Who Killed the Cap on Credit Card Interest Rates?

Photo by flickr user <a href="http://www.flickr.com/photos/andresrueda/3027534098" target="blank">Andres Rueda</a>.

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Public support for a crackdown on shady credit card lending practices is practically stratospheric right now, and yet Congress still couldn’t bring itself to buck the industry and crack down on exorbitant interest rates. An amendment in the Senate that would have capped interest rates at 15 percent failed decisvely, winning just 33 votes. (The only Republican to back the measure was Charles Grassley; you can see the full list of senators who shot down the proposal here.)

James Ridgeway has the rundown on Congress’ half-hearted feint at credit card reform here. And don’t miss Kevin Drum’s posts on the industry’s lousy business practices and its trusty friends in Congress.     

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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