Loony lending reform

Bizzyblog's Tom Blumer posts about a nutty idea from Michigan Senator Carl Levin, who wants the FTC to give cards a rating of "red, yellow, or green" to give the consumer an idea of how 'safe' the card is to use. It's a dopey idea for the reasons Tom gives, plus it's completely useless. I can show you consumers who've gotten in way too deep with a "green" credit card, and others who have been perfectly happy with "red" cards. Slapping a color-coded warning label on a card will do nothing to educate consumers about better borrowing behavior. Credit cards aren't that hard to use if the terms of the agreement are clear and honestly stated up front.

Sorry, I'm going to get political for a few sentences... this is what government thinks of you; they think you're a stone imbecile who needs a simple color-coded scheme to tell you how to borrow money. One day they'll make Garanimals mandatory.