News Flash–Price Controls Don’t Work:

I argue in today’s Washington Times that the Durbin amendment to the financial regulatory reform bill that imposes price controls on debit and prepaid card interchange fees will be bad for consumers, has nothing to do with the purported purpose of the bill, and seems to be nothing more than a payoff to a politically influential interest group at the expense of consumers.  Quite a trifecta.

Although it could create work for Soviet central planning commissars who have been out of work for the past two decades and might find their expertise now in demand.

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