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Raising rates to beat the impact of new rules....

Edward Harrison:

[T]here is an element of bad faith dealing here. The banks were given TARP funds and other, extensive types of support so they could support the economy via lending. Raising rates to beat the impact of new rules was predictable (the long lead time for implementation of the rules was no accident) but the brazenness of the banks is still remarkable.

Remind you of anything?

Like full implementation of health insurance reform by 2014 (and not, now, 2013?)

Sure, Obama didn't want to run on the plan in 2012, and Dem Congress critters didn't even want to run on it in 2014, but surely giving the insurance companies time to suck as much of our blood as possible before new rules kick in is part of the equation as well.

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Hookfan's picture
Submitted by Hookfan on

that prevents Insurance Companies from lowering premium rates (or at least not raising them as high) for the time being in states that opt out, while simultaneously raising rates in states that opt in? I'm just trying to get a handle on potential insurance company strategies to out right kill any attempts at public options state by state before the legislation is enacted.

madamab's picture
Submitted by madamab on

It gave the credit card companies a very long lead time, so that before the new bill kicks in, they are free to get up to all sorts of shenanigans.

My husband and I have recently received a couple of letters from credit card companies reducing our services or limits. They don't tell us why, but give us a bunch of nonsense about how our credit reports have problems. They don't. The companies are just trying to squeeze as much out of us as possible before the (wimpy) regulations go into effect.