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The credit card powderkeg

Sometimes the cure is more poison. Obama is trying to reign in predatory credit card lending with his new bill. But it won't come into effect (if passed) until mid 2010.

Meanwhile...I read in USA Today

Credit card issuers "may be tempted to hit card holders with an additional wave of interest rate increases before the law takes effect," says Travis Plunkett of the Consumer Federation of America.

Of course they will. The coming year is going to be unGodly ugly as banks use their soon to be forfeited rate hike leverage to maximum effect and hordes of beaten-down borrowers default under the burden.