T1B

Of course they will say they want to help the poor, but they don't understand reality. Of course this surprises no one.

They are going to propose a 15% cap on Credit Card interest rates and pay day loans. They think this will allow the poorest of the population to pay less, when they carry a credit card balance. Instead it will mean that credit cards become less available for those who are poor. Banks aren't going to suddenly take a 14% rate on a person that they had at a 28% rate. The bank will just terminate the relationship.


This means it will be harder for these people to get access to credit. It will force them into less safe borrowing situations. If you doubt this, look no further than the Durbin Amendment to the Dodd Frank act. Prior to the passing of the act free checking accounts were all over the place. Now they are far less common because there are no fees to be made from the debit card transactions. Since banks lost the debit card transaction fees, they killed many free checking accounts and added fees.

In addition to the restriction of credit for poor or those with low credit scores, they also want to have the Federal Government provide banking services. They want to do this via the post office. That's right getting the Post office involved in banking seems like a great idea. A Federal program that isn't known for its financial savvy or customer service is exactly who should be handling banking services for the poor.


The idiocy of these two is beyond comprehension. Not to mention those who support them.

Link?

But, but, but AOC has an economics degree!

Mikey wrote: ↑Fri May 10, 2019 5:57 pmLink?

Right-click on the words "propose a 15% cap on Credit Card interest rates", select some sort of search function from whatever browser you are deploying, then select one of the numerous links that you are presented with. This took me about 1.3 seconds to execute.

Is today your first day using the internet, grandpa?

Like no banks will want to make %15.
Just more kleptocracy from Brokenpsyche.

YouCant wrote: ↑Fri May 10, 2019 6:13 pm

Mikey wrote: ↑Fri May 10, 2019 5:57 pmLink?

Is today your first day using the internet, grandpa?

Nope. And it's not my first day ignoring insignificant little shitstains like you, either.

YouCant wrote: ↑Fri May 10, 2019 6:13 pm

Mikey wrote: ↑Fri May 10, 2019 5:57 pmLink?

Right-click on the words "propose a 15% cap on Credit Card interest rates", select some sort of search function from whatever browser you are deploying, then select one of the numerous links that you are presented with. This took me about 1.3 seconds to execute.

Is today your first day using the internet, grandpa?

So in other words, there wasn’t a link. Gotcha.

Kierland wrote: ↑Fri May 10, 2019 6:38 pm Like no banks will want to make %15.
Just more kleptocracy from Brokenpsyche.

Seriously, get your facts straight.

The banks borrow from the Fed at 2.5%, so their margin would only be 12.5%. Who would ever bother with that kind of profit?

Left Seater wrote: ↑Fri May 10, 2019 5:52 pm
...a 15% cap on Credit Card interest rates and pay day loans.

Oh no. The poor usurers and financial parasites.

Having to cancel your second vacation of the year to Martinique is worse than the Holocaust.

The main street media portraying the class war as an action of the poor against the rich should make you angry. Very angry.

Don't blame Seater for his take on this. Without their high rates they wouldn't be able to offer the huge perks that they give to their biggest users.

Mikey wrote: ↑Fri May 10, 2019 6:42 pm

Seriously, get your facts straight.

The banks borrow from the Fed at 2.5%, so their margin would only be 12.5%. Who would ever bother with that kind of profit?

You know that statement is nothing but crap. As if the only cost is the interest payment to the FED.

Left Seater wrote: ↑Fri May 10, 2019 6:51 pm

Mikey wrote: ↑Fri May 10, 2019 6:42 pm

Seriously, get your facts straight.

The banks borrow from the Fed at 2.5%, so their margin would only be 12.5%. Who would ever bother with that kind of profit?

You know that statement is nothing but crap. As if the only cost is the interest payment to the FED.

Actually my statement is absolutely correct. Their margin is what they pay for money vs. what they collect. That cost is not under their control. Obviously they have other expenses, but they have control over those.

All those perks they give out, especially to the big users who pay off their balance every month, and so pay no interest, is a huge cost.

I don't begrudge anybody collecting all the perks they can get, but they do get paid for by those who can't help running a positive balance

Mikey wrote: ↑Fri May 10, 2019 6:38 pmNope. And it's not my first day ignoring insignificant little shitstains like you, either.

I am not sure ignore means what you think it means.

Kierland wrote: ↑Fri May 10, 2019 6:39 pmSo in other words, there wasn’t a link. Gotcha.

Another moron barely capable of using the internet. Does someone else log you in to this site, clack out horrific takes, and click submit for you... or do accomplish this feat all by yourself?

Mikey wrote: ↑Fri May 10, 2019 6:42 pm

Kierland wrote: ↑Fri May 10, 2019 6:38 pm Like no banks will want to make %15.
Just more kleptocracy from Brokenpsyche.

Seriously, get your facts straight.

The banks borrow from the Fed at 2.5%, so their margin would only be 12.5%. Who would ever bother with that kind of profit?

It does seem to low for kleptocrats.

YouCant wrote: ↑Fri May 10, 2019 7:06 pm

Kierland wrote: ↑Fri May 10, 2019 6:39 pmSo in other words, there wasn’t a link. Gotcha.

Another moron barely capable of using the internet. Does someone else log you in to this site, clack out horrific takes, and click submit for you... or do accomplish this feat all by yourself?

So I other words there wasn’t a link. Gotcha.

Kierland wrote: ↑Fri May 10, 2019 7:30 pmSo I other words there wasn’t a link. Gotcha.

Are you not even capable of just copy/pasting the same horrible dreck that you just posted?

So I other words?

First gay smack then typo smack. You are on fire!

Sin,
Never

Don't blame me because you're incapable of proof-reading a 9 word shit post before hastily mashing submit. It's not like you composed a Dostoevsky-length novel and I picked out one word out of thousands.

You can't get through a one-line post... that you just posted, without fucking it up. You're a total zero.

Oh I see it’s my fault your quiver has only gay and typo smack in it.

Give him some time. He's just getting started.

Kierland wrote: ↑Fri May 10, 2019 8:30 pm Oh I see it’s my fault your quiver has only gay and typo smack in it.

Stop crying because I have the nerve to hold you accountable to the drivel you post.

Furthermore...

I am clearly mocking you for thinking you can actually tell someone what they are capable of tasting/not tasting. The fact that you interpret this attack as homo-smack demonstrates your clear lack of intellect and cognitive reasoning. Unsurprisingly, after all these years I've been away, you're still a complete and utter failure at this whole messageboard thing.

Mikey wrote: ↑Fri May 10, 2019 6:57 pm

Left Seater wrote: ↑Fri May 10, 2019 6:51 pm

Mikey wrote: ↑Fri May 10, 2019 6:42 pm

Seriously, get your facts straight.

The banks borrow from the Fed at 2.5%, so their margin would only be 12.5%. Who would ever bother with that kind of profit?

You know that statement is nothing but crap. As if the only cost is the interest payment to the FED.

Actually my statement is absolutely correct. Their margin is what they pay for money vs. what they collect. That cost is not under their control. Obviously they have other expenses, but they have control over those.

All those perks they give out, especially to the big users who pay off their balance every month, and so pay no interest, is a huge cost.

I don't begrudge anybody collecting all the perks they can get, but they do get paid for by those who can't help running a positive balance

You used the word profit. Profit isn’t calculated only after costs and expenses that are not directly controlled.

And yes I do enjoy the miles from credit card spend. And yes those who carry a balance are paying for it. That won’t change with this idiotic bill, but it will reduce it for those more in the middle ground.

YouCant wrote: ↑Fri May 10, 2019 10:01 pm

Kierland wrote: ↑Fri May 10, 2019 8:30 pm Oh I see it’s my fault your quiver has only gay and typo smack in it.

Stop crying because I have the nerve to hold you accountable to the drivel you post.

Furthermore...

I am clearly mocking you for thinking you can actually tell someone what they are capable of tasting/not tasting. The fact that you interpret this attack as homo-smack demonstrates your clear lack of intellect and cognitive reasoning. Unsurprisingly, after all these years I've been away, you're still a complete and utter failure at this whole messageboard thing.

Nice backpedal.
You can read the thread and respond with something other than a conclusion if you want, or can.

Kierland wrote: ↑Fri May 10, 2019 11:25 pmNice backpedal.

It's actually extremely consistent with something I posted many hours ago. Try reading this again. Aloud. Running your pudgy hobgoblin finger across the screen. Slowly:

At 2:57 pm EDT, YouCant wrote: ↑Fri May 10, 2019 6:57 pm I know it's a slight change from your 437th attempt at telling someone else that they really don't like whiskey,

Anything else, Mr. Tyrion Lannister........... Esquire?

The backpedal was the denial of homosmack you three brain celled troglodyte.
Try t-ball noob.

Mikey wrote: ↑Fri May 10, 2019 5:57 pmLink?

The link is econ 101.

Some people simply aren't worth the risk at 15%.

In the current system, these high risk individuals aer given the opportunity to build credit at a higher rate. If they are sensible, the rate won't matter as they carry no balance, month to month. Once they have proven themselves worthy, they will be rewarded with a lower rate. My CC company could raise my rate to 30% if they want. I don't give a fukk. I pay the balance in full every month.

I will never understand how you think a millenial bartender and geriatric hippy that never accomplished a thing in his life outside politics, have the answers for our problems. You really are dillusional tards.

Go ahead and pencil out who isn’t worth the risk at %15 you corporate cocksucking douche.

Kierland wrote: ↑Sat May 11, 2019 12:20 am The backpedal was the denial of homosmack you three brain celled troglodyte.
Try t-ball noob.

The homosmack was a mere supplement to the main point, which you cannot seem to grasp, you pretentious little gremlin. You have no idea what a refined palate is or if one even exists. Just because you're incapable of enjoying a 50 year old Glenlivet, doesn't mean that other people cannot. You're a whiny bitch who obviously dumps a shit ton of cream/sugar in your coffee and won't drink > 30 proof alcohol unless it contains as much fruit as your average smoothie. Piss off, Billy Barty.

What is amazing is the fact most of the Dems here can’t/won’t call anything by their team a steaming pile of shit when it clearly is a steaming pile of shit.

And they all seem to want to ignore what this will do to the poors and low credit score folks. Durbin/Dodd Frank Burt them and now they want to double down.

YouCant wrote: ↑Sat May 11, 2019 1:46 am

Kierland wrote: ↑Sat May 11, 2019 12:20 am The backpedal was the denial of homosmack you three brain celled troglodyte.
Try t-ball noob.

The homosmack was a mere supplement to the main point, which you cannot seem to grasp, you pretentious little gremlin. You have no idea what a refined palate is or if one even exists. Just because you're incapable of enjoying a 50 year old Glenlivet, doesn't mean that other people cannot. You're a whiny bitch who obviously dumps a shit ton of cream/sugar in your coffee and won't drink > 30 proof alcohol unless it contains as much fruit as your average smoothie. Piss off, Billy Barty.

AGAIN, you can read the post and make actual arguments against my points or you can beg the question and just say it’s true because you say it is. Or you can drop more homo and typo smack. It’s all pretty weird.

Left Seater wrote: ↑Sat May 11, 2019 2:44 am What is amazing is the fact most of the Dems here can’t/won’t call anything by their team a steaming pile of shit when it clearly is a steaming pile of shit.

And they all seem to want to ignore what this will do to the poors and low credit score folks. Durbin/Dodd Frank Burt them and now they want to double down.

The only thing that is clearly true is that you are a fat greedy klepto.

Left Seater wrote: ↑Sat May 11, 2019 2:44 am What is amazing is the fact most of the Dems here can’t/won’t call anything by their team a steaming pile of shit when it clearly is a steaming pile of shit.

And they all seem to want to ignore what this will do to the poors and low credit score folks. Durbin/Dodd Frank Burt them and now they want to double down.

When was the last time you said anything critical of the orange misogynist criminal racist POS you put in the White House?

I guess t shouldn’t expect anything, though, since you’re 100% on board with everything he’s done.

Nice whataboutism.

But I have called him a number of things. He is an idiot and is a poor excuse for a President. He also should dump twitter tonight. He shouldn’t have used Exec Privilege on anything regarding the Mueller report.

Left Seater wrote: ↑Sat May 11, 2019 3:32 am whataboutism.

Not even close

Papa Willie wrote: ↑Sat May 11, 2019 5:58 am

Mikey wrote:

Left Seater wrote: ↑Sat May 11, 2019 3:32 am whataboutism.

Not even close

Did you not even read the rest of what he said?

I did read it and appreciate the response. I didn't have time time to reply because I was on my phone and don't like tying shit out on that device.

So, I'll come clean about the interest rate thing. I think credit card interest rates are too high in general. But, I also think credit card providers should be able to set their own rates in a competitive market. There are ways to get a lower than average rate. Establish good credit, use it wisely and build a good credit score. Choose a card that doesn't offer a lot of perks if you're not going to pay it off every month. Consumers are free to choose whatever card they qualify for and, if a bank wanted to attract more customers, they could offer lower rate.

I think that "pay day lenders" are sleazy loan sharks who serve a purpose, but need to have some of their predatory practices reined in. They do what they do because they can get away with it by taking advantage of people who are in desperate situations. Sometimes there's no other choice but to go that route. That being said, the government can do only so much to protect people from their own ignorance.

Back to your take - I think that all of use here are guilty of the same thing to a certain (large) degree. We are quick to jump on what we consider the "opposition" to make a point but generally refuse to criticize our own "side" whatever that happens to be. You're as guilty as anybody. You put some ridiculous position out there, quoting some Democrat, mischaracterizing the position that was put forward, and make the (strawman) assumption that we all agree with it. For me, it's often not worth my time to even respond.

How about you? Did you read the rest of what he said? You've never expressed, in my memory, any agreement with any specific criticism of your Dear Leader. Just blind defense and accusations of "TDS" towards anybody who would dare speak against Him. You apparently agree with everything he does, with out any thought or consideration.

88 wrote: ↑Sat May 11, 2019 3:41 pm Blah blah blah

Take a red. You're coming unhinged.

I think it is silly to cap credit card interest rates at 15%. I don't understand what they are thinking.

Payday lenders are one of the biggest contributors to GOP campaigns. Period.

88 wrote: ↑Sat May 11, 2019 3:41 pm You don't have a car because cars = bad.

Society's reliance on the car as the primary mode of transportation and basic participation in the workforce is the most regressive tax in America.