The public at large is finally learning about abuses in the credit card banking industry. Over time, the banks may change their policies. But as a consumer, you must learn your rights, and you must insist that your rights are upheld.
Given the massive bailouts the industry scored in 2008-9, and how easy policy-makers have been on them, the arrogance and hubris of talking about Soviet style government is pretty amazing. But then that fits quite well with Romney and Ryan, too.
Sandy Weill's Citigroup engaged in fraud on a massive scale, unfettered risk taking and then needed a massive taxpayer bailout during the 2008 financial crisis because it was so big it couldn't be managed. Yet only now does Weill say it was all a mistake.
The behavior of the largest banks is not only rapacious and destructive to the social fabric, it is also stunts economic growth. They are not investing the huge resources they have accumulated in ways that would stimulate the economy.
The banking lobby misrepresents the situation in two ways. First, they foster the belief that the economy needs lower rates to 'get going.' Second, the banking lobby likes to pretend that there is no alternative.