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Yes, because the US government only managed to get 63% voter turnout would dare to seize the assets of credit card companies when it would be pissing off 80% of
by electromagnetic 16y ago
Yes, because the US government only managed to get 63% voter turnout would dare to seize the assets of credit card companies when it would be pissing off 80% of its voters. Given that the US has over 5 credit cards per capita, it's relatively safe to assume that the 80% of households with a credit card literally translates into 80% of voters have a credit card as in it would be an insta-lose at the next election to be "the party that knocked out credit cards for a month+"
Furthermore there are [3 (65% visa, 30% MC)] billion credit cards used outside of the US. If MC/Visa's assets were seized, the US would be under global shit for fucking up the global economy that it wouldn't even have to reach consumers in other countries before all hell broke loose.
What do you think the global repercussions of half the western world being unable to buy anything with credit for even a day?
Sorry, but it's a no brainer not to obey the government when they're making rice paper thin threats and to not even consult your legal department on the matter. Now they're dealing with genuine losses from their online payments being down for trying to brown nose the US government.
- rimantas 16y agoYes, because the US government only managed to get 63% voter turnout Isn't it backwards? Should be 63% of voters got the government they voted for.
- electromagnetic 16y agoVoter turnout is the percentage of people who commit the act of voting for any party. 63% of eligible voters in the US voted. Obama only managed to get 33.3% of eligible voters to actually vote for him. But got 52.9% of general vote.
- travisp 16y agoYes, but instead of seizing MC/Visa's assets, the government can treat the companies unfairly in arbitrary antitrust lawsuits, not protect the companies from unjust foreign action, and pass regulations that limit the abilities of the companies to earn a profit. None of these would piss off 80% of voters, but could be significantly damaging to Mastercard and Visa.