Home | About | Donate

To Tackle Greed of Wall Street 'Loan Sharks,' Ocasio-Cortez and Sanders Plan Would Cap Outrageous Credit Card Rates

To Tackle Greed of Wall Street 'Loan Sharks,' Ocasio-Cortez and Sanders Plan Would Cap Outrageous Credit Card Rates

Jake Johnson, staff writer

This is a developing story... Check back for updates...

Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders plan on unveiling legislation Thursday to "take on Wall Street greed" and protect consumers by imposing a 15 percent federal cap on credit card interest rates—a major source of financial industry profits.

3 Likes

Bernie is consistently coming up with important objectives to make our lives better while Biden does absolutely nothing. So why do the Polls say Biden is in the top spot? It’s that who has more donation money isn’t it? No such thing as a fair election.

11 Likes

This is the way of thinking I have been advocating, but in a stronger sense. From a socialists point of view, we can run business without greed. We can favor workers and consumers over profiteers.
Someone will run a credit business charging 12% instead of 25-30 % as an example.
Someone will make widgets for less if we make it uncomfortable for the ripoff producers and the retailers and wholesalers.
If we take greed out of capitalism, perhaps we could live with it easier.

9 Likes

My answer: Because Biden, the Wall Street stooge, that has earned the title Mr. Master Card… has been selected for the top spot.

8 Likes

Exactly why Bernie has absolutely no chance for the nomination for POTUS in 2020!

1 Like

Because the fake polls, along with the MSM fake news are used to manipulate the public into thinking that this (fake)-nice man Joe, is the one to beat Trump-

12 Likes

Very impressive. This is the political front line for a potential revolution.

2 Likes

The Kings of Ancient Rome followed a practice garnered from the Middle East Kings …
debt forgiveness . However, the Roman oligarch class violently opposed dipping into their usury gained loot and established a ‘Republic’ overseen by a Senate of obedient lackeys.

It has been said: The US Senate is a group of selected millionaires protecting the interest of oligarch billionaires…

When Roman Peasants complained, the oligarchs (.1%) attacked with ‘their’ military. When the kids of Occupy Wall Street got to be worrisome, the Wall Street Oligarchs (.1%) attacked with ‘their’ military.

Watch your back Bern and AOC. Julius César had some ideas about sharing the wealth with the Peasants!

6 Likes

Three Cheers for Bernie and AOC!
This is the opposite of what Biden has done in the past - and probably still supports

10 Likes

What many people do not realize is many states use to have usury laws that capped the credit card interest rate at 12%. Biden who is nothing less than a stooge for his banker friends, was instrumental in changing that usury law.

9 Likes

Glad to see that the progressives are moving on this predatory practice.

5 Likes

To build on what you are saying Guitman, the polls lie.

I have never trusted polling, and if I did I wouldn’t pay any attention to them anyway. In this case, certainly not for another six months or more.
Loan sharks, just another unhinged facet of a capitalist economy showing it’s immorality.

3 Likes

Yup, Buyed-In has spent his career working to “deregulate” the financial predators. To better “serve” us… to them.

6 Likes

Interest rate and fee caps should Papply to Payday loans too, in addition to credit card loans.
Peace.
ths.

2 Likes

The current “poll” claiming Biden is on top, isn’t a poll at all. It’s based on a point sys. the party came up with. the candidates get points based on who in the party supports them, total BS.
https://www.youtube.com/watch?v=OD_RGbHXI8U

5 Likes

Yes, and Biden is the #1 loan shark!

1 Like

Another reason to consider a “Universal Basic Income.”

4 Likes

15% is outrageous, usurious. There’s a good reason why the old prophets railed agains loaning money at interest, AT ALL. That’s actually the original meaning of the term “usury” - to loan money at interest. Not “at excessive interest,” but just to charge interest AT ALL.

Because if you build a money system on debt at interest, it INEVITABLY escalates to where the financial predators own you and everything else, and the debt is unsustainable.

Look at all forms of debt in the world today - international debt, credit card debt, mortgage debt, student debt. All in the TRILLIONS of dollars. And where the eff did “student debt” come from? That was not a massive debt, just a few decades ago. It was ENGINEERED, just like actually ALL that debt is engineered. There is no ACTUAL need for interest. We could run a financial system perfectly well, far better in fact, without interest, which INEVITABLY promotes all kinds of negative social outcomes. BUT, the predatory class REQUIRES us to be indebted, the better to suck us dry and “endlessly” concentrate power and wealth in narrower and narrower hands.

Except it is never endless, and it inevitably ends badly, one way or another. And there is massive “collateral damage” throughout the operation of the debt-at-interest financial system. A major cause of suicide is unpayable debt, think about that. It’s not a “personal problem” it is social engineering.

And then the worst of the narcissistic predators jeer at “the losers,” and rile up the rest of us to feel superior and demonize “others” while the ENGINEERED PREDATION steamrolls on.

We need - and this is not just “It would be great if” but we NEED - to recognize the debt trap, and seriously institute a different system of finance and economics, to stop enabling and sponsoring predatory narcissistic greed and the endless propaganda that is churned out in support of it.

The narcissistic predatory extractive colonizing corporate economy is not just “bad for some people” but at this point it is literally destroying the very basis of the ecology of which humanity is a part. We NEED a different system, and we need to think that, and talk about how to do it, and make it happen.

6 Likes

I always find it interesting how companies either hide how the poll was conducted or provide so much information to confuse you as to how it was done. The funniest one was the poll showing that Biden was 24 points ahead. Well when you dig through the details, you find out they sampled 0 people (really it was 0) below the age of 50, oversampled males to females at a 2 to 1 ratio, surprising included 29% republicans, and the mean income level was between 100-150 K. The poll’s construction shows you how scared the elite are. We have entered the pure propaganda stage.

10 Likes