re: Gross: Hawley teaming up with Bernie sanders to put a cap on credit card interest rates

Good

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more responsible customers.

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Well, no shite. That's called a credit score; the Indvidual lender probably uses a custom scoring model based on what they think are the riskiest indicators for their customer base. Some people are riskier than others. There's a reason a 35 year old married dude is likely to qualify for a lower interest rate than the 19 year old in Army AIT that will probably be divorced twice by 25. That's why the latter gets 27% interest rates on a secured loan, the former does not.

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Credit card companies

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The OP is not about credit card companies. It is about banks.

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credit a mandatory class

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You think that'd make a difference? They've run tests with kids that prove that they have an extremely hard time making decisions that are beneficial to them in the long run (one M&M now, or you can have two if you wait 20m?) And no, a 17 year old is not really all that different than a six year old when it comes to predicting consequences. Hence $1200 a month car payments when your gross as an E-2 is 2,261.10. And don't forget the loans for the rims and the ceramic tint.

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Now you have posters not only supporting these regulations, but fricking capping interest rates on credit cards. And they pretend like this is the common, normal view of "conservatives" or "the right" while pretending to align the majority of their political beliefs solely along the "anti-Left" spectrum.

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What exactly are you trying to "conserve" as the heart of a conservative viewpoint? From reading your arguements, the economy and freest exchange of goods is what you prioritize while others in this thread who point out the net effect of sports gambling and usurious lending appear to be interested in a conservative view that applies to family and soul.

You haven't contended with any if the arguements that point out the privatized gains of usury and socialized effects of credit card or gambling driven debt on society.

You also haven't written anything to address the massive undercutting of localism that occurs when ever greater portions of family budgets are spent sending funding out of communities and into the coffers of large financial institutions. Sure, chase and BoA can open a local branch in your community. Does that really offset the healthy spending that communities could benefit from if capital remained closer to home and bought homes, food, entertainment, and consumer goods?

You are right that the "brand" of conservative is changing and it is changing for the good. The decades of "trust" in the market as a purveyor of the common good are at their end. The dismantling of domestic manufacturing in the name of market efficiency (so so good right?) and the corresponding impact on family in America is bringing about a reversion towards a conservatism that was inwardly focused and driven by a bias to set conditions for localism and the flourishing of the family.

If you don't believe that conservatism should be interested in fostering familial health than please fully embrace anarchism and its other ills: unfettered access to vice (drugs, pornography, exploitation of some for the pleasure or profit of others), might making right, and man as a selfish individual "island".

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The OP is not about credit card companies. It is about banks.
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Okay, who wants to tell him?

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You can not use price controls for interest rates of private creditors. If you do, they will simply stop extending credit. Unsecured credit card debt is risky. That’s why rates are high.

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This (OP) is accurate.

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So does impeding commerce through socialism. That's what this BS is.

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Are you a “America only exists as an economic zone” bros? If a company can make more hiring 1000 Jeets vs Americans then so be it?

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Are you a “America only exists as an economic zone” bros? If a company can make more hiring 1000 Jeets vs Americans then so be it?

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Not even close but I am a free and open-market guy who thinks the government should have limited control over the economy.

Only an idiot can't see how detrimental this would be for the very people they claim they want to help. Cap rates and watch the credit market dry up overnight for low-income and people with borderline or lower credit scores. The very people most reliant on easy-to-obtain credit. It will no longer be easier to obtain if lenders can not offset the risk with higher rates.

We are trying to get rid of beaurecrats who wield too much power. Not create more and that's what this and the BS CFPB are.

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If you do, they will simply stop extending credit.

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That's the way it should be.