Letter to LA Times business columnist

An email I sent to David Lazarus, in response to this.

"Mr. Lazarus,

You say:
"The legislation -- HR 5244 -- would, among other things, end card issuers' self-proclaimed right to change interest rates at any time. Instead, a 45-day notice would be required for any increase."

Interest rates are the price card issuers charge for the product they sell: credit. Why does every other business have the "self-proclaimed" right to change prices but card issuers don't? Like all price ceiling legislation this will have one guaranteed effect, a shortage of credit--something you are not concerned about. It is not clear that those who are denied credit subsequent to passage of this bill are all bad risks. Anyone who carries a balance will be effected by this legislation--they will pay a lower interest rate (price) over time but they will get less credit, whatever their risk. This includes small businesses, not just families.

If some government price fixing is OK, why not for everything: gas, milk, etc.?"