Presidential candidate Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez (AOC) propose a 15% cap on credit card and consumer loan interest rates — an attack on what they call loan sharks in 3-piece suits. Will this resonate with the American voter who’s deep in high-interest debt? Is this the way to make democratic-socialism palatable? Bill Whittle takes the unpopular position that the individual is personally responsible for his commitments.
Categories
15% Credit Card Cap: Bernie & AOC Attack Loan Sharks in 3-Piece Suits
Presidential candidate Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez (AOC) propose a 15% cap on credit card and consumer loan interest rates — an attack on what they call loan sharks in 3-piece suits. Will this resonate with the American voter who’s deep in high-interest debt? Is this the way to make democratic-socialism palatable?
15 replies on “15% Credit Card Cap: Bernie & AOC Attack Loan Sharks in 3-Piece Suits”
The word you were trying to remember from that advertisement was “trick.” As in, “Don’t let the credit card companies trick you into thinking you have to pay” all the money back. Drives me nuts also. I have had both a lot of credit card debt and none; but whatever I owed, I owed!
It is because of people who take out loans and don’t pay them back that are the reason for high interest rates. The people who actually pay off their loans on time at high interest rates are paying for the those that do not.
Pain forms the guardrails of life, if people don’t suffer the consequences of their mistakes or even see the outcome of other’s mistakes, they cannot learn to avoid them. The Dems are constantly trying to remove these lessons from life.
I was going to say interest rates are not a federal function but on second thought it’s not a function of any level of government.
I have helped teach Dave Ramsey financial peace university at my church three times. People have been conditioned to run up their debt because they deserve all of the fancy things the celebrities have.
Did anyone all AOC why her constituent has this debt when he was mandated to have health insurance that was supposed to concert this exact scenario.
We need a way to make Bernie and AOC our ambassadors to Venezuela. A way that, even if they don’t want the job, they still have to take it. As much as I hate high interest rates, I don’t need the government “helping” me manage my own responsibilities and discipline. Their help is always to establish more control. They always need more of my income to help me, and these two want all of it, and probably me in a gulag. Not yet maybe, but that’s how it always ends up with socialists in the long run. Remember, one has never had a real job, the other proposed the Green New Deal…
As was hinted in the presentation:
Our addictions are fundamental human failings, and no amount of legislation can eliminate them. They can only be tempered with education, training, and experience. Sorry, but AOC, Bernie and our institutions bring none of these. That leaves us with Obi-Wan Kenobi’s challenge:
Personal responsibility, it always comes down to that, doesn’t it? Alcohol, drugs, guns, elections, etc. BTW, I have the same problem with that commercial. It is nice to know I have company.
Bill, the Prohibition Amendment (18th) predates the Women’s Suffrage Amendment (19th). The proposed 18th Amendment was passed by Congress in December 1917 and sent to the States where it eventually ratified by the 36th state in January 1919. It went into effect in January 1920 and was accompanied by the Volstead Act, a piece of enforcing legislation passed by Congress (despite Wilson’s veto). This law surprised and angered many Americans because it added beer and wine to the list of intoxicating liquors which could no longer be made or distributed (it had been assumed only distilled beverages would be affected). In point of fact the 18th Amendment did reduce alcohol consumption and its associated effects, including cirrhosis death rates, state mental hospital admissions for alcoholic psychosis, arrests for public drunkenness, and absenteeism. There was no overall increase in crime, but the massive growth of organized crime and its resulting violent gangland wars did become a national public spectacle that forced a federal response. Eventually the “Great Experiment” was repealed by the 21st Amendment, effective December 1933. By contrast, the 19th Amendment was passed by the Senate in June 1919 and ratified by the 36th state in August 1920, therefore recognizing a woman’s right to vote just in time for the 1920 national elections. This Amendment has yet to be repealed.
Upvoted for infomational content. 🙂
Great Simpsons reference! You could have used one obscure line to take your point a step further:
“Ned doesn’t believe in insurance – he considers it a form of gambling”
15 is a magic number. $15 minimum wage, 15% maximum interest. Numerology explains everything.
Good one James. That was exactly what I was thinking. I have asked the the question of the $15 minimum wage people and they never answer. Numerology is the best answer I have heard.
Two points re: AOC’s constituent. Maybe things work differently in NY than CA, but I had two medical procedures, one major and the other an ER visit. Both times I was freelancing w/o insurance.
The first time, I had two rounds of surgery at USC Medical. And it was completely free because I took the time to fill out the form to agree be used for educational purposes. The surgery was done by full fledged docs but they brought around a bunch of Med students a couple times to show me off.
The ER visit, I walked outta there, after opening all night there w/o paying a dime. A few weeks later I received a bill from the ER. I called them up since there was a number to call to arrange payments. Hand to god, the rep I talked to was shocked that I was calling up to arrange payments. “You want to pay the bill?!” He then asked me to name a figure I’d like to pay per month.
I call BS on these medical sob stories.
The “borrow at 20% to pay for cancer treatment” got me as well. I can understand running up medical bills but from a hospital or insurance company, not a bank. They’d never loan money at that rate if you didn’t have collateral.
Also, as Ralph Kopera mentioned, I thought everyone was supposed to have Obama Care and he’d pay for these kinda things from his stash.