https://www.cnbc.com/2024/09/24/trump-cr...arris.html

Quote:"We’re going to put a temporary cap on credit card interest rates,” the Republican presidential nominee said at a rally in New York on Wednesday.

Cant wait to hear all the anti-communists and anti-socialists here support this gem from their guy....

My opinion ---- even *more* brain dead, idiotic, and explicitly more left wing than Kamala's federal anti-gouging suggestion.

Quite the champion of business. I havent heard a fktard proposal of explicit price caps on anything in a long time -- kind of equivalent to the long time idiot idea of rent control.

I'm for people paying back what they have signed up to pay.

By all means, please direct us to your posts blasting Biden and Cumswala for trying to forgive (unconstitutionally) billions in college loans.

Also, since you're a lawyer, you should know that many states already have laws against predatory lending. Some states have banned payday loans and the like altogether. Dozens have strict laws on interest rate limits already.

Do you live under a rock?

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Just like Kamala's anti-gouging idea. How would he even make this happen with private businesses? Every person that gets a credit card agrees to the interest rate. I applaud Congress for passing laws requiring creditors to put the truth in finance info on statements so people know how f*cked they are, but I don't agree with capping high interest loans to high risk borrowers.

If that’s all the Trump hater has, he’s in for a very long and frustrating ride.

(09-25-2024 08:49 PM)maximus Wrote:  I'm for people paying back what they have signed up to pay.

By all means, please direct us to your posts blasting Biden and Cumswala for trying to forgive (unconstitutionally) billions in college loans.

Also, since you're a lawyer, you should know that many states already have laws against predatory lending. Some states have banned payday loans and the like altogether. Dozens have strict laws on interest rate limits already.

Do you live under a rock?

Sent from my SM-S928U using Tapatalk

Not on board with the college loan forgiveness overall. Didn’t realize that was a prerequisite to opine on this asinine proposal. Especially at a Federal level.

As for payday loans, never been on board with those being constrained either. High risk, high rates.

You are the true master of whadabout ****. And an awesome display of ‘protect your idol at any cost’. Congrats. (I guess).

(09-25-2024 08:58 PM)450bench Wrote:  If that’s all the Trump hater has, he’s in for a very long and frustrating ride.

I guess in short load world it’s best not to comment on the topic, and best to comment directly and solely on the poster.

Good job there, pardner!!! You very rarely disappoint…. lol.

(09-25-2024 09:33 PM)tanqtonic Wrote:  

(09-25-2024 08:49 PM)maximus Wrote:  I'm for people paying back what they have signed up to pay.

By all means, please direct us to your posts blasting Biden and Cumswala for trying to forgive (unconstitutionally) billions in college loans.

Also, since you're a lawyer, you should know that many states already have laws against predatory lending. Some states have banned payday loans and the like altogether. Dozens have strict laws on interest rate limits already.

Do you live under a rock?

Sent from my SM-S928U using Tapatalk

Not on board with the college loan forgiveness overall. Didn’t realize that was a prerequisite to opine on this asinine proposal. Especially at a Federal level.

As for payday loans, never been on board with those being constrained either. High risk, high rates.

You are the true master of whadabout ****. And an awesome display of ‘protect your idol at any cost’. Congrats. (I guess).

I didn't vote for Trump, that's probably the 50th time I've posted that.

He is no idol.

I'll tell you what though, he is a hell of lot better than the current alternative.

Sent from my SM-S928U using Tapatalk

I read the topic and the original post. It’s an embarrassing reach and ridiculous.

Yeah, usury rates are already a thing and the government has long controlled them. The issue is most credit card companies are exempt from state usury laws due to the nature of their business model which involves interstate commerce. This is something they have spent millions upon millions lobbying to keep in place.

So the question is, do you believe credit card companies should be able to buy their way out of regulation on this matter?

(09-25-2024 10:27 PM)banker Wrote:  Yeah, usury rates are already a thing and the government has long controlled them. The issue is most credit card companies are exempt from state usury laws due to the nature of their business model which involves interstate commerce. This is something they have spent millions upon millions lobbying to keep in place.

So the question is, do you believe credit card companies should be able to buy their way out of regulation on this matter?

I typically come down against price control by the government in pretty much all circumstances. I cant think of a single instance I might support it.

I also think that in addition to the above, that small concentrated market holders shouldnt abuse their market power in antitrust fashion as a counterweight. Nor should groups collude and be free to price fix amongst themselves.

The better wording of the last sentence should be "do you believe credit card companies should be regulated in the interest rates they charge"? That is the predicate question.

If the answer is yes, they should be regulated in that -- *then* your question posed becomes relevant.

(09-26-2024 12:26 AM)tanqtonic Wrote:  

(09-25-2024 10:27 PM)banker Wrote:  Yeah, usury rates are already a thing and the government has long controlled them. The issue is most credit card companies are exempt from state usury laws due to the nature of their business model which involves interstate commerce. This is something they have spent millions upon millions lobbying to keep in place.

So the question is, do you believe credit card companies should be able to buy their way out of regulation on this matter?

I typically come down against price control by the government in pretty much all circumstances. I cant think of a single instance I might support it.

I also think that in addition to the above, that small concentrated market holders shouldnt abuse their market power in antitrust fashion as a counterweight. Nor should groups collude and be free to price fix amongst themselves.

The better wording of the last sentence should be "do you believe credit card companies should be regulated in the interest rates they charge"? That is the predicate question.

If the answer is yes, they should be regulated in that -- *then* your question posed becomes relevant.

does that mean you stand against a minimum wage?

(09-25-2024 08:49 PM)maximus Wrote:  I'm for people paying back what they have signed up to pay.

By all means, please direct us to your posts blasting Biden and Cumswala for trying to forgive (unconstitutionally) billions in college loans.

Also, since you're a lawyer, you should know that many states already have laws against predatory lending. Some states have banned payday loans and the like altogether. Dozens have strict laws on interest rate limits already.

Do you live under a rock?

Sent from my SM-S928U using Tapatalk

He appears to live in an alcohol induced state. It causes him to conflate issues. Capping interest rates is NOTHING like instituting price controls. It's comparing lemonade to Pappy Van Winkle's.

(09-26-2024 05:26 AM)TigerBlue4Ever Wrote:  

(09-25-2024 08:49 PM)maximus Wrote:  I'm for people paying back what they have signed up to pay.

By all means, please direct us to your posts blasting Biden and Cumswala for trying to forgive (unconstitutionally) billions in college loans.

Also, since you're a lawyer, you should know that many states already have laws against predatory lending. Some states have banned payday loans and the like altogether. Dozens have strict laws on interest rate limits already.

Do you live under a rock?

Sent from my SM-S928U using Tapatalk

He appears to live in an alcohol induced state. It causes him to conflate issues. Capping interest rates is NOTHING like instituting price controls. It's comparing lemonade to Pappy Van Winkle's.

Interest is the price of money. Capping credit card rates is capping the price of money from a particular vendor.

It absolutely is a government price restriction…. A price cap…. A price control.

(09-26-2024 12:50 AM)GoodOwl Wrote:  

(09-26-2024 12:26 AM)tanqtonic Wrote:  

(09-25-2024 10:27 PM)banker Wrote:  Yeah, usury rates are already a thing and the government has long controlled them. The issue is most credit card companies are exempt from state usury laws due to the nature of their business model which involves interstate commerce. This is something they have spent millions upon millions lobbying to keep in place.

So the question is, do you believe credit card companies should be able to buy their way out of regulation on this matter?

I typically come down against price control by the government in pretty much all circumstances. I cant think of a single instance I might support it.

I also think that in addition to the above, that small concentrated market holders shouldnt abuse their market power in antitrust fashion as a counterweight. Nor should groups collude and be free to price fix amongst themselves.

The better wording of the last sentence should be "do you believe credit card companies should be regulated in the interest rates they charge"? That is the predicate question.

If the answer is yes, they should be regulated in that -- *then* your question posed becomes relevant.

does that mean you stand against a minimum wage?

Yep.

Not in favor of interest rate caps. Companies need to be able to price for risk. If they can't, many people simply won't be able to get a card. The CFPB has already limited past due fees to $8. An additional rate cap will, imo, further limit credit and possibly curtail many card award programs.

(09-25-2024 09:42 PM)maximus Wrote:  I didn't vote for Trump, that's probably the 50th time I've posted that.

He is no idol.

I'll tell you what though, he is a hell of lot better than the current alternative.

Sent from my SM-S928U using Tapatalk

I don't think many of the Trump supporters on this board like Trump personally, but his policies and general direction he wants to take the country in are just more agreeable than that of the Dems in general and specifically the current torch-bearer for that mess of a political party.


IMHO - The Dems are guilty of two things.

- The "Anti approach". Regardless of whether common sense dictates that their plan is good for the country or not, if it defies Trump, they are all on board.

- Appeasing to the squeaky wheel. The Squeaky wheel is rarely if ever the majority, they are just the loudest and the most motivated by rhetoric. When Kamala says something they all jump for joy and it sounds like the masses are speaking. Then the remainder of "The party of feelings" (but do not confuse that with actually caring) magnify the noise out of guilt and moral-superiority-complex (and orange man bad).

Less is more, but everything the Dem party stands for is "More which equates to less".

Less is more empowers people to drive the bus, spend the money they way they want to, decide what is best for them which drives a thriving existence.

More which equates to less - is government taking more and more of your money and your free decisions/choices away from you (except abortion) and dictating your existence. That kills the economy, that kills an individuals ability to live their life fully, it kills free market.... it stifles everything.

I know why he’s doing this, to try and appeal to voters who skew to the left who have credit card debt.

But it is a price control and a really bad precedent to set moving forward. I oppose this 100%

Conceptually it's a great issue to tackle. However, capping at something as low as 10% is not the ideal way to go about it. What we do know is the way credit cards are marketed and made available to people is a negative to society as a whole.

Sorry but credit card companies charging 20, 25, 28% and more are simply evil. I don't see a problem with forcing them to charge something reasonable.

And this is from someone that hasn't paid interest on a credit card in decades.

(09-26-2024 10:49 AM)BartlettTigerFan Wrote:  Sorry but credit card companies charging 20, 25, 28% and more are simply evil. I don't see a problem with forcing them to charge something reasonable.

And this is from someone that hasn't paid interest on a credit card in decades.

The market is evil. Sounds good. What rate goes to being 'not evil' in your subjective view?

Im not a fan of those rates. But I dont ascribe evil to market forces.

Let the price of money be the price of money.