Now the GOP is planning to have a meeting of the Republican National Committee to officially brand Democrats as “Democratic Socialists.” I guess that’s going to replace “Democrat Party” as a common epithet. I’m sure it will get under some Democrats’ skin, but on the whole, I think it will further marginalize the GOPer Party (rhymes with doper). It makes them look petty in the absence of any substance. But then who am I to say, heh?
Meanwhile, Steve Pearlstein of The Washington Post, hits it out of the park in describing the frustration of community bankers, who feel they are being punished for the sins of their larger brethren, a socialistic spreading of the pain.
The prudent bankers are right to be angry about having to pay for the recklessness of their competitors. What they conveniently overlook, however, is that their complaints are virtually identical to those being made by their credit card customers who have never missed a payment but are being hit with high interest rates because of the reckless borrowing of others.
After all, if it is unfair for prudent banks to be punished for the sins of reckless lenders, why is it any less unfair for prudent consumers to be punished for the sins of reckless borrowers?
We are now knee-deep in the metaphysics of risk pooling, which, as it turns out, is what both insurance and credit cards are all about.
Amen.