Despite what Fed officials, economists, and their media enablers tell you, there’s no such thing as costless credit. This is important simply because economists and pundits who should know better still claim against all logic and reason that when the Fed goes to “zero,” so do interest rates. No, that’s not true.

Senators Bernie Sanders and Josh Hawley introduced new legislation that would cap interest rates on credit cards at 10% to fulfill one of President Trump's campaign promises.