Interchange Fees Are Not Rising: Correcting the GAO Report

Next summer, the World Cup, the world’s most watched sporting event, marks its quadrennial return.  Although thirty-two teams will compete in South Africa, the list of favorites begins with the two teams that have won half of the previous eighteen tournaments and three of the last four—Brazil and Italy.  Brazil plays an open and flowing brand of soccer.  Italy sits back and pounces when its opponents stumble.  Although Brazil and Italy follow different philosophies, they have achieved similar success because both have adopted strategies to overcome the adversity that inevitably arises in a major tournament.  Even a weak opponent can manage to score a single goal when a referee blows a call.  But good teams find a way to overcome.

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