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re: Trump announces a temporary 10% cap on credit card interest rates

Posted on 9/19/24 at 9:52 am to
Posted by SDVTiger
Cabo San Lucas
Member since Nov 2011
98082 posts
Posted on 9/19/24 at 9:52 am to
quote:

Hopefully


Then it would be a great idea
Posted by BCreed1
Alabama
Member since Jan 2024
6978 posts
Posted on 9/19/24 at 9:53 am to
quote:

It’s a terrible idea if we lived in a conservative nation that believed in and supported the notion of a small government but we don’t. It’s a great idea for poor voters


Gov is already involved. This is not expanding it.
Posted by LSUSkip
Central, LA
Member since Jul 2012
24717 posts
Posted on 9/19/24 at 9:53 am to
I'm torn on it. I like the policy although I recognize that it isn't a capitalist or free market policy. I also understand the impact this is going to have on people as inflation is going to inevitably tick back up. People aren't going to be able to extend themselves any further because they're not going to be able to get the credit. Things are going to get dicey, really dicey for a couple of years. I'm glad I'm getting rid of all of my debt, I'm going to need the extra money.
Posted by BCreed1
Alabama
Member since Jan 2024
6978 posts
Posted on 9/19/24 at 9:55 am to
quote:

I'm torn on it. I like the policy although I recognize that it isn't a capitalist or free market policy.


Fed Gov already has limits set on this
Posted by AuburnTigers
9x National Champion
Member since Aug 2013
17432 posts
Posted on 9/19/24 at 9:56 am to
quote:

I believe in equality.
so you were against the interest rate freeze on student loans during covid?
Posted by Robin Masters
Birmingham
Member since Jul 2010
35926 posts
Posted on 9/19/24 at 9:57 am to
I dont support the policy but I support the tactic. People here bitch that republicans never take the fight to the dems. Well here it is!
Posted by gumpinmizzou
Member since May 2017
3413 posts
Posted on 9/19/24 at 9:58 am to
quote:

We don’t need to be democrats


Yet y’all keep nominating one
Posted by SlowFlowPro
With populists, expect populism
Member since Jan 2004
476775 posts
Posted on 9/19/24 at 9:58 am to
quote:

so you were against the interest rate freeze on student loans during covid?

Yes

I also paid my loans every month
Posted by BayouBlitz
Member since Aug 2007
18126 posts
Posted on 9/19/24 at 10:09 am to
quote:

So where would the CC companies recoup all the loss in interest from?


Trump will make Mexico pay for it.

Duh.
Posted by I20goon
about 7mi down a dirt road
Member since Aug 2013
19829 posts
Posted on 9/19/24 at 10:10 am to
quote:


Needs to crack down on processing fees. These credit cards are out of control. That would help with inflation
agreed.

I do have some issues with this cap:
- under what authority? Is a new gov't agency going to be created? New regulations? New law? One thing that should not come out of this is expanded authority of the gov't, much less directly to a 3 letter agency.

- why 10%? where does that number come from?

- could not the states be given more control? Right now states have finance laws and usery laws on the books but it doesn't account for technology and modern use. Those laws only apply to filed in/headquartered in states. Just like the minimum wage I'm suspicious of a "blanket" application. Conditions may vary state to state.

- Can we get a cap on tuition IF this happens? Every time the gov't provides more money for students, they raise it to absorb that increase.

- obvious free market concerns. Unless you can prove there's collusion and price fixing where one creditor isn't going to be competitive with undercutting their competitors then the market should sort it out. To the layman it does look like collusion and price fixing... but that's not proven.

-
Posted by Azkiger
Member since Nov 2016
28142 posts
Posted on 9/19/24 at 10:11 am to
quote:

And both are wrong


One is subjective and cannot be correct or incorrect (difficulty) and the other is objectively correct (OT workers work more than non-OT workers).

quote:

So people who both work and make more, need a "better" agreement?


If you read and comprehend that entire sentence you'll understand the "better" in that sentence is referencing the ability to take advantage of the no tax on OT policy Trump is presenting.

If you feel that salary workers have a better work agreement than people who have the ability to work OT and take advantage of said tax policy then I'm not sure what your complaint us.

quote:

Not once have you argued equality of opportunity.


Because it's inherent to the stance I'm taking.

The government isn't limiting people's access to this program, their own decisions would be the only limiting factor. Everyone would have the opportunity to enjoy this program.

quote:

You're going to end up arguing that government should benefit certain decision making, which is literally leftism/socialism.


The government, by merely existing, already does this. You can minimize any tax burden by behaving differently.
Posted by Azkiger
Member since Nov 2016
28142 posts
Posted on 9/19/24 at 10:13 am to
quote:

I don't believe in leftism.

I believe in equality.


So unless every American benefits it's not equality?

That's equity.

You're confusing the two.
Posted by OccamsStubble
Member since Aug 2019
10089 posts
Posted on 9/19/24 at 10:13 am to
quote:


I dont support the policy but I support the tactic. People here bitch that republicans never take the fight to the dems. Well here it is!


This isn't "taking the fight to the Dems", it's joining the Dems in their race to have government control private business, to kill the free market economy, and it's joining the Dems when the Dems look at Americans and shout "you're too stupid to make your own economic decisions, so WE will make them for you!!!"
Posted by Quidam65
Q Continuum
Member since Jun 2010
20515 posts
Posted on 9/19/24 at 10:14 am to
That will affect one of my cards only, the others (through a local credit union) are already below that.

And yes, I have a plan to pay them off before I retire.
This post was edited on 9/19/24 at 10:15 am
Posted by DiamondDog
Louisiana
Member since Nov 2019
13243 posts
Posted on 9/19/24 at 10:14 am to
No. Don't like this. You borrow money, you get what they give.

Said with someone with 28% CCs.
Posted by SlowFlowPro
With populists, expect populism
Member since Jan 2004
476775 posts
Posted on 9/19/24 at 10:15 am to
quote:

If you read and comprehend that entire sentence you'll understand the "better" in that sentence is referencing the ability to take advantage of the no tax on OT policy Trump is presenting.

Then you're literally defining leftist policies, again.

One class of persons "taking advantage" of a government policy benefiting only one group is picking winners and losers, aka.....leftism.

quote:

If you feel that salary workers have a better work agreement than people who have the ability to work OT and take advantage of said tax policy then I'm not sure what your complaint us.

I am arguing tax policies should be equal to all workers, nothing more.

quote:

The government isn't limiting people's access to this program

The fact that "this program" exists proves the leftism in your stance.

Opportunities for only certain groups is giving that group advantages.

quote:

The government, by merely existing, already does this.

And why do we want to exacerbate that?

I'm trying to fight that, not make it worse.

You are trying to make it worse.

Posted by SlowFlowPro
With populists, expect populism
Member since Jan 2004
476775 posts
Posted on 9/19/24 at 10:16 am to
quote:

So unless every American benefits it's not equality?


With respect to how government acts, how else would you define equality?

quote:

That's equity.

No. Treating the population exactly the same = equality.

quote:

You're confusing the two.

Irony.
Posted by Chorizo chang
Statesboro
Member since Feb 2022
837 posts
Posted on 9/19/24 at 10:17 am to
quote:

Or hes trying to win an election by any means necessary


Right. Well when the other people do it we call them the party of free shite. And rightfully so
Posted by TDTOM
Member since Jan 2021
25893 posts
Posted on 9/19/24 at 10:18 am to
Actually capping rates would be a terrible idea. Saying you will do that to get votes is a good idea.
Posted by Azkiger
Member since Nov 2016
28142 posts
Posted on 9/19/24 at 10:19 am to
quote:

One class of persons "taking advantage" of a government policy benefiting only one group is picking winners and losers, aka.....leftism.


How is the government picking winners and losers when it's the decisions of individuals which dictate who enjoys this tax policy?

quote:

And why do we want to exacerbate that?


I'm saying there are areas where this is acceptable.

You're saying there isn't.

If there isn't, then there's no place for any government. Is that your stance?
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