Another Geithner/Summers Epic Fail for Consumers in the Works

So, now that the economy has turned down, and there is a real possibility that legislation limiting abusive credit card practices might pass Congress, the White House economic team is finally meeting with credit card issuers in order to address the issue:

A Capital One spokeswoman confirmed the meeting.

"We have been invited to the White House and look forward to a constructive dialogue," she said.

On the eve of the White House meeting, the House Financial Services Committee is planning to consider credit card legislation aimed at reforming the industry, which is facing massive pressure to lessen debt burdens on cardholders, one source said.

Treasury Secretary Timothy Geithner, National Economic Council Director Lawrence Summers and other officials are planning to attend the meeting, but U.S. President Barack Obama is not, the sources said.

(emphasis mine)

Color me skeptical. Between Tim "Eddie Haskell" Geithner, who has been the big bank's bitch since birth, and Larry Summers, who has taken millions just last year from hedge funds, I can't see this as anything but an attempt to minimize reforms in the credit card industry.

Obama isn't there because he wants plausible deniability when they come out with an "agreement" that is far weaker than anything going around Congress.

If it were otherwise, then they would be talking with Congress, not the credit card industry.