By Dan Ferris in the S&A Digest:

And Obama saith unto you, "Insurance companies will be prohibited from denying insurance coverage based on a pre-existing medical condition. Period."

And there was a health care famine in the land...

Relax, Amerika. I'm just kidding. There's no famine in the land. Medical care falls like manna. And even if it doesn't, kindly old Komrade Obama will protect you.

After all, just look at how he's protecting you from evil credit-card companies...

American Express and Discover will no longer charge customers who exceed their spending limit on credit cards... And the other card companies will soon fall victim to the same CARD Act legislation, which, among other things, requires credit-card companies to make borrowers "opt in" for the ability to overspend.

The blog at whitehouse.gov says the CARD Act "bans unfair rate increases, prevents unfair fee traps, requires plain language in plain sight for disclosures, increases accountability all around, and institutes protections for students and young people."

American Banker says these are, "the first concrete examples of how a new law will restrict issuers' abilities to turn a profit." The implied warning is so thinly veiled, we wonder if Obama himself wrote it. If card issuer profits don't deteriorate, rest assured, Komrade Obama will step in to protect you.

Obama says he doesn't "begrudge [credit card cos] turning a profit." He just wants to make sure they're fair to borrowers. He's also "demand[ing] credit card users to act responsibly." And if you won't comply, you poor, irresponsible slob, Komrade Obama will legislate the desired behavior into existence.

Obama says he's helping students and young people... by banning the fees that allow card companies to provide credit to these higher credit-risk individuals. Without that compensation, those individuals will now have a harder time getting credit cards.

The new credit-card rules are exactly like the cash for clunkers subsidy for new car buyers, which is simply a program to destroy thousands of automobiles that could have provided affordable transportation to people who can't afford new cars. Obama's programs, like most boneheaded government interventions, are simply another attack against poor people and another subsidy to banks and car companies with connections in government. The aristocracy of pull has arrived.

The CARD Act will shift at least some of the penalty to responsible cardholders who pay their bills on time and don't exceed their credit limits. They'll suffer bigger interest rate hikes and fewer perks (airline miles, cash back). Some cards are also initiating an annual spending minimum, which, if not met, carries a nominal fine.

It's just like gun control. Crooks get away with murder, and good people suffer.

Crux note: Dan Ferris is the editor of Extreme Value. For serious long-term investors, it's one of the most useful advisories you can buy for any price. In Extreme Value, Dan has a class of companies he calls "World Dominators" - high quality stocks with tons of upside. Learn more about Extreme Value here...

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