Reps. Luna and AOC team up on bipartisan effort to cap interest rates on credit cards at 10%

[The Sage of Main Street]

There is no SS Trust Fund.

https://www.cato.org/policy-analysis/social-security-trust-fund-myth

The Entire Right and the Entire Left Are Allies Against MAGA

Cato: a patrician prick mooching off the glory of his ancestor. He jealously instigated lawfare against the greatest Roman of them all, Julius Caesar.

That is the role model whom the Lizardtarians named themselves after. They're self-obsessed sociopaths. Ayn Rand was a complete fraud, too . She was the mirror-image of Stalinism—reversed from Left to Right but just as ugly.

 

[The Sage of Main Street]

Why do you feel that?

Stay Puft

Because it makes @Marshmallow feel superior being the buttboy of Big Money.

 

[The Sage of Main Street]

Except for this pile of about $2.7 trillion.

View attachment 1088936

Plus $14 Trillion in Government-Owned Gold

Who do you think is behind the gold-bugs' Ponzi Scheme?

 

[The Sage of Main Street]

His idea is to prolong it by bilking the achievers even further. But Sanders is a Marxist. He's not going to do that.

Partners in Tyranny

By the way, how is someone totally enabled by his Daddy's Money an "achiever"? Also notice that the Preppy Progressives and their unmanly manservants never say a word about taxing away those inheritances and trust funds. Both sides are preppylovers.

 

[task0778]

I would assume that for high risk people, they will require "secured" credit cards where the available credit has to be secured with a pre-paid deposit.

For example a Bank will issue a $1000 Credit Card based on a minimum $1000 in a Saving Account, and the savings is "locked" to the balance remaining. For example if you owe $400, the most you are able to take out of savings is $600 and the card limit is automatically lowered.

WW

I'm okay with that, sounds just like a debit card.

 

[The Sage of Main Street]

Because the credit they issue is unsecured by any assets, hence the higher risk and the higher rates.

They are also on the hook for any fraud as long as the person owning the card reports it properly.

Default and fraud are all costs baked into the rates.

Honor Among Thieves

We should not allow them to let someone with a stolen credit card use it to get merchandise without having to produce the PIN. Stores are in on that collusion with criminals, too.

 

[WorldWatcher]

I'm okay with that, sounds just like a debit card.

It is, but it allows people to have a positive impact on their credits score and with that maybe moving from the "secured" credit card to a regular credit card once they have an established history.

This is basically the type of card we helped out kids get early on.

WW

 

[Care4all]

They can get jobs that are opening up picking vegetables to replace the illegals being deported.

Is that what you would do?

 

[Toddsterpatriot]

Plus $14 Trillion in Government-Owned Gold

Who do you think is behind the gold-bugs' Ponzi Scheme?

The government owns $14 trillion in gold? Link?

 

[Jarlaxle]

Scouts' Dishonor

Never trust people who claim they were "forced" to do something. It's nothing but collusion with the powerful forces behind the Gayist Mafia.

Sober up.

Social Security is functioned as designed. I now have an income in my retirement that I paid into from the age of 17. I also had two 403B retirement accounts. I am comfortable.

If other people want to invest in other more lucrative retirement accounts, that is their choice. I did and do not regret it.

Anything else is a modern legend.

This cannot be a serious post.

 

[Jarlaxle]

The Entire Right and the Entire Left Are Allies Against MAGA

Cato: a patrician prick mooching off the glory of his ancestor. He jealously instigated lawfare against the greatest Roman of them all, Julius Caesar.

That is the role model whom the Lizardtarians named themselves after. They're self-obsessed sociopaths. Ayn Rand was a complete fraud, too . She was the mirror-image of Stalinism—reversed from Left to Right but just as ugly.

Stay Puft

Because it makes @Marshmallow feel superior being the buttboy of Big Money.

Plus $14 Trillion in Government-Owned Gold

Who do you think is behind the gold-bugs' Ponzi Scheme?

Partners in Tyranny

By the way, how is someone totally enabled by his Daddy's Money an "achiever"? Also notice that the Preppy Progressives and their unmanly manservants never say a word about taxing away those inheritances and trust funds. Both sides are preppylovers.

Honor Among Thieves

We should not allow them to let someone with a stolen credit card use it to get merchandise without having to produce the PIN. Stores are in on that collusion with criminals, too.

STOP SPAMMING THE FUCKING BOARD!

 

[justoffal]

Taxrates above 5% are predatory.

Income tax in general is predatory

 

[marvin martian]

Reps. Luna and AOC team up on bipartisan effort to cap interest rates on credit cards

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

justthenews.com

Rep. Anna Paulina Luna, Republican of Florida, and Rep. Alexandria Ocasio-Cortez, Democrat of New York, are teaming up on bipartisan effort to limit interest rates on credit cards.

"For too long, credit card companies have abused working class Americans with absurd interest rates, trapping them in an almost insurmountable amount of debt," Luna wrote on X alongside a photo of herself and Ocasio-Cortez.
"We need a fair solution — and that means getting rid of the status quo and putting a reasonable cap on interest rates."

Luna also wrote on X that "most Americans agree that insane credit card interest rates are PREDATORY and need to stop!"

The companion bill in the Senate was filed by Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt.

The legislation would cap credit card interest rates at 10%.

Credit card interest rates can be pretty crazy. Hell, they are crazy.

If this goes through the lenders will just stop giving cards to poor people.

A good thing IMHO.

I remember a time in the late 70s when I could not qualify for a CC even though I owned a home and had a good, well-paying job.

Then they started issuing them to anyone with a pulse. What could go wrong?

This is stupid.

 

[Polishprince]

This is stupid.

If it is passed, and signed into law, the result will mean that millions of people with credit in the crapper won't be able to get a credit card. And then, AOC et al will complain about that.

 

[initforme]

We fo NOT need people picking crops.

 

[MarathonMike]

Partners in Tyranny

By the way, how is someone totally enabled by his Daddy's Money an "achiever"? Also notice that the Preppy Progressives and their unmanly manservants never say a word about taxing away those inheritances and trust funds. Both sides are preppylovers.

There is a big between getting $40 million in "seed money" which Donald Trump turned into billions and rich offspring that suck off the family fortune their entire life. I don't believe you are giving Trump credit for the remarkably successful life he has led.

 

[justoffal]

This is stupid.

Let them fafo....

The credit card companies in the banks behind them are about 150 times smarter than the Congress critters.

On the other hand this is hard to argue with...

Rep. Anna Paulina Luna Wears a MAGA Swimsuit

Rep. Anna Paulina Luna kickstarts the swimwear movement with her saucy MAGA swimsuit vid.

www.tmz.com