Around this time last year, the CARD Act was gaining steam in the legislature. At that time, the Dow and S&P 500 were touching decade lows and anger towards our nation’s banks was peaking. Smelling blood in the water, Congress seized upon the populist backlash against banks and pushed through the reforms of the CARD Act at exactly the wrong time.
Since its passage last spring, the CARD Act has done nothing but damage the balance sheets of American households and will likely prove to be a large impediment to our country’s recovery. Here are just a few reasons why the CARD Act, despite its noble intentions, is a colossal failure. Continue Reading »


