Sanders and Hawley Are Wrong on Rate Caps

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cato.org

Nicholas Anthony
Nicholas Anthony and Norbert Michel

Senators Bernie Sanders (I‑VT) and Josh Hawley (R‑MO) have proposed new price controls on credit cards. They frame the proposal as something that will give the public relief, but it’s hard to imagine “relief” is what people will feel if they have their accounts closed.
The Democratic socialist and Republican populist built their case for price controls stating that concerns about the restrictions are “backwards,” interest rates shouldn’t be based on risk, and that interest rates are too high. Let’s break down each of these ideas to understand why the senators are wrong.
“It’s Not Me That’s Wrong, It’s Everyone Else”
In their commentary for Fox News, the duo argues that economists “have it backwards” when they explain that price controls lead to shortages. They say, “Our bill would restrict financial institutions from charging working-class Americans exploitative and predatory credit card interest rates that can trap them into a vicious cycle of debt.” Such paternalistic policies may sound nice to some people, but their argument is far from compelling.
A good place to start is by explaining why economists say price controls lead to shortages. In a basic supply and demand schedule, establishing a price control—or a price ceiling—means that the amount of a good or service that people want (the quantity demanded) will suddenly be greater than the amount companies want to provide (the quantity supplied) at a given price (Figure 1). In economics, this situation is called a shortage. What exactly the senators see as being “backwards” here is unclear. 

The risk of a shortage of credit is deeply concerning. At least one can choose to eat apples if there is a shortage of bananas. The same can’t be said for the people who are considered the riskiest borrowers and, therefore, pay higher rates.  » Read More
https://www.cato.org/blog/sanders-hawley-have-it-wrong-rate-caps

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I long ago lost any faith in what is commonly known as mainstream “news” recognizing that it’s not just how a story is framed, but also what is omitted in what passes for information these days.  There are many, many great authors and thinkers in conservative thought who have the freedom to focus not on narrative and instead on substance.

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