Sen. Bernie Sanders of Vermont and Sen. Josh Hawley, a Republican from Missouri, introduced legislation to cap credit card interest rates at 10%.

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.