Does anyone remember what happened when the SC said that credit card companies can issue across state lines?
In Marquette vs. First Omaha Service Corp. (1978) the US Supreme Court ruled that credit card companies can issue credit cards across state lines. Immediately, the number of credit cards available to consumers skyrocketed, but the quality went down. Banks started relocating their credit card operations to states that were willing to weaken their consumer protection laws (most notably South Dakota and Delaware) in return for jobs. Over time, the credit card industry basically became unregulated, since if a company didn’t want to follow a law they could just switch their charter to another state. So the net effect was an increase in quantity of options, and a decrease in quality.
Why do Republicans want to repeat this for health insurance? Do they not learn from history?
yes, i remember it.
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