However, smartphone manufacturers will be hoping that enhanced credit cards will be quickly replaced by NFC - near-field communication - alleviating the need for physical payment cards altogether.
Former Bush economic adviser Larry Lindsey recently came up with a good idea in the Wall Street Journal to unclog the tightening credit arteries: Allow manufacturers and retailers to open up their own in-house banks or financial institutions that could borrow and lend money.
Would it make sense to continue extending cheap credit to state-owned heavy manufacturers at the expense of greener private-sector start-ups?
Rather than extend credit to the phone companies, manufacturers say that they would prefer to sell any loans off to Wall Street.
My plan also helps American manufacturers become more competitive by providing a tax credit for those struggling with the high cost of retiree health benefits.
Consumer-protection lobbyist group Public Citizen says that in seven major businesses including banks, credit-card companies, computer manufacturers and brokerages at least 75% of companies now include such provisions in their fine print.
WSJ: How Companies Stack the Deck Against You With Fine Print
Mr. MIKE MITTERNIGHT (Owner, Factory Service Agency Inc.): In days gone by, before there was such tight credit, most of the major manufacturers and suppliers would work with us and allow us a 45- to 60-day turnaround time to make those payments.
In villages across India, the group has helped to train local entrepreneurs in setting up marketing chains, arrange decentralised credit and finance, and link the villages with manufacturers of village power units.
Even exports, which might have received a boost from the weakened rupiah, have been crippled by manufacturers' dependence on relatively expensive imported raw materials and a credit crunch that has tied their hands.
This kind of relationship is profitable because the interceding financial firm has a much lower cost of capital than the manufacturers, and they can also adjust their fee based on the credit risk the manufacturer poses.
In addition, he urged lawmakers to raise the current cap on employment-based visas, or "green cards, " and he called on Congress to renew the now-expired research and development tax credit--something that business groups such as the National Association of Manufacturers and U.S. Chamber of Commerce have also pushed for.
For example, business groups like the National Association of Manufacturers and the U.S. Chamber of Commerce would like to see the research and experimentation credit, also expired, reinstated and made permanent.
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