Can a bill to cap interest rates result in higher interest rates?

Congress has a new idea: Pass a law that would force credit card companies to cap their rates at 16%. I have little doubt this will will get lots of attention, and will probably pass. On one side you have the big, evil, bail-out accepting banks, and on the other, the hard-working American who is struggling to make ends meet in this tough economy. That’s the way it will be presented, but it’s far from the truth.

Interest rates are determined by several factors, which equate to the borrowers risk profile. Those with excellent credit pay less than those with poor credit. It’s a fair system, since those with poor credit are more likely to default. For example, someone with excellent credit might pay 12%, while someone with poor credit would pay 20%. The difference might not seem fair at first, but let’s not forget that based on their payment histories, each deserves the rate they received. » read more

Barbie celebrates the burka

Mattel's newest Barbie dolls comes complete with a burka.

Barbie dolls have been around for 50 years. Over that time, there have been a lot of variations, but the strangest one is the Burka Barbie, which has the iconic doll wearing a traditional Islamic Burka.

I know some people will love this idea, but I find it strange. Aren’t many Islamic women forced to wear Burkas? Is it really appropriate for a symbol of oppression to be celebrated as just another cultural difference?

The danger of political correctness

13 people were killed because of our political correctness. Obvious warning signs were ignored, and once again, innocent Americans were killed by terrorism. It’s not popular to say, but profiling and paying attention to the warning signs could have prevented this attack. Will the United States learn from Fort Hood, or will we continue to make the same mistakes?

Barack Obama’s unprecedented vocabulary

Here’s a great article about Barack Obama’s unprecedented use of “unprecedented.” If you ever had any doubt about how full of himself he is, or how willing his administration is to twist the truth, this unprecedented article will clear things up.

Oprah Winfrey, Barack Obama, and a nauseating Christmas special

Do you have any plans on December 13th at 10pm? If you have nothing better to do, you can watch Oprah Winfrey’s Christmas Special. It will include a tour of the White House, a conversation with Barack and Michelle Obama, and an interview with the President. I’m sure the interview will be filled with hard-hitting questions.

The celebrity President will probably be right at home, since there will likely be several teleprompters around. At any rate, I wonder why the special is aring on ABC rather than Fox News? I think Glenn Beck would have done a great job hosting.

Roman Polanski to be released on bail?

A Swiss court has decided to release Roman Polanski on $4.5 million bail. As of the moment, Polanski is still in jail, but will be released if the government doesn’t contest the decision. If he is released, he will stay at his chalet and be monitored electronically. The court feels he isn’t a flight risk, since he has two minor children and a wife who he needs to support.

This is a shocking decision. Here is a man who didn’t feel he should have finished a small amount of jail time 32 years ago and fled the country. He has proven how little respect he has for the justice system and deserves to stay in prison until a formal extradition hearing is conducted.

Of course, Roman Polanski feels he can do what ever he wants. He gave champagne and quaaludes to a 13 year old girl, raped her, and only received a slap on the wrist 32 years ago. That was obviously too much for him in his opinion, so he fled.

Hopefully, Roman Polanski will be extradited to the United States and face the consequences of his decisions. The legal system went easy on him last time. If there is any justice, that won’t happen again.