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Written by Leo Wolski, Metro Editor
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Boulder-Springs, "It's about damned time," a surly consumer stated as he walked out the front door of a local Banco de Puerco branch this morning. Earlier today, the Journal learned that legislation has been proposed to freeze credit card interest at 18%. Bankers around the country are in arms, stating that it's impossible for them to make any money at only 18 percent on the total $2.6 trillion (Federal Reserve information April 7, 2009) in total American credit card debt. Banks have stated that they can barely get by on the $624 billion they are currently collecting in annual interest charges. "We need to be able to raise rates when fuel costs and other items increase," said a Banco de Puerco spokeswoman who declined to be identified. "How do fuel costs effect banking?" The question came from local television reporter Marly Reese. "In a number of ways," the bank spokeswoman responded. "Fuel costs for corporate jets, limousines, the yachts we use to entertain congressional staffers." We'll have more on this story as it develops.
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