Credit CARD Act) by cutting the credit line of everyone below a 900 rating. With their credit limit cut by 50 – 70%, why is anyone not linking this to the drop in consumer confidence? Oh, and they took that last chance to up the interest rate on all those cards and then canceled all of the low-interest offers. Apparently the idea is that if you punish the masses they will complain to the government to be abused the old way instead of the new way.
I still go by the theory that conspiracies aren’t real because those who are suspected of conspiring are too stupid to do so.