Trump proposes PRICE CONTROLS now w/cap for credit cards

[Couchpotato]

Every state in the union has usury laws capping interest rates Cc can charge.

Usury laws date back to Roman times

They aren’t price controls

So you have no issue with what Trump is proposing then?

(BTW that was my point.)

 

[Fort Fun Indiana]

Yep. We used to call what they do 'usury'. But Biden has played a big role in this as so many credit cards are based in Delaware.

There is no reason for their outrageous interest rates to be permitted and make no mistake OP, it is the government which allows such usurious rates.

Hey, OP, that isn't price controls. FFS.

Capping interest rates 100% is "price controls".

Interest rates are prices.

 

[struth]

So you have no issue with what Trump is proposing then?

(BTW that was my point.)

I have no issue with usury laws at all. There has been a bill in the US Senate for over a year, the dems have blocked…when Americans needed it the most to deal with harris and xiden’s inflation.

 

[Fort Fun Indiana]

So you have no issue with what Trump is proposing then?

(BTW that was my point.)

Other than, it would completely crash the economy immediately and plunge the country into a possible depression?

 

[struth]

Capping interest rates 100% is "price controls".

Usury laws and price controls aren’t the same

 

[struth]

Other than, it would completely crash the economy immediately and plunge the country into a possible depression?

Haha what are you talking about? Every state already has usury laws with caps and have for well since we were formed

 

[Fort Fun Indiana]

Usury laws and price controls aren’t the same

But capping interest rates is a type of price control.

 

[Rambunctious]

View attachment 1014774

Say what you want funny boy... the people seem to love the idea of capping card rates... its not their fault Biden and Harris wrecked the economy and had an 9% inflation rate which is still over 4%... its killing households....
21% credit card rates are a total rip off....

 

[Fort Fun Indiana]

the people seem to love the idea of capping card rates

They also love free daycare, free tuition, and free health insurance.

Don't short circuit!

 

[Fort Fun Indiana]

Say what you want funny boy... the people seem to love the idea of capping card rates... its not their fault Biden and Harris wrecked the economy and had an 9% inflation rate which is still over 4%... its killing households....
21% credit card rates are a total rip off....

21% shoot... that's a good rate, on a general use credit card, these days.

 

[BlindBoo]

Hahaha that dude will say anything to get elected.

 

[Fort Fun Indiana]

Such a steep cap would close the credit markets. The money would stop flowing. People would even stop buying cars and houses. No vacations. No new cell phones bought. No new furniture.

The economy would crash immediately.

 

[Dont Taz Me Bro]

Such a steep cap would close the credit markets. The money would stop flowing. People would even stop buying cars and houses. No vacations. No new cell phones bought. No new furniture.

The economy would crash immediately.

These people don't understand economics or monetary policy. They only understand what Trumps tells them to believe.

 

[Fort Fun Indiana]

These people don't understand economics or monetary policy. They only understand what Trumps tells them to believe.

True.

But the hard right wingers -- those of a Randian bent -- maybe just don't care if the economy crashes.

 

[Couchpotato]

But capping interest rates is a type of price control.

Which we already do.....

 

[Couchpotato]

These people don't understand economics or monetary policy. They only understand what Trumps tells them to believe.

the only thing you understand is Trump said it so it must be bad.

Im not even advocating for this (in fact I would be wildly against it) but what he's proposing is already something we do so the hyperbolic reaction to it can mean only one thing.

 

[struth]

But capping interest rates is a type of price control.

Not really, a price control is on the cost of production.

Usury laws don’t do that

 

[TheGreatSatan]

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.

^^^ pro loan shark

 

[Foxfyre]

Banks are going to convulse at the idea. Unless Trump pays them back by eliminating some more very important regulations.

Which he will do as he has done in the past. This isn't a huge deal for the banks for just a short time but they would dearly love to have back the former Trump era regulations for the next four years. Good for the banks and a blessing for those who depend on the banks to fund new homes, cars, business ventures etc.

 

[Fort Fun Indiana]

Which we already do.....

Indeed.