Give history some credit

, The National Law Journal

With all the talk of a resurgence of a 1970s-style vicious cycle of record energy prices, frozen credit markets and increasing unemployment, one would think that the political leadership would be studying the solutions that rescued the country from our last bout of stagflation. Instead, Senator Richard Durbin, D-Ill., has proposed reintroducing usury limits to consumer lending. The motivation for such a bill is understandable, but the result for consumers may well be less credit, not cheaper credit.

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