Trump proposes PRICE CONTROLS now w/cap for credit cards

[g5000]

This is not price controls. Those interest rates are blatant rip offs. You would find a lot of people in agreement. Perhaps there are dead beats not paying the off. Frankly, we need the cards to much of how we live today.

Deadbeats. I'm glad you used that word. Do you know what a deadbeat is to a credit card company?

It's someone who pays off their balance before the end of the month to avoid getting hit with an interest charge.

They are freeloaders and make up more than half of credit card holders. The credit card companies are making short term loans to them without making any money off them.

And that is why the interest rates are high on those who roll over their debt. To make up for all the freeloaders.

 

[john doe 101]

didnt you just say credit is good and people need it for emergency medical reasons??

people could even be able to buy bigger houses that couldnt before

No I said they need it for things like your kind has created like medical emergencies. Are you actually suggesting there should be more medical emergencies people should have in order to use their credit cards more?

 

[progressive hunter]

Same as every time the left meddles in the free market

It would start with higher fees.......

(credit is not inherently bad)

we are talking about interest rates not credit,,

try and keep up,,

 

[Billiejeens]

View attachment 1014774

Poor easily confused Taz

 

[progressive hunter]

No I said they need it for things like your kind has created like medical emergencies. Are you actually suggesting there should be more medical emergencies people should have in order to use their credit cards more?

when you get your stories straight get back to me,, right now youre not making sense,,

 

[22lcidw]

So you're for regulating businesses. Oh I'm all for regulating banks. I'm just pointing out your hypocrisy.

They created the credit society we have. It revolves around interest and in itself causes poverty. The bankers own many of the Fiat Currencies in countries. In this nation it is called The Federal Reserve. A private bank. The owners are mostly from Europe and the United States. There are people who suggest we remove the private bankers and let the American people own the fiat currency. The owners of the Federal Reserve get their cut from the printing press or computer blips. We seem to be subservient to the banks now.

 

[Billiejeens]

we are talking about interest rates not credit,,

try and keep up,,

I'm up - ass hole

 

[struth]

yeah to make the bankers rich and poor people poorer,,

its science so you may not understand it,,

This is why we have usury laws, every state has them, and the gop has proposed a federal law, been pending in the Dem controlled senate for a year

To help protect borrowers (who come at a disadvantage, from lenders doing whatever rate on the loan)

 

[struth]

View attachment 1014774

Haha we aren’t talking about price controls you idiot.

 

[g5000]

government wont allow it,,

as we speak banks are closing at higher rates thn ever before because of regulations,,

Nope.

There was only 1 bank failure this year.

Last year, there were 5.

None in 2022, none in 2021.

There were 16 in total under Trump.

Banks are NOT failing.

 

[g5000]

Haha we aren’t talking about price controls you idiot.

Yes we most certainly are.

An interest rate is the price of borrowing money.

 

[progressive hunter]

Nope.

There was only 1 bank failure this year.

Last year, there were 5.

None in 2022, none in 2021.

There were 16 in total under Trump.

Banks are NOT failing.

what was that you were lying about??

www.fdic.gov › bank-failures › in-briefBank Failures - FDIC
​

There were 567 bank failures from 2001 through 2024. See Summary by Year below. For more bank failure information on a specific year, select a date from the drop down menu to the right or select a

 

[martybegan]

View attachment 1014774

So credit card rate caps are price controls?

You can argue they are economically a bad idea, but they aren't price controls.

 

[22lcidw]

Deadbeats. I'm glad you used that word. Do you know what a deadbeat is to a credit card company?

It's someone who pays off their balance before the end of the month to avoid getting hit with an interest charge.

They are freeloaders and make up more than half of credit card holders. The credit card companies are making short term loans to them without making any money off them.

And that is why the interest rates are high on those who roll over their debt. To make up for all the freeloaders.

Many of the companies do not accept straight cash. Go to a motel as an example. Order products or services using a phone or through the internet. People get paid with a check and go to cash checking agencies and pay a fee for it. Take money out of an ATM and for many there is a fee. I can go on. This was not supposed to happen. However now we are an Indebted Society. Middlemen with your own money that was printed from the orders of banker middlemen. What a joke. The joke is on us.

 

[martybegan]

Yes we most certainly are.

An interest rate is the price of borrowing money.

And it will still cost you to borrow money, if you so choose to.

 

[g5000]

Imagine if a bank was forced to lend money to people free of charge.

That is exactly what credit card companies are forced to do. Half the people they lend money to end up paying no interest because they pay it back within the month.

The interest rate is for people who borrow money who don't pay it back right away.

To make up for lending free money to more than half their customers, the credit card companies charge above normal rates for the rest of their customers.

Trump wants to interfere in the capital markets, like the socialist he is.

 

[martybegan]

Many of the companies do not accept straight cash. Go to a motel as an example. Order products or services using a phone or through the internet. People get paid with a check and go to cash checking agencies and pay a fee for it. Take money out of an ATM and for many there is a fee. I can go on. This was not supposed to happen. However now we are an Indebted Society. Middlemen with your own money that was printed from the orders of banker middlemen. What a joke. The joke is on us.

That's what debit cards are for.

 

[martybegan]

Imagine if a bank was forced to lend money to people free of charge.

That is exactly what credit card companies are forced to do. Half the people they lend money to end up paying no interest because they pay it back within the month.

The interest rate is for people who borrow money who don't pay it back right away.

To make up for lending free money to more than half their customers, the credit card companies charge above normal rates for the rest of their customers.

Trump wants to interfere in the capital markets, like the socialist he is.

The card companies get paid per transaction as well, they don't just make money off interest.

 

[g5000]

Many of the companies do not accept straight cash. Go to a motel as an example. Order products or services using a phone or through the internet. People get paid with a check and go to cash checking agencies and pay a fee for it. Take money out of an ATM and for many there is a fee. I can go on. This was not supposed to happen. However now we are an Indebted Society. Middlemen with your own money that was printed from the orders of banker middlemen. What a joke. The joke is on us.

If I go to a motel and pay with a credit card, I can pay that off before I am charged interest.

That's what more than half of credit card holders do.

The credit card companies lend money for free to more than half their customers.

 

[Oddball]

Clear as day. The dude is just rambling but in his ramble Trump basically proposes what Harris was accused of proposing. She didn’t.

She opposes price gouging in emergencies and illegal collusion on pricing.

Capping credit card interest @ 10% is straight up price control. Would bankrupt companies too.

Sure, Donald, let’s cap interest rates - Kevin Drum

Sigh. It just doesn't matter what he says, does it? Most likely nobody will bother reporting this. Banks won't bother protesting it. Wonky bloggers like me won't bother explaining why Trump can't do it. Conservatives will mostly ignore the fact that this really is socialism, far worse than Kamala Harris's trivial price gouging proposal. In fact, just the opposite: His enablers will suddenly produce a spate of explanations for why it's a brilliant, far-reaching, and conservative proposal.

Stuff like this is a product of intersectionality: Trump is both mentally declining and willing to say any weird thing that pops into his fevered brain. Everyone knows it, so nobody takes anything he says seriously. He's treated like a five-year-old running for president.

Central banking with a fiat currency monopoly is socialism, you fucking dope.

Credit cards with their usurious interest and fees are inherent in the business model.