Ag CPA said:

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infinity ag said:

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Good Trump!

Every time Trump sticks it to scummy CEOs, I celebrate!

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Spoken like a true Democrat.

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I am neither a Dem, nor a Rep.
Neither a conservative, nor a liberal.


All those labels are nonsense. Fake. Epithets.

I am an American, that is good enough for me.

An "American" who likes to screw other Americans.

MouthBQ98 said:

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Keep in mind that he might not actually want that to happen. He might be applying pressure to achieve some other change or effect as a response. It is one of his commonly used tactics

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Hahaha. Trump is an embarrassment like every other big government politician (all of them). .

Teslag said:

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infinity ag said:

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Ag CPA said:

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infinity ag said:

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Good Trump!

Every time Trump sticks it to scummy CEOs, I celebrate!

---

Spoken like a true Democrat.

---

I am neither a Dem, nor a Rep.
Neither a conservative, nor a liberal.


All those labels are nonsense. Fake. Epithets.

I am an American, that is good enough for me.

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You are a socialist

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Bingo.

IMO, this is not a real boon to the banks but where the banks really make a "killing" is in "sitting" on a deposit and using those monies for the time it takes for the deposit to clear.
Banks are NOT your friend!

Moon Shadow said:

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IMO, this is not a real boon to the banks but where the banks really make a "killing" is in "sitting" on a deposit and using those monies for the time it takes for the deposit to clear.
Banks are NOT your friend!

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Right or wrong that's how banks work. They use your deposits to loan out elsewhere. It's called fractional reserve banking.

If you change how they use the funds in their possession, then you are talking massive changes to the economy as in halting it.

Jeeper79 said:

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What authority does he have to do this?

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Read it close. All it says is he is "calling for" such a cap. Legislation is needed. Who is going to vote against that? Democrats? Doubtful. Some R's and D's who have big bank and CC lobbyists in their ear? Sure. Most likely they will try to kill it in committee or some other tactic that doesn't require a recorded vote.

just a credit crunch on the poors as lenders/creditors close up the market

Disparate Impact complaints as soon as only people with credit scores above 750 can get a card.

Get Off My Lawn said:

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Pinochet said:

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But you get to decide who is worthy of credit and who can provide that credit or how it is structured. ETA: You cite a single structure that you believe is ok while completely ignoring how financial markets work and even the basic concept of the fungibility of money.

Same thing. Still asinine or uninformed (and the opposite of a conservative position). Take your pick.

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Cool cool cool.

Say - silly little question here: have access to debt / credit expanded since the ratification of our constitution?

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Not sure how that's relevant to my point or to the broader discussion in this thread.

First shot heard in the Israel first American first war. Bill Ackman not happy.

YouBet said:

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I just think this is overthinking it.

Bottom line: everyone knows that a CC company is going to penalize you and charge you for carrying a balance month to month. Higher the interest rate; the more they will charge you.

I've never read the fine print on my CC agreements because it's unnecessary. Common sense and logic are all that's needed here.

That's all there is to it.

---

Do they ? Yes, to you and I this is true. But remember when you were young, 18 - 21, and knew people that didn't have finance or economics classes, rackup a ton of debt on new furniture, a car, clothes whatever. And right off the bat they practically became indentured servants, paying on this crap for the next 7 years.

I saw this many times and warned everyone I knew. Not everyone gets an education or has the discipline to handle money wisely. And yes some companies are predatory.

Before calling be anti capitalist, know I built my company from scratch using a combination of hard work, a Tech business education, and more importantly values from an old book called the Bible- a book that called for hard work, honest living, and a call to never exploit people for $$; You know market pricing for a good product.

You know pure capitalism with an ethical emphasis is great for repeated long term business it creatres something called loyalty. This version of libertarian, buyer beware, capitalism is BS; as there is no room for ethics just $$$$$$$$$$. This BS gives real, enduring, capitalism a bad name and creates an opening for even more poisonous socialism. 36% interest rates are indentured servant level bad.

ttu_85 said:

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YouBet said:

---

I just think this is overthinking it.

Bottom line: everyone knows that a CC company is going to penalize you and charge you for carrying a balance month to month. Higher the interest rate; the more they will charge you.

I've never read the fine print on my CC agreements because it's unnecessary. Common sense and logic are all that's needed here.

That's all there is to it.

---

Do they ? Yes, to you and I this is true. But remember when you were young, 18 - 21, and knew people that didn't have finance or economics classes, rackup a ton of debt on new furniture, a car, clothes whatever. And right off the bat they practically became indentured servants, paying on this crap for the next 7 years.

I saw this many times and warned everyone I knew. Not everyone gets an education or has the discipline to handle money wisely. And yes some companies are predatory.

Before calling be anti capitalist, know I built my company from scratch using a combination of hard work, a Tech business education, and more importantly values from an old book called the Bible- a book that called for hard work, honest living, and a call to never exploit people for $$; You know market pricing for a good product.

You know pure capitalism with an ethical emphasis is great for repeated long term business it creatres something called loyalty. This version of libertarian, buyer beware, capitalism is BS; as there is no room for ethics just $$$$$$$$$$. This BS gives real, enduring, capitalism a bad name and creates an opening for even more poisonous socialism. 36% interest rates are indentured servant level bad.

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Great post.

Capitalism with compassion is what we need.

People like to screw the poor because they make bad decisions. They justify it because they think they are better than them.

Jarrin Jay said:

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He has no authority to do that, and it is a terrible idea.

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yep - agree

ttu_85 said:

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YouBet said:

---

I just think this is overthinking it.

Bottom line: everyone knows that a CC company is going to penalize you and charge you for carrying a balance month to month. Higher the interest rate; the more they will charge you.

I've never read the fine print on my CC agreements because it's unnecessary. Common sense and logic are all that's needed here.

That's all there is to it.

---

Do they ? Yes, to you and I this is true. But remember when you were young, 18 - 21, and knew people that didn't have finance or economics classes, rackup a ton of debt on new furniture, a car, clothes whatever. And right off the bat they practically became indentured servants, paying on this crap for the next 7 years.

I saw this many times and warned everyone I knew. Not everyone gets an education or has the discipline to handle money wisely. And yes some companies are predatory.

Before calling be anti capitalist, know I built my company from scratch using a combination of hard work, a Tech business education, and more importantly values from an old book called the Bible- a book that called for hard work, honest living, and a call to never exploit people for $$; You know market pricing for a good product.

You know pure capitalism with an ethical emphasis is great for repeated long term business it creatres something called loyalty. This version of libertarian, buyer beware, capitalism is BS; as there is no room for ethics just $$$$$$$$$$. This BS gives real, enduring, capitalism a bad name and creates an opening for even more poisonous socialism. 36% interest rates are indentured servant level bad.

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Maybe I'm being too harsh but to me it's simply common sense. If people are getting credit cards simply thinking they are free loans then they are too stupid to function. These are Darwin Award candidates, frankly.

I would agree 36% interest rates are predatory, but I'm not sure how you separate punishing stupid people vs preying on people who need to run up a bill in the short-term to get by.

They give you a piece of paper with what you are going to pay in bold as part of the agreement, so if you choose to ignore that then it's hard for me to have sympathy for those just perpetually get in debt buying **** they don't need. I'll separate those people from ones who are in dire straits and need a financial bridge.

This also reminds me of a good example from my first sentence. My former SIL (when in high school/college) originally thought ATM machines stood for Any Time Money and thought she could just pull money at will, in perpetuity....until she couldn't. Her sister (my former wife) would write checks under the same mentality. She thought she could just write checks at will and use it as legal tender and not have to worry about having money to back it up. They were both damn pretty though.

boulderaggie said:

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The highest cc rates right now are around 36% APR which seems egregious.

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While I know it's not a free market view I do believe that credit card companies being able to charge loan shark rates is usary and don't mind some limits being set (by the legislative branch).

TexasAggie73 said:

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Wouldn't that be lowering the profit levels for banks and their stockholders?

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No, because they majority of the "bad" CC holders would have likely had it charged off. The good CC holders pay their bills. This is a double positive as it is temporary. CCs getting 10% from high risk for one year and will likely clear out the rubbish. Some folks want to, and do pay but just the minimum, because they are too buried for reasons other than poor spending habits, and would be able to reduce the balance, keep it in good standing, and continue to use the CC after the deadline.

The average IQ is 100. We "protect" people from a lot of stupid stuff they should know better about… it's not that we're not already way down the slippery slope in that regard.

Cynic said:

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People like to screw the poor because they make bad decisions. They justify it because they think they are better than them.

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The poor screw themselves and I justify my dislike of them because they cost me and my country a **** load of resources.

If you are poor in modern America it's because of poor choices and irresponsibility. Nothing else.

It's almost like everything in the grocery store is $4 minimum, not including theft, I mean tax.

Imagine if gas was $4 per gallon.

ETA: but yeah, not good policy. Sigh! Bad Trump, let the markets decide interest rates.

.

Teslag said:

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Cynic said:

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People like to screw the poor because they make bad decisions. They justify it because they think they are better than them.

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The poor screw themselves and I justify my dislike of them because they cost me and my country a **** load of resources.

If you are poor in modern America it's because of poor choices and irresponsibility. Nothing else.

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Bad take. Insensitive take. Entitled take.

You left out accurate take

Teslag said:

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Cynic said:

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People like to screw the poor because they make bad decisions. They justify it because they think they are better than them.

---

The poor screw themselves and I justify my dislike of them because they cost me and my country a **** load of resources.

If you are poor in modern America it's because of poor choices and irresponsibility. Nothing else.

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No. There is a lot of that, to be sure. But simple IQ is a thing…and generally unchanging…and there are a lot of people who simply lack the brain power to make decent money. Other can run into black swan events completely out of their control.

You can do it all correctly and all of a sudden your public pension fund goes tits up.

Sickness that you even have insurance for to protect your expense outlays…but render you unable to further earn income. What then?

Not so black and white.

Teslag said:

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Cynic said:

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People like to screw the poor because they make bad decisions. They justify it because they think they are better than them.

---

The poor screw themselves and I justify my dislike of them because they cost me and my country a **** load of resources.

If you are poor in modern America it's because of poor choices and irresponsibility. Nothing else.

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There will always be the poor, not everyone grows up with good influence and resources. Not everyone is blessed with good intellectual abilities. We shouldn't exploit those people just because they don't know better.

I'm not advocating for government assistance, although we personally should he helping people less fortunate.

Anyhow, my point was more against predatory corporations squeezing every ounce of profit for investors.

Teslag said:

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Cynic said:

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People like to screw the poor because they make bad decisions. They justify it because they think they are better than them.

---

The poor screw themselves and I justify my dislike of them because they cost me and my country a **** load of resources.

If you are poor in modern America it's because of poor choices and irresponsibility. Nothing else.

---

I mostly agree. But you must define "poor".
If by poor you mean making average income but in debt (disagree with you) or poor as in living below the poverty line and on welfare (mostly agree).

infinity ag said:

---

ttu_85 said:

---

YouBet said:

---

I just think this is overthinking it.

Bottom line: everyone knows that a CC company is going to penalize you and charge you for carrying a balance month to month. Higher the interest rate; the more they will charge you.

I've never read the fine print on my CC agreements because it's unnecessary. Common sense and logic are all that's needed here.

That's all there is to it.

---

Do they ? Yes, to you and I this is true. But remember when you were young, 18 - 21, and knew people that didn't have finance or economics classes, rackup a ton of debt on new furniture, a car, clothes whatever. And right off the bat they practically became indentured servants, paying on this crap for the next 7 years.

I saw this many times and warned everyone I knew. Not everyone gets an education or has the discipline to handle money wisely. And yes some companies are predatory.

Before calling be anti capitalist, know I built my company from scratch using a combination of hard work, a Tech business education, and more importantly values from an old book called the Bible- a book that called for hard work, honest living, and a call to never exploit people for $$; You know market pricing for a good product.

You know pure capitalism with an ethical emphasis is great for repeated long term business it creatres something called loyalty. This version of libertarian, buyer beware, capitalism is BS; as there is no room for ethics just $$$$$$$$$$. This BS gives real, enduring, capitalism a bad name and creates an opening for even more poisonous socialism. 36% interest rates are indentured servant level bad.

---

Great post.

Capitalism with compassion is what we need.

---

This.

ttu_85 said:

---

YouBet said:

---

I just think this is overthinking it.

Bottom line: everyone knows that a CC company is going to penalize you and charge you for carrying a balance month to month. Higher the interest rate; the more they will charge you.

I've never read the fine print on my CC agreements because it's unnecessary. Common sense and logic are all that's needed here.

That's all there is to it.

---

Do they ? Yes, to you and I this is true. But remember when you were young, 18 - 21, and knew people that didn't have finance or economics classes, rackup a ton of debt on new furniture, a car, clothes whatever. And right off the bat they practically became indentured servants, paying on this crap for the next 7 years.

I saw this many times and warned everyone I knew. Not everyone gets an education or has the discipline to handle money wisely. And yes some companies are predatory.

Before calling be anti capitalist, know I built my company from scratch using a combination of hard work, a Tech business education, and more importantly values from an old book called the Bible- a book that called for hard work, honest living, and a call to never exploit people for $$; You know market pricing for a good product.

You know pure capitalism with an ethical emphasis is great for repeated long term business it creatres something called loyalty. This version of libertarian, buyer beware, capitalism is BS; as there is no room for ethics just $$$$$$$$$$. This BS gives real, enduring, capitalism a bad name and creates an opening for even more poisonous socialism. 36% interest rates are indentured servant level bad.

---

LatinAggie1997 said:

---

Teslag said:

---

Cynic said:

---

People like to screw the poor because they make bad decisions. They justify it because they think they are better than them.

---

The poor screw themselves and I justify my dislike of them because they cost me and my country a **** load of resources.

If you are poor in modern America it's because of poor choices and irresponsibility. Nothing else.

---

I mostly agree. But you must define "poor".
If by poor you mean making average income but in debt (disagree with you) or poor as in living below the poverty line and on welfare (mostly agree).

---

Most people living below the poverty line knowing made choices to stay there. And knew better.

Pinochet said:

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Get Off My Lawn said:

---

Pinochet said:

---

But you get to decide who is worthy of credit and who can provide that credit or how it is structured. ETA: You cite a single structure that you believe is ok while completely ignoring how financial markets work and even the basic concept of the fungibility of money.

Same thing. Still asinine or uninformed (and the opposite of a conservative position). Take your pick.

---

Cool cool cool.

Say - silly little question here: have access to debt / credit expanded since the ratification of our constitution?

---

Not sure how that's relevant to my point or to the broader discussion in this thread.

---

The claim of "conservative" high ground.

True conservatives are capable of looking back prior to the 1980s as they look to identify root causes for modern problems.

Furthermore, while conservatives typically want to minimize the size of government, it's a wild claim to say conservatives MUST advocate for policy which will EXPAND consumer debt. I'm unaware of social or fiscal conservativism ever pursuing that result. Conservatives differ from libertarians in a willingness to use the levers of government to shape behaviors which are pro-civilization.

You're welcome to disagree with me, and may even be right, but I take issue with your purity criticism.

infinity ag said:

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ttu_85 said:

---

YouBet said:

---

I just think this is overthinking it.

Bottom line: everyone knows that a CC company is going to penalize you and charge you for carrying a balance month to month. Higher the interest rate; the more they will charge you.

I've never read the fine print on my CC agreements because it's unnecessary. Common sense and logic are all that's needed here.

That's all there is to it.

---

Do they ? Yes, to you and I this is true. But remember when you were young, 18 - 21, and knew people that didn't have finance or economics classes, rackup a ton of debt on new furniture, a car, clothes whatever. And right off the bat they practically became indentured servants, paying on this crap for the next 7 years.

I saw this many times and warned everyone I knew. Not everyone gets an education or has the discipline to handle money wisely. And yes some companies are predatory.

Before calling be anti capitalist, know I built my company from scratch using a combination of hard work, a Tech business education, and more importantly values from an old book called the Bible- a book that called for hard work, honest living, and a call to never exploit people for $$; You know market pricing for a good product.

You know pure capitalism with an ethical emphasis is great for repeated long term business it creatres something called loyalty. This version of libertarian, buyer beware, capitalism is BS; as there is no room for ethics just $$$$$$$$$$. This BS gives real, enduring, capitalism a bad name and creates an opening for even more poisonous socialism. 36% interest rates are indentured servant level bad.

---

Great post.

Capitalism with compassion is what we need.

---

Capitalism is the most compassionate economic system ever devised.

Every anti-capitalist argument you make screws people over and is an argument against compassion.