I've got no say in whether this happens or not, so it's pointless to rant and rave about it. I will say that if this is the shock to the system to teach Americans better spending and saving habits, then some good may yet come of it.

Typical idiot socialist. You can't just put a federal cap on the CC interest rate without also kicking out millions of people with bad credit who screwed up their right to get a better rate than what they currently get.

Bernie thinks the CC companies are at fault, it's never the irresponsible customer's fault. If done properly, the CC card companies won't be able to continually spam consumers with credit card offers and make it so easy to get one (as long as the rate is 25%+), since someone with horrible credit has already proven they don't understand interest rates and smart financing.

Stmichael said:

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I've got no say in whether this happens or not, so it's pointless to rant and rave about it. I will say that if this is the shock to the system to teach Americans better spending and saving habits, then some good may yet come of it.

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That is outside the purview of the government. Individual experience is the instructor.

Stmichael said:

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I've got no say in whether this happens or not, so it's pointless to rant and rave about it. I will say that if this is the shock to the system to teach Americans better spending and saving habits, then some good may yet come of it.

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There is a road that is paved with good intentions.. I just can't remember where it leads..

Govt should not be in the business of telling a private company what they can and can't do. If people sign up for their service and agree to their terms then those people should be held responsible for their actions.

Aggies1322 said:

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TheBonifaceOption said:

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BREAKING: Senator Bernie Sanders announces he will work with Trump to cap the credit card interest rates at 10%

— Eric Daugherty (@EricLDaugh) November 15, 2024

You know the state of the Democrat Party is bad when the far left loon is more moderate than the average thought leader on the left.

I for one would love to see this policy in place. Usury is wicked.

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You know that means that the average American will no longer have credit available to them, right? An unsecured credit product to everyday Americans comes with a ton of risk.. the banks will no longer take that risk if the govt caps what they can charge. Horrible policy imo.

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The consumer class might have to say no to things because their account is overdrawn. The horror!

Tom Kazansky 2012 said:

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Aggies1322 said:

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TheBonifaceOption said:

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BREAKING: Senator Bernie Sanders announces he will work with Trump to cap the credit card interest rates at 10%

— Eric Daugherty (@EricLDaugh) November 15, 2024

You know the state of the Democrat Party is bad when the far left loon is more moderate than the average thought leader on the left.

I for one would love to see this policy in place. Usury is wicked.

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You know that means that the average American will no longer have credit available to them, right? An unsecured credit product to everyday Americans comes with a ton of risk.. the banks will no longer take that risk if the govt caps what they can charge. Horrible policy imo.

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The consumer class might have to say no to things because their account is overdrawn. The horror!

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Impressive reduction of working class people. But sure, because you don't struggle for money, that means there is no one out there that could possibly be fiscally responsible and still need some leverage to live at different times in their life.

Reaching across the aisle. Good Trump.

Aggies1322 said:

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Stmichael said:

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I've got no say in whether this happens or not, so it's pointless to rant and rave about it. I will say that if this is the shock to the system to teach Americans better spending and saving habits, then some good may yet come of it.

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There is a road that is paved with good intentions.. I just can't remember where it leads..

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And your suggestion on what I should do about it is...what exactly? Vote Democrat next time? Yeah, that'll show em!

Tom Fox said:

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Stmichael said:

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I've got no say in whether this happens or not, so it's pointless to rant and rave about it. I will say that if this is the shock to the system to teach Americans better spending and saving habits, then some good may yet come of it.

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That is outside the purview of the government. Individual experience is the instructor.

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Decades upon decades of individual experience has shown over time that humanity is really bad at learning from experience.

Again, from a general principles perspective, it's not the purview of the government to protect people from their stupidity. But the only power I have in this is my vote, and they've got 4 years to go before I get to use that again. So all I get to do is watch and see how it unfolds. And I suspect that this may teach some people a lesson they wouldn't otherwise learn.

Stmichael said:

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Tom Fox said:

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Stmichael said:

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I've got no say in whether this happens or not, so it's pointless to rant and rave about it. I will say that if this is the shock to the system to teach Americans better spending and saving habits, then some good may yet come of it.

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That is outside the purview of the government. Individual experience is the instructor.

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Decades upon decades of individual experience has shown over time that humanity is really bad at learning from experience.

Again, from a general principles perspective, it's not the purview of the government to protect people from their stupidity. But the only power I have in this is my vote, and they've got 4 years to go before I get to use that again. So all I get to do is watch and see how it unfolds. And I suspect that this may teach some people a lesson they wouldn't otherwise learn.

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How does shielding people from the consequences of their decisions teach these people a lesson?

What this does is tell private businesses that they cannot rely on the government to stay out of their business. How is that beneficial to the free market?

Stmichael said:

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Aggies1322 said:

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Stmichael said:

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I've got no say in whether this happens or not, so it's pointless to rant and rave about it. I will say that if this is the shock to the system to teach Americans better spending and saving habits, then some good may yet come of it.

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There is a road that is paved with good intentions.. I just can't remember where it leads..

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And your suggestion on what I should do about it is...what exactly? Vote Democrat next time? Yeah, that'll show em!

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No… I don't think that's ever a good idea.

Tom Fox said:

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Stmichael said:

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Tom Fox said:

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Stmichael said:

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I've got no say in whether this happens or not, so it's pointless to rant and rave about it. I will say that if this is the shock to the system to teach Americans better spending and saving habits, then some good may yet come of it.

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That is outside the purview of the government. Individual experience is the instructor.

---

Decades upon decades of individual experience has shown over time that humanity is really bad at learning from experience.

Again, from a general principles perspective, it's not the purview of the government to protect people from their stupidity. But the only power I have in this is my vote, and they've got 4 years to go before I get to use that again. So all I get to do is watch and see how it unfolds. And I suspect that this may teach some people a lesson they wouldn't otherwise learn.

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How does shielding people from the consequences of their decisions teach these people a lesson?

What this does is tell private businesses that they cannot rely on the government to stay out of their business. How is that beneficial to the free market?

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It's not shielding them from the consequences of their actions. If they don't have good credit, they won't get the credit card. Simple as that.

How is it beneficial to the free market? Decent odds it won't be. But it's out of my hands, so all that's left for me is to complain or to see some potential benefit. In this case, I see an upside that's at least worth mentioning.

Aggies1322 said:

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Stmichael said:

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Aggies1322 said:

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Stmichael said:

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I've got no say in whether this happens or not, so it's pointless to rant and rave about it. I will say that if this is the shock to the system to teach Americans better spending and saving habits, then some good may yet come of it.

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There is a road that is paved with good intentions.. I just can't remember where it leads..

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And your suggestion on what I should do about it is...what exactly? Vote Democrat next time? Yeah, that'll show em!

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No… I don't think that's ever a good idea.

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Nor do I. So I get to sit back and watch what being overruled in the primaries gives me.

Vomit.

BREAKING: Sen. Bernie Sanders to introduce legislation that he says will fulfill Trump’s campaign promise to cap credit card interest rates at 10%.

— Leading Report (@LeadingReport) December 30, 2024

Thune needs to make sure this never gets to the floor

Quote:

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You know that means that the average American will no longer have credit available to them, right? An unsecured credit product to everyday Americans comes with a ton of risk.. the banks will no longer take that risk if the govt caps what they can charge. Horrible policy imo.

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Dont worry.

We'll get a new admin in the future, who will require the banks to loan to all applicants. They'll claim it's racist for the banks not to loan to everyone. Not that race has anything to do with it, but if they say over and over again that minorities are adversely affected more than others, they'll easily get this pushed through.

Then, when the banks fail, because of the unpaid credit lines, the government will come and in and bail them out.

All the responsible contributors will simply be punished with a higher burden, again.

We've seen this story before.

Imagine being a "conservative" chastising a business for being profitable. Sad times

Dan Scott said:

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Hawley looks ******ed in this clip.. unfortunate because I generally like him. He is constantly confusing the function of VISA/Mastercard with the function of the banks. Visa & Mastercard grab revenue from the interchange rates. Banks are the ones that charge interest on consumer cards. Large volume entities like Walmart and Amazon of course get better rates because they have the ability to negotiate due to their size. Hawley should ONLY be pushing to deregulate the industry if he thinks it is operating as a price cartel (not monopoly as he states, he is mistaken). More competition is better for everyone.. but Hawley looks like a buffoon here.

I've always respected Bernie for his honesty. He is what he is and makes no allusions about it.

Same as price caps

Leads to shortages

Every

Single

Time

And the "shortage" will be unsecured credit

Stmichael said:

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I've got no say in whether this happens or not, so it's pointless to rant and rave about it. I will say that if this is the shock to the system to teach Americans better spending and saving habits, then some good may yet come of it.

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I hope some good comes from it.

There's an old saying, I'm from the government and I'm here to help"

Tom Fox said:

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What this does is tell private businesses that they cannot rely on the government to stay out of their business. How is that beneficial to the free market?

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It's the government, they really REALLY care about you/us and only have your/our best interest at heart. How DARE you question their authentic generosity!?

TheBonifaceOption said:

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Quote:

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You know that means that the average American will no longer have credit available to them, right? An unsecured credit product to everyday Americans comes with a ton of risk.. the banks will no longer take that risk if the govt caps what they can charge. Horrible policy imo.

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Back away from the ledge.

First of all, CC companies do not make their money on the "28%" interest. They make their golden egg on the transaction fee at swipe, so jot that down. You think you're pulling one over on Visa by paying your balance off every month?

Further, creditors lose billions on bankruptcy. This would reduce the amount of loss dramatically. In reality this would result CCs reducing the limit they allow to be borrowed.

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Visa isn't the bank.

Visa collects the transaction fee.

The bank collects the interest.

HTH

Edit - wrong post

Jabin said:

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So is defaulting on your credit card.

If this goes through, I wonder how many cards will get canceled and people will be unable to obtain any card at all?

Usury is wicked, but the credit card companies may need those high interest rates in order to offset their massive losses from defaults.

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If their cards are canceled they'll have to start using debit cards.

lb3 said:

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Jabin said:

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So is defaulting on your credit card.

If this goes through, I wonder how many cards will get canceled and people will be unable to obtain any card at all?

Usury is wicked, but the credit card companies may need those high interest rates in order to offset their massive losses from defaults.

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If their cards are canceled they'll have to start using debit cards.

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You are free to have your opinions on fiscal responsibility but I for one think the govt has no right to tell companies what they can charge for their product/service. If CC are capped, banks will close them/call them and the market as a whole will likely enter a large recession or depression because billions in liquidity disappeared overnight. But hey, daddy govt made everyone more responsible (at least in your eyes).

If you pay your bills every month all this is meaningless.

Be responsible. Don't blame others for your actions.

AggieVictor10 said:

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Reaching across the aisle. Good Trump.

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Making things up now I see

infinity ag said:

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If you pay your bills every month all this is meaningless.

Be responsible. Don't blame others for your actions.

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You're of the opinion that the govt should be able to set prices? Weird position to take.

The government just wants in on the scam. Look for them to cap interest at 10% then offer an alternative "government backed" credit card. Same scam as getting into student loans and influencing colleges to offer useless degree programs. Keep people in debt for life. It's just another form of taxation.

A_Gang_Ag_06 said:

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The government just wants in on the scam. Look for them to cap interest at 10% then offer an alternative "government backed" credit card. Same scam as getting into student loans and influencing colleges to offer useless degree programs. Keep people in debt for life. It's just another form of taxation.

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And, you KNOW it will use race as an arbiter of something (interest rate, credit limit, etc).

TheBonifaceOption said:

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BREAKING: Senator Bernie Sanders announces he will work with Trump to cap the credit card interest rates at 10%

— Eric Daugherty (@EricLDaugh) November 15, 2024

You know the state of the Democrat Party is bad when the far left loon is more moderate than the average thought leader on the left.

I for one would love to see this policy in place. Usury is wicked.

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Credit card interest charges are one of the biggest scams of all time. There should be a limit to the rates to something like 8 percent above the Prime rate or inflation rate.

The CC companies through the decades must be giving $$$ and other perks to 2/3rds of the elected politicians.