The Lecturer-In-Chief is getting ready to lay down new law on credit card companies.

Executives from credit-card issuers including Bank of America Corp. and American Express Co. arrived at the White House for a meeting with President Barack Obama to argue against new limits on fees and interest rates.

Obama is pressing for consumer protections that go beyond proposals approved yesterday by a U.S. House committee and rules issued last year by the Federal Reserve.

He should do his homework first:

Instead of meeting with the executives of credit card issuers and sactimoniously lecturing them about not raising rates, as he is doing today,  President Obama would serve card holders more effectively by meeting with economists and listening to their concerns about the dangers of price controls on credit card services. Economists from all schools of thought — from Keynesian to supply-side — recognize the basic principle of microeconomics that price controls lead to shortages of  commodities, including credit, and cause distortions that harm ordinary consumers.

What are the odds he will?  Slim to none.  Those pitchforks don’t aim themselves, you know.

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