Sanders & Cortez credit card rate cap plan debacle

[HaShev]

OH WHERE DO WE START?
My famous quote: "some times we intend to do something seemingly good as the right thing to do, but it's not necessarily what's best."
This is one of those times.
First off Bernie Sanders had 29 years (16 in the house) to address this issue and never did anything about it. Now he gets another zany eyed pie in the sky thinker to work on a narrow minded concept and suddenly he wants to the
thrust it upon us for his own sake not his country or even his party, just his own benefit, that's how you know it's gonna be bad.

Fact is the rates seem high thus seemingly the right thing is to want them lower, however by the wrong approach we cause more problems then good thus not what's best. I'm talking about the millions who will not be able to get cards if rates droped to 15% forcing companies to be tighter in who they can afford to lend to.
There are better ways to approach this issue that will allow them to afford droping rates without dropping the lower income or at risk users.
By not having solutions to problems that
add risk, then they are not addressing the high rate issue at all, just cutting off the margins and the banks at their knees making the banks suffer= the lower income users who are a risk to those margins will suffer the most. By thinking they are helping the poverty level voters they will actually get their wish and cut out their flying, because they will have no card to book their flights.
By thinking this redistributes wealth, they will actually be preventing lower level income or leveraged heavy spenders from equal access and opportunities and be stifling them.

YOU WANT TO LOWER INTEREST ON CARDS?
Then lower the risks, regulate how card companies freely give cards on quotas and commission that causes banks to hand criminals your copies of cards that costs the industry billions of dollars in fraud. SANDERS HAD 29 YEARS TO NOTICE that Wells Fargo had this commission driven care less about the customers, but has not recognized this same practice is done in credit card companies that evolve into the huge fraud cost passed onto the customer in the form of higher rates then should or could be. He had 29 years to notice customers know they can abuse the card companies as long as it's under $500. the amount they'll feel it's worth persuing. Stricter card fraud laws including purposely not paying your card with such intent to defraud would help lower rates, but has Sanders done this in 29 years, or has Cortez suggested anything other then broad stroke talking points that do not move the needle?

These people are too dumb to be in office, to lazy and self serving, you need to stop placing old hacks in office for long terms that never get anything done. It's easy to complain about the problems, it's another thing to come up with multi tiered solutions that actually address it with the least amount of bad results from the ripples you get from your initial wave of action.

 

[Rambunctious]

Be careful America....

 

[Indeependent]

It will good for the economy when people living in slums can no longer buy food!

 

[HaShev]

Elizabeth Warren's "I got a plan" is so great that in 7 years of office, we can't name one plan she proposed.
Interesting how ideas flourish if elected to high office where those plans aren't implimented, but are MIA when they are in positions to make new proposals in the house and Senate. More proof they don't work for the people and their country, they work for their own special interest and affiliation. If they have no intention of working, then why do people vote these people in knowing they will not get anything done and do so on purpose like five year olds?

 

[RDD_1210]

Elizabeth Warren's "I got a plan" is so great that in 7 years of office, we can't name one plan she proposed.
Interesting how ideas flourish if elected to high office where those plans aren't implimented, but are MIA when they are in positions to make new proposals in the house and Senate. More proof they don't work for the people and their country, they work for their own special interest and affiliation. If they have no intention of working, then why do people vote these people in knowing they will not get anything done and do so on purpose like five year olds?

Just because you're glaringly out of touch does not mean Warren hasn't proposed anything while in office.

Google is your friend.

 

[HaShev]

Elizabeth Warren's "I got a plan" is so great that in 7 years of office, we can't name one plan she proposed.
Interesting how ideas flourish if elected to high office where those plans aren't implimented, but are MIA when they are in positions to make new proposals in the house and Senate. More proof they don't work for the people and their country, they work for their own special interest and affiliation. If they have no intention of working, then why do people vote these people in knowing they will not get anything done and do so on purpose like five year olds?

Just because you're glaringly out of touch does not mean Warren hasn't proposed anything while in office.

Google is your friend.

So tell us what plans she shared these 2+ years or is she saving them for her party only and not her Country?
-oops

 

[Mac1958]

Put caps on rates and you'll see fewer cards issued because the issuers can't take on that risk.

This ain't rocket science.

And maybe the issuance of fewer cards might be a good thing, who knows.
.

 

[RDD_1210]

Elizabeth Warren's "I got a plan" is so great that in 7 years of office, we can't name one plan she proposed.
Interesting how ideas flourish if elected to high office where those plans aren't implimented, but are MIA when they are in positions to make new proposals in the house and Senate. More proof they don't work for the people and their country, they work for their own special interest and affiliation. If they have no intention of working, then why do people vote these people in knowing they will not get anything done and do so on purpose like five year olds?

Just because you're glaringly out of touch does not mean Warren hasn't proposed anything while in office.

Google is your friend.

So tell us what plans she shared these 2+ years or is she saving them for her party only and not her Country?
-oops

For starters,she spearheaded the creation of the Consumer Financial Protection Bureau.

And she has sponsored 80 bills in the 115th Congress.
Bills Sponsored by Elizabeth Warren (D-Mass.)

And some of her bi-partisan efforts -
She introduced legislation with GOP Senator Chuck Grassley of Iowa to make hearing aids available over-the-counter, for example. She cosponsored the “Smart Savings Act” with GOP Senator Rob Portman of Ohio to boost federal employees’ savings; an opioids bill with Shelley Moore Capito of West Virginia; and, with John Cornyn of Texas, legislation to make it easier for veterans to obtain commercial driver’s licenses.

 

[HaShev]

Elizabeth Warren's "I got a plan" is so great that in 7 years of office, we can't name one plan she proposed.
Interesting how ideas flourish if elected to high office where those plans aren't implimented, but are MIA when they are in positions to make new proposals in the house and Senate. More proof they don't work for the people and their country, they work for their own special interest and affiliation. If they have no intention of working, then why do people vote these people in knowing they will not get anything done and do so on purpose like five year olds?

Just because you're glaringly out of touch does not mean Warren hasn't proposed anything while in office.

Google is your friend.

So tell us what plans she shared these 2+ years or is she saving them for her party only and not her Country?
-oops

For starters,she spearheaded the creation of the Consumer Financial Protection Bureau.

And she has sponsored 80 bills in the 115th Congress.
Bills Sponsored by Elizabeth Warren (D-Mass.)

And some of her bi-partisan efforts -
She introduced legislation with GOP Senator Chuck Grassley of Iowa to make hearing aids available over-the-counter, for example. She cosponsored the “Smart Savings Act” with GOP Senator Rob Portman of Ohio to boost federal employees’ savings; an opioids bill with Shelley Moore Capito of West Virginia; and, with John Cornyn of Texas, legislation to make it easier for veterans to obtain commercial driver’s licenses.

So you are saying Elizabeth Warren is part of the Opioid problem and made drugs cheaper for the addicted users? Her other bills all deal with drugs or silly stuff like this one:
S.CON.RES.53: A concurrent resolution honoring the 75th anniversary of the All-American Girls Professional Baseball League.
Wow what important work.

I lobbied/sponsored a number of Bills that became laws in my state and ended up being used in other states and I'm not even a politician.
Maybe you heard of them,
Sync the local State and FBI data bases, Allow Police and Judges the right to suggest and force mental evaluations no longer restricted to family members, bills passed allowing condo owners rights to bring up criminal charges and civil charges on condo boards and individual members comitting fraud and abusing their power.
Now once again: her plans, why are they hers for election and not the Country now? answer: because it's all political posteuring and never about the people or country.
By offering 15% cards in talking points it attracts the voters they seek even though it would never pass.
It's all show without substance.
It's easy to offer freebies, but it shows they have nothing to offer but these lies and gimicks otherwise it would have been done already for sake of the People and Country and not just an election. -oops

 

[WillMunny]

After listening to his sputtering, red-faced bullshit, I am convinced that Bernie Sandwhores is every bit the despicable, slime-dripping piece of I-don't-know-what that Hilarious Hillary is. He's simply a better actor and has the skills to hide his self-loathing-American projectile vomit. Much like the equally evil, treasonous Noam Chomsky scumbag, Sandwhores has never met a Communist dictatorship he didn't like.

 

[Stormy Daniels]

Put caps on rates and you'll see fewer cards issued because the issuers can't take on that risk.

This ain't rocket science.

And maybe the issuance of fewer cards might be a good thing, who knows.
.

I think that people like Sanders and AOC intuitively understand the problems with the role credit plays in our modern economy. We are a credit dependent economy that creates hyperbolic pressure that widens economic inequality. Lower income groups have to pay more as a result of their lower "credit worthiness", in some cases being excluded from the kind of long term investments that would lower their cost of living and help them achieve better financial footing. Meanwhile, higher income groups are often able to take advantage of loans and credit to expand their wealth even further with relatively easily, often with incentives that reduce their costs to nearly nothing. Unfortunately, they always want to propose "solutions" that don't actually fix the problem, just give it an artificial dressing.

If you break your arm near the elbow, and it starts healing crooked and to the right, the solution is not to break it again near the wrist, and set the second break to angle toward the left as a cancel-out. That's what Sanders and AOC want to do.

 

[Mac1958]

Put caps on rates and you'll see fewer cards issued because the issuers can't take on that risk.

This ain't rocket science.

And maybe the issuance of fewer cards might be a good thing, who knows.
.

I think that people like Sanders and AOC intuitively understand the problems with the role credit plays in our modern economy. We are a credit dependent economy that creates hyperbolic pressure that widens economic inequality. Lower income groups have to pay more as a result of their lower "credit worthiness", in some cases being excluded from the kind of long term investments that would lower their cost of living and help them achieve better financial footing. Meanwhile, higher income groups are often able to take advantage of loans and credit to expand their wealth even further with relatively easily, often with incentives that reduce their costs to nearly nothing. Unfortunately, they always want to propose "solutions" that don't actually fix the problem, just give it an artificial dressing.

If you break your arm near the elbow, and it starts healing crooked and to the right, the solution is not to break it again near the wrist, and set the second break to angle toward the left as a cancel-out. That's what Sanders and AOC want to do.

Putting caps on rates is one thing, and as I mentioned, we'll see a corresponding decrease in issuance as issuers pull back.

What would be the next step? Is the government going to force credit card issuers to accept higher-risk customers? That wouldn't surprise me.

Or maybe the government should open its own credit card service. It can print money to pay for its losses. Hey, why not.

This, like most of our problems, is cultural. We're a society hooked on personal credit, willful ignorance of personal finance and instant gratification. That's one dangerous combination.
.

 

[HaShev]

Put caps on rates and you'll see fewer cards issued because the issuers can't take on that risk.

This ain't rocket science.

And maybe the issuance of fewer cards might be a good thing, who knows.
.

I think that people like Sanders and AOC intuitively understand the problems with the role credit plays in our modern economy. We are a credit dependent economy that creates hyperbolic pressure that widens economic inequality. Lower income groups have to pay more as a result of their lower "credit worthiness", in some cases being excluded from the kind of long term investments that would lower their cost of living and help them achieve better financial footing. Meanwhile, higher income groups are often able to take advantage of loans and credit to expand their wealth even further with relatively easily, often with incentives that reduce their costs to nearly nothing. Unfortunately, they always want to propose "solutions" that don't actually fix the problem, just give it an artificial dressing.

If you break your arm near the elbow, and it starts healing crooked and to the right, the solution is not to break it again near the wrist, and set the second break to angle toward the left as a cancel-out. That's what Sanders and AOC want to do.

Wrong, they are just pandering by seemingly attacking things they know their target audience hates.
They can't target the people who cause the high rates (their audience), so they demonize the risk taking card companies instead. Todd and Frank made this same mistake that caused the housing collapse, then blamed it on Bush.
What your post shows is that the outlining issue that Sanders and Cortez neglect, is that there is a lack of teaching economics in our schools. Teach people to save and invest earnings to be the receivers of high interest instead of bestowers of high interest. It's not always about what you earn, it's what you spend and how you manage your funds too.
Many people live poorly and in debt making twice as much as a comfortable debt free wise man who understands how to manage themselves. Sander snd AOC's plan does not solve deadbeats, does not solve patterns leading to debts, does not solve high interest nor access to credit. Let's face it, 15% is too much, you should never have to be put in a position to have to owe that kind of rate either. Those "plans" fail to change that= epic fail because they are a facade used to gain votes not success.
*And so a candidate came along and offered 10% cap rates on credit cards, free college, $5,000 gov't checks, and a free Pony with a unicorn horn straped to it's head.
Guess who gets the votes?
Guess who would never get any of those promises passed?
So why be a fool for the plastic carrot on a stick some guy who can't trim his ear hairs offers in front of you?

 

[Ray From Cleveland]

Put caps on rates and you'll see fewer cards issued because the issuers can't take on that risk.

This ain't rocket science.

And maybe the issuance of fewer cards might be a good thing, who knows.
.

I think that people like Sanders and AOC intuitively understand the problems with the role credit plays in our modern economy. We are a credit dependent economy that creates hyperbolic pressure that widens economic inequality. Lower income groups have to pay more as a result of their lower "credit worthiness", in some cases being excluded from the kind of long term investments that would lower their cost of living and help them achieve better financial footing. Meanwhile, higher income groups are often able to take advantage of loans and credit to expand their wealth even further with relatively easily, often with incentives that reduce their costs to nearly nothing. Unfortunately, they always want to propose "solutions" that don't actually fix the problem, just give it an artificial dressing.

If you break your arm near the elbow, and it starts healing crooked and to the right, the solution is not to break it again near the wrist, and set the second break to angle toward the left as a cancel-out. That's what Sanders and AOC want to do.

After I established good credit and an excellent rating to follow, I got credit card offers through the mail several times a week. I still do actually.

Worthy borrowers like myself were treated to 0% interest rates, no annual fees, and no balance transfer charges. Then Obama became President.

Obama made it law credit card companies could no longer charge high interest rates. He made it law that tardy or non--payers not be charged any fee or be penalized with higher interest rates.. Banks made money off those fees and interest rates, so they could afford to cater to their responsible borrowers and attract more good clients.

Until this day when I want to transfer a balance to another card, I now have to pay a fee. The higher the balance, the more the fee.

What that big-eared Commie did was cater to likely Democrat voters--irresponsible people, and it came at a cost to likely Republican voters like myself--responsible people. Now they want to rehash the same kind of scheme. This is one of the many reasons I hate Democrats. They don't think about the better of America, they think about the better of their voters and to hell with everybody else.

Banks reward good customers at the cost to bad the way it should be. It's just like good drivers are rewarded with lower premiums, and same with house insurance. The people who have to pay are those who are not responsible.

The Democrat plan is to make sure the responsible people are not rewarded, and the irresponsible people are. I can't see how any real American can approve of this.

 

[RDD_1210]

Elizabeth Warren's "I got a plan" is so great that in 7 years of office, we can't name one plan she proposed.
Interesting how ideas flourish if elected to high office where those plans aren't implimented, but are MIA when they are in positions to make new proposals in the house and Senate. More proof they don't work for the people and their country, they work for their own special interest and affiliation. If they have no intention of working, then why do people vote these people in knowing they will not get anything done and do so on purpose like five year olds?

Just because you're glaringly out of touch does not mean Warren hasn't proposed anything while in office.

Google is your friend.

So tell us what plans she shared these 2+ years or is she saving them for her party only and not her Country?
-oops

For starters,she spearheaded the creation of the Consumer Financial Protection Bureau.

And she has sponsored 80 bills in the 115th Congress.
Bills Sponsored by Elizabeth Warren (D-Mass.)

And some of her bi-partisan efforts -
She introduced legislation with GOP Senator Chuck Grassley of Iowa to make hearing aids available over-the-counter, for example. She cosponsored the “Smart Savings Act” with GOP Senator Rob Portman of Ohio to boost federal employees’ savings; an opioids bill with Shelley Moore Capito of West Virginia; and, with John Cornyn of Texas, legislation to make it easier for veterans to obtain commercial driver’s licenses.

So you are saying Elizabeth Warren is part of the Opioid problem and made drugs cheaper for the addicted users? Her other bills all deal with drugs or silly stuff like this one:
S.CON.RES.53: A concurrent resolution honoring the 75th anniversary of the All-American Girls Professional Baseball League.
Wow what important work.

I lobbied/sponsored a number of Bills that became laws in my state and ended up being used in other states and I'm not even a politician.
Maybe you heard of them,
Sync the local State and FBI data bases, Allow Police and Judges the right to suggest and force mental evaluations no longer restricted to family members, bills passed allowing condo owners rights to bring up criminal charges and civil charges on condo boards and individual members comitting fraud and abusing their power.
Now once again: her plans, why are they hers for election and not the Country now? answer: because it's all political posteuring and never about the people or country.
By offering 15% cards in talking points it attracts the voters they seek even though it would never pass.
It's all show without substance.
It's easy to offer freebies, but it shows they have nothing to offer but these lies and gimicks otherwise it would have been done already for sake of the People and Country and not just an election. -oops

First you couldn't think of anything she's done.

Now what she's done isn't good enough for you.

Solid job on moving those goal posts.

 

[EvilCat Breath]

Credit worthiness has nothing to do with your income. It is completely based on how you pay your bills. Pay them on time and your scores go up no matter what your income is.

 

[McRocket]

Capping credit card rates is just more nonsense like tuition debt forgiveness.

HELLO?

No one put a gun to these people's heads to rack up so much debt on their credit cards. And you are a flat out moron to do so in the first place (unless it was for some life-and-death reason like a medical cost that your insurance will not cover).

This is socialism at it's worst...government invasion of the free market for the 'good' of it's citizens. All it will do is make getting a credit card just that much harder for people who use credit cards wisely and responsibly.
This is stupid, simplistic socialization of the free market by people who obviously have not a clue how the free market operates.

Hey...you stupid citizens?!? You took out the debt - you pay it back.

 

[Ray From Cleveland]

Capping credit card rates is just more nonsense like tuition debt forgiveness.

HELLO?

No one put a gun to these people's heads to rack up so much debt on their credit cards. And you are a flat out moron to do so in the first place (unless it was for some life-and-death reason like a medical cost that your insurance will not cover).

This is socialism at it's worst...government invasion of the free market for the 'good' of it's citizens. All it will do is make getting a credit card just that much harder for people who use credit cards wisely and responsibly.
This is stupid, simplistic socialization of the free market by people who obviously have not a clue how the free market operates.

Hey...you stupid citizens?!? You took out the debt - you pay it back.

Well.........if you really think that's what this is about.

Much like what happened under DumBama when he started to mess with the credit card companies, it's a gift to Democrat voters, and that's all it's intended to be. Vote buying.

Democrats don't do what's good for the country, they do what's good for them. I would like to know what policy Democrats ever proposed that was good for the country and not have an underlying benefit to the representative or Democrat party as well if not exclusively. Because I can't think of one; at least not in the last ten years or so.

Putting a cap on interest rates for irresponsible borrowers will only make them spend more and go further in debt. Do you think Sanders or Cortez cares as long as they get your vote? F-no.

 

[McRocket]

Capping credit card rates is just more nonsense like tuition debt forgiveness.

HELLO?

No one put a gun to these people's heads to rack up so much debt on their credit cards. And you are a flat out moron to do so in the first place (unless it was for some life-and-death reason like a medical cost that your insurance will not cover).

This is socialism at it's worst...government invasion of the free market for the 'good' of it's citizens. All it will do is make getting a credit card just that much harder for people who use credit cards wisely and responsibly.
This is stupid, simplistic socialization of the free market by people who obviously have not a clue how the free market operates.

Hey...you stupid citizens?!? You took out the debt - you pay it back.

Well.........if you really think that's what this is about.

Much like what happened under DumBama when he started to mess with the credit card companies, it's a gift to Democrat voters, and that's all it's intended to be. Vote buying.

Democrats don't do what's good for the country, they do what's good for them. I would like to know what policy Democrats ever proposed that was good for the country and not have an underlying benefit to the representative or Democrat party as well if not exclusively. Because I can't think of one; at least not in the last ten years or so.

Putting a cap on interest rates for irresponsible borrowers will only make them spend more and go further in debt. Do you think Sanders or Cortez cares as long as they get your vote? F-no.

I assume that 95+% (possibly 98+%) of EVERY federal politician (on both sides) does not give a shit about America...only their own interests.

So it is irrelevant to me what their motives are. I just care what the legislation means.


And I am against ANY government intervention in the economy to ANY degree...unless it is during a major, declared war.

 

[Zorro!]