Usurious

Webster defines usury as "an unconscionable or exorbitant rate or amount of interest ; specifically : interest in excess of a legal rate charged to a borrower for the use of money." After centuries of practice by loan sharks to fleece the working poor around the world, each of our united states enacted laws regulating limits on interest charged for loans. But then, 30 years ago, the United States Supreme Court, in its infinitesimal wisdom, said what the heck, let the good times roll, at least for federally chartrered banks and their credit card loan sharks.

Now as our middle class is drowning in infinite debt, the President is trying to confront the banks on this critical issue. “The days of any time, any reason rate hikes and late fee traps have to end,” Mr. Obama told the bankers. Unfortunately, Larry Summers fell asleep in that meeting.