1. Remove all constraints on the actions of lenders and credit card companies.
2. Remove all constraints on the behavior of consumers.
Credit card companies should be allowed to charge consumers confiscatory
, usury rates of interest.
Consumers should be allowed to default with impunity.
A lender's only option for retaliation should be to issue a poor credit report on the consumer.
Then, let's see how fast credit card companies tighten up their rules with respect to extending credit to consumers who are not credit worthy.
This approach worked in the subprime housing market. Overwhelmed consumers mailed in the keys, and predatory lenders were forced to eat the loss.
Everybody involved learned a damn good lesson. There were no good guys.
"Neither a borrower, nor lender be."
