Trump plans to put 10% interest rate cap on credit cards
Posted by longsnapper53@reddit | Libertarian | View on Reddit | 195 comments
Sigh. Just when I thought we had a pretty acceptable candidate, he goes out and says shit like this.
fishyfishyfish1@reddit
He is saying anything that he thinks might give his failing campaign traction. No tax on tips 2 weeks ago, legal weed last week, now 10% cap on CC interest, this week. Guess what folks? It's all a lie, he had 4 years and never came close to attempting any of these. Election is his only hope of avoiding prison for the rest of his life. That's all he cares about...himself
Drackar001@reddit
His campaign is not failing. It’s about as close to 50/50 as modern politics get.
fishyfishyfish1@reddit
Remind me in 48 days
Drackar001@reddit
It’s getting close! Do you still think Trumps campaign is failing ?
fishyfishyfish1@reddit
Yes his support is down in every metric except non college white men. I still think he is going to lose.
Drackar001@reddit
Yeah, that’s not true at all. Good luck. Hope you’re getting paid for your propaganda.
fishyfishyfish1@reddit
He will certainly lose the popular vote, AGAIN, and will lose the EC. Then he will claim widespread fraud with zero evidence. It's his only move.
Drackar001@reddit
Yeah, okay guy. That’s a little different than you said just a few weeks ago, but whatever. I’ll reach out to you again on Election Day. Lol
fishyfishyfish1@reddit
See ya then
Drackar001@reddit
Anything you want to say now?
fishyfishyfish1@reddit
At least I'll be on the right side of history.
Drackar001@reddit
Yeah, you’re history. Bye
fishyfishyfish1@reddit
Your*
Drackar001@reddit
No, I meant *you are.
fishyfishyfish1@reddit
Then you are ...dumb
Drackar001@reddit
LoL
Drackar001@reddit
I’m not making the case for him to win or not. I’m simply stating his campaign is not failing, like you said.
fishyfishyfish1@reddit
If you think his campaign is doing great, I'm certain you don't pay attention.
Drackar001@reddit
Or maybe you’re not the one paying attention.
Sekreid@reddit
Almost almost like promising the payoff student loan debt
fishyfishyfish1@reddit
And trying and almost succeeding only to have the court deem it unconstitutional. Sad huh?
Rubes2525@reddit
ATFMContinuestbFag@reddit
What that the SCOTUS upheld the Constitution? No, in fact, I consider one of their greatest decisions. It's unfortunate that you don't believe in personal responsibility however. That *is* sad, huh?
California_King_77@reddit
Loan sharks love this plan.
HaikuHaiku@reddit
Look, the free market is great and all, but some aspects of human nature are such that they maybe require a little bit of stewardship, because they deprive us of a classical free will. Drug addiction, for example. A drug addict is not a rational economic agent who can make good decisions in the free market, and normal incentives don't work. The same could be said with gambling, and other vices like sex/porn, fast-food, smoking, etc.
An argument could be made about credit cards falling into this category. The 23% + interest rates on cards adversely affect people with little or no financial literacy, self-control regarding spending, and means to pay off such debts. The credit card debt trap mostly affects people who don't have to ability to properly plan and look ahead.
Sure, you can say that those kinds of people just have to take responsibility blah blah blah. But you can say the same thing about drug addicts. The reality is, these debt traps catch the lowest rung of society. I think, it may be reasonable to impose some restrictions on interest rates, as a lot of societies have done throughout history. If that means that many people can't have credit cards, that might be a GOOD thing.
jarx12@reddit
Well yes but we are all for personal responsibility not for daddy state to save us from ourselves. If people want to jump from that bridge the best we can do is to advice them not to do it
HaikuHaiku@reddit
my whole point was that certain situations erode personal responsibility, such as addiction, etc. Someone who is a drug addict simply cannot act as responsibly as a normal person. Any reasonable person would agree with that.
jarx12@reddit
Yes, that's why children have their rights limited under their parents tutelage until they develop enough cognitive capacity to become responsible for their acts.
And for these mentally incapable people we have laws hoping to avoid damage to others and to help them to rehabilitate, but there is so much we can justifiably do against personal liberty without good reason, usually these people need to be dangerous for third parties and get declared incapable in court as we shouldn't strip them of rights "for their own good" without very good cause, doing so recklessly could be constructed as aggression against their lifestyle and choices. If they want help I think we should strive to help them, but if they don't want to be saved there is no much that can be done without disregarding their personal liberty.
davidj911@reddit
He was never an acceptable candidate. Now he's just saying shit he thinks will help get him elected.
longsnapper53@reddit (OP)
I say acceptable in context. If we had a good libertarian candidate it would be inconceivable to vote for him. But we do not, our choices have basically narrowed down to Harris or Trump for this cycle and although I despise “lesser of two evils” logic, I think it applies here.
davidj911@reddit
There is a libertarian candidate on the ticket. If you don't want to vote for him for whatever reason, that's fine, but pretending that he's not there is only cementing the broken-ass two party system we're trying to break down.
SamHinkieIsMyDaddy@reddit
I think chase is a grifter. Voting for a third party candidate i don't like just to support the libertarian party is the equivalent of saying voting third party is throwing away a vote in my opinion. I know people like him, but personally I don't.
Mirions@reddit
Chase is a grifter? Okay.
By what standard is he a grifter but somehow Donald J. TRUMP, man who famously stiffs contractors and falsified his forgiven debts to avoid taxes on it, by saying it was being held by someone else when in actuality it was a company he was tied to and it held none of the forgiven debt- isn't a grifter also or just as much or moreso?
What on earth is your litmus test for grifting?
SamHinkieIsMyDaddy@reddit
From my other comment, it's insane to me that you don't get it.
You are doing exactly what repubs and democrats do and exactly what I said. Not supporting the libertarian is not the same as supporting trump/kamala. How dense could you be? It's literally all libertarians complain about haha
Accomplished-Cat3324@reddit
I think the above comment is confused because a grifter is someone who asks for money or donations for a service or a cause and then directs those funds to their own gain or the thing they promised never comes to fruition.
An example of a "grift" would be like trump asking for donations to build the wall or help with legal fees and not building shit ,or you know the 400$ trump sneakers and his 60$ Bible could be considered .
Chase oliver is just trying to be a libertarian,he's not selling anything and any donations aren't going into his pockets (like with trump) they are going to campaigning and getting his voice out there with advertising and communications. A grifter is a person who rakes in the cash and then goes radio silent after shit hits the fan never giving refunds or reimbursing ,I don't see how Chase fits that definition. Go buy a trump nft and tell me chase Oliver's the grifter
SamHinkieIsMyDaddy@reddit
So chase oliver isn't making a living from this? Cool.
Mirions@reddit
It's insane to me that you don't get it.
I-Red-It@reddit
Resorting to insults when faced with contextually relevant talking points that are in direct criticism to your own objectively makes you seem like you are the one that doesn’t “get it.”
Kildragoth@reddit
I definitely agree with the long term aspiration to have third party candidates be more viable. But voting for them under these conditions, which by all means do it if you want, will never result in serious third party contests. The reason has to do with the math. To fix it, we need to drag our voting system into the 21st century with things like ranked voting. Here's a great video explaining it: https://youtu.be/qf7ws2DF-zk?si=TOy-mXVTBaoDe3-T
I am thinking to get involved in some kind of serious effort to make these changes, I just don't know of any yet.
divinecomedian3@reddit
You think Trump and Kamala aren't grifters?
SamHinkieIsMyDaddy@reddit
You are doing exactly what repubs and democrats do and exactly what I said. Not supporting the libertarian is not the same as supporting trump/kamala. How dense could you be? It's literally all libertarians complain about haha
Randsrazor@reddit
Except he's not on the ticket in 3 states I think.
atticus13g@reddit
I’m not 100% sure of that. There is a real chance that if Trump gets in, his party goes along to make some more fake electors, pay off another SC official, add some other judges to protect him from being sued or convicted, and then we have a fake vote like in Russia.
If he loses and isn’t able to steal the election, there’s a chance that his party loses faith and splits.
the Christian nationalists and old school repubs would be first to go. Pick some kind of ultra right Christian type like Mr. Speaker Johnson.
MAGA types would be all over and we’d see more militant and extreme or crazy seeming like DeSantis book bans and MGT conspiracy politicians pop up.
We may be able to get a “less power to executive branch” party going.
Trump either runs to Russia or goes to prison.
Regardless, the lesser of two evils looking into the long term probably is Harris for reasons to do with getting a real Republican Party again instead Democrat2.0 (this time it’s racist) that is Trump…..
Thats my view anyway. I’m in TN. It will take more than 4 years to get my state to start coming after guns… if they ever come. TBI, cops, troopers, guardsmen? I know too many of them. They ain’t coming after law abiding patriots with guns. They are law abiding patriots with guns
deferred77@reddit
TDS is real.
atticus13g@reddit
What is TDS?
EngagedInConvexation@reddit
What Trump's followers suffer from.
atticus13g@reddit
lol. I found it on Wikipedia….
I would say all of that is true but in the opposite direction.
I was a die hard party Republican until the 1st 2020 debate. It had nothing to do with what was told to me or other people’s reactions. It was because I saw a man claiming to be Christian say “stand back and stand by” to violent racists while selling the Bible. I’ve read that book back to back and how to react to persecution is in Mathew 5. Be ready to commit violence in return ain’t it.
This world and its ways do not matter. The real one starts once we leave here. Bible is clear on this and it didn’t say anything about a rewrite coming. There is someone coming, but i don’t think it’s likely he’d be vain or a tv personality.
Not me man. As far as I’m concerned, my family’s souls are in danger and I know them and the others I know well enough to know they are putting their wallets over the lord.
If I have TDS, it’s Trump disillusionment syndrome. I know for certain that my politics and religion have not changed over the last 20 years but my party has.
I pray everyday for ever person on this planet that puts their trust and faith in anybody that ain’t Jesus.
Good luck
Head_ChipProblems@reddit
Omfg this sub, Harris? Seriously?
atticus13g@reddit
lol. I dont want Harris, but I don’t think 2 party system will stop until Trump is out of the way.
I think everyone will go their separate ways once Trump moves on
Sea_Addition_1686@reddit
The libertarian party is terrible unfortunately. Remember when we had “what is Aleppo” and John fucking Mcafee.
longsnapper53@reddit (OP)
Mhm. I love challenging the 2 party system but sometimes it’s just not possible.
Sea_Addition_1686@reddit
It is though. We need zero parties!
Powdered_Donut@reddit
As if Kamala is. These are the two options we’ve got. Both are far from perfect.
chunx0r@reddit
Unless you live in a swing state voting a major party is throwing your vote away.
Powdered_Donut@reddit
I’ve voted third party the last three elections. I’ll be voting Trump this time around with zero hesitation. Unfortunately, here in Washington, it still feels like a throw away vote.
B1G_Fan@reddit
Exactly.
If you're in a safe red or safe blue state, the decision to vote for Oliver is a no-brainer.
If you're in a swing state, the decision to vote for Oliver is more debatable, as I'd argue that Harris's policies would drive our country into the ground faster and would make the rebuilding process 5-15 years from now more difficult. Sure, Trump isn't significantly better, but our nation's decline might be less severe in the short run with Trump in office and the process of rebuilding 5-15 years from now might be less difficult if we give Trump 4 years in office.
Why might our society/economy collapse in 5-15 years? Because the majority of tradesmen and farmers are in their 50s. And people get cranky enough to riot if the power grid stops working or there's not enough food in the grocery store. And there might not be enough cops to stop the rioting...
kerberos75@reddit
This is the way. This is how a third party grabs the nation's attention
PsyopSurrender@reddit
What lol? We have literally ZERO acceptable candidates. ZERO. Literally every one of them campaigns on lies. Kamala campaigns on nothing. They write her script as they go. The circus elephant just screams and holllers at whatever, but he's still better than Kamala.
Nothing is acceptable about US politics right now.
Chaoticrabbit@reddit
There's other candidates. Look at what sub your in. Most of us don't support either of them
VanguardTwo@reddit
I'm voting for Chase Oliver. Fuck anyone saying it's a 'wasted vote'. I'm actually stoked to vote for Chase.
FantasticGlass@reddit
Same. I’m hoping third party gets a lot more votes this year to show our distaste for the big 2.
VanguardTwo@reddit
I'd love it to be the case but he's probably going to get 1 percent of the vote. Not through any fault of his own but because party leadership is clearly dead set on Chase Oliver being the, to quote Larry Sharpe, 'sacrificial lamb' and suppressing his candidacy
FantasticGlass@reddit
Can’t argue with that. It’s a shame.
B1G_Fan@reddit
This is kind of where I’m at: show both parties that, until one of them gets their thinking cap on, I’m out.
Mirions@reddit
Comment you're replying to didn't claim there was one, just reiterating he wasn't acceptable either.
Dougdoesnt@reddit
There are more candidates than just those two.
msennello@reddit
This is actually a really bad idea.
Also, I have absolute confidence there is zero chance this ever becomes policy even under him. Trump loves to run his mouth. Doubt this running-of-the-mouth ever comes to fruition.
longsnapper53@reddit (OP)
I’m pretty sure libertarians anywhere and everywhere hate this. Only nonsensical people who haven’t learned a damn thing about how shit works supper this.
Training-Wave-7208@reddit
Trump is a socialist. I don’t know why anyone is surprised
ChanceCourt7872@reddit
Trump is by far closer to fascism than socialism. You right wingers are just ashamed that he is one of your own.
jarx12@reddit
What are the differences between the run of the mill fascist vs the generic communist.
Symbolism? Because both sides absolutely love a massive state encompassing all the economy and getting everyone on board with the everybody folie a deux under the great leader I.e totalitarianism.
The only difference I can speak of is that fascists claim they are extremely right winged and viceversa both sides being the "very true path" to human salvation from other systems no dissent allowed.
ChanceCourt7872@reddit
Talk to me when you understand Reagan is dead and Horseshoe theory has been debunked for several decades 🙏🙏🙏
_IsThisTheKrustyKrab@reddit
You thought he was an acceptable candidate, and THIS is what convinced you otherwise?
AJP11B@reddit
This is the thing that made you think he wasn’t acceptable anymore? Lol
Mirions@reddit
Hahaha, acceptable to what? He's hella-anti Libertarian.
SlippinYimmyMcGill@reddit
He is exactly what "conservatives" should be against. There is not a small government bone in his body unless it affects him personally.
BobBobManMan1234@reddit
At some point this subreddit became polluted by MAGA's who think they are libertarian
IfIWasCoolEnough@reddit
The Republican Party is dead. This is the "MAGA", a truly RINO, party.
WaldoFrank@reddit
The left loves to bring us up the second the right does something that is even more against how we think than they usually are.
We don’t like either of you, don’t invoke us.
longsnapper53@reddit (OP)
Acceptable in comparison to Harris.
drewcer@reddit
The “libertarians” on Reddit are shilling for Harris? Why?
dilly123456@reddit
Nobody is “shilling” for Harris, we just don’t believe in the “lesser of two evils” bullshit. Both Trump and Harris suck ass in their own terrible ways and neither one should be president.
drewcer@reddit
Yeah I don’t believe in it either I’d vote for Ron Paul if I could wave a magic wand and choose anyone. But I can’t, it’s a duopoly and even though it sucks that’s what it is. Trump definitely has statist policies but compared to Harris he’s fucking George Washington.
If Harris gets in they’ll import thousands of more illegals to swing states and give them amnesty, turning those states permanently blue. It will go from a duopoly to a monopoly.
I’d rather not be idealistic because it’s bad now, but it can get way worse.
dilly123456@reddit
Go off to the maga cult then with that defeatist attitude, I’m sure they’ll be more then happy to share the orange cool-aide with you. Do you think change just happens? You brought up George Washington so don’t call this out of the blue when I say that you’d probably be a loyalist to the crown had you been around during the revolutionary war days, that or be homeboys with Benedict Arnold and sell out the revolution to save your own ass.
drewcer@reddit
Yeah I knew you were a shill for Harris. Fuck off dude. I don’t agree with tons of the things trump wants. But I’m a pragmatist. And pragmatically speaking I want to get him in so he can fire a large portion of the alphabet agencies and do the mass deportation stuff. If he caps credit card interest rates that’s acceptable as long as he does a few of the things I want to see happen, that literally only he is willing to do.
dilly123456@reddit
Pragmatist is just the word you use to hide what you really are, which is a shame since there is a word for it. A word befitting nostalgic fools who long for days that never existed, you’re a conservative and that’s ok. Live your own truth and come out of the closet, it’s ok to be conservative. The problem comes when your lot thinks that you can infiltrate other parties with what you perceive to be similar beliefs, but their is a difference between libertarians and conservatives and I’ll define it in the simplest of terms for your sake. People like you want freedom for people like you, libertarians want freedom for everyone. I don’t care to nor do I have any right to determine what’s right for my neighbor. They can live life on their terms and as long as we don’t steal or kill one another then society can persist. You believe that but only for yourself.
I’d never vote for someone I don’t believe in which is why I’d never for for either Harris or Trump because both are terrible by my definition of the word.
drewcer@reddit
Great pseudo-intellectual rant but you’re wrong. I’m not a maga person, I can’t stand a lot of them and I don’t think trump will be a savior. I’m voting for him because I want him to unleash a fury on the fbi and alphabet agencies.
If we had a candidate like Milei who would abolish entire bullshit departments and bureaus I’d vote for him. But trump is the best we could come up with. If he gets in there and doesn’t drastically reduce the size of government it will be a huge disappointment.
I do want freedom for everyone. You haven’t backed up any of the statements you’ve made and frankly you’re so full of shit I can smell it over here.
dilly123456@reddit
I pity you because it’s obvious that you’re lying to yourself. Live your life stranger and peace be with you
Cont1ngency@reddit
I’m going to stick with being idealistic, thanks. The faster the suck happens, the faster it all burns down. Acceleration is acceptable.
drewcer@reddit
It might burn down, or it might become more totalitarian. I don’t think anyone really knows the outcome for certain.
fatevilbuddah@reddit
Totalitarian for sure. People are sheep. They care about the things Taylor Swift says, or the little bit they hear with CNN or FOX on in the background while they get ready to work. I'm praying for the civil war, because the real key is the 10th amendment, but I don't think the princes will give up their power willingly, and there is no remedy besides the blade. They chose who your choices are, do you really think there has been an honest election in over 100 years? We will have tyrannical government. The laws are quickly being put out to give autocratic control to the federal government, and then the president wields executive power like a magic pen. How many things did Biden do KNOWING they would be unconstitutional? Now knowing it's illegal, and getting someone to enforce it are 2 different things. If you want your job, your pension, and your medical, you're gonna do what we tell you or else. To save the country we need to break the federal governments reliance on their pens, and start relying on their people. Tim Walz wants to limit your speech and your guns, Orange man bad because you have to live in a state that believes like you do. Big fucking deal. Welcome to the way the US should be. 15% of people shouldn't be able to hold the rest of the state, or country, hostage because of some bullshit no one cares thing like Harris' "historic first" blow that shit out your ass, and save the "historic first" for a president that comes in and delivers rather than steals and destroys. No one gives a shit how dark you are or how you pee. Get over it.
Apprehensive-Read989@reddit
We don't do that here. The lesser evil bullshit is what got us into the duopoly predicament in the first place.
Right_Archivist@reddit
But that's how US Elections work. You can circlejerk to the fantasy of a third party but your options will end up being tax increases, or tax decreases.
qqanyjuan@reddit
Cool, let’s stick head in sand saying “la la la” then. Great plan buddy
Key_Cheetah7982@reddit
Bravo
FreitasAlan@reddit
The lesser evil thing didn't get you here. Its just voting theory and social democracy that got you here.
nastibass@reddit
The conservative sub is over there. Points to the 60 year old men jerking off to a picture of ronald reagen with Maga stickers on their brodozers
Booth_Templeton@reddit
True. Still stupid.
AWholeNewFattitude@reddit
Damn Democrats and their Communist price controls!
_kilogram_@reddit
Okay but this is a good thing that would help many poor Americans while not hurting companies that make asinine amounts of profit off money.
25% interest is straight up usury
longsnapper53@reddit (OP)
It would not have the effect you believe it would. Instead of lowering high credit card interest rates, companies would rescind credit cards above that 10% threshold, which financially harms pretty much everyone who doesn’t have great credit.
hello8437@reddit
what was even the purpose of your post. I thought it was the opposite are you that dumb?
MangoAtrocity@reddit
So long credit card points, lol
andos4@reddit
I am sure that will be the first to go as an effort to "punish" us.
longsnapper53@reddit (OP)
ftfy
MangoAtrocity@reddit
Eh that might be a bit of a stretch. I’m sure people with good credit will still be able to get credit cards.
jhaluska@reddit
This will just backfire. A huge swath of the population will no longer qualify for credit cards because they are now too risky. Are they better off? Nope, they don't even have the option now.
If you really think credit card rates are too high, go start a credit card company and offer 10% interest rate only cards and put the other companies out of business.
Ed_Radley@reddit
I think there’s a workaround if there’s some sort of pooling model that allows people with bad credit or no credit to join at that interest rate along with other people willing to get lumped in with them who qualify for a better rate specifically as a means of reducing the risk of the group as a whole. Will that happen? Unlikely, but the option is there.
StreetAutist@reddit
That sounds like wealth redistribution with more steps
Sea_Addition_1686@reddit
The large interest rates only affect the poor and indebted anyway. We will need to start with small limits and build up our credit. However even though I think the whole credit system is flawed. This shouldn’t be a bad thing.
Killing-you-guy@reddit
This policy would harm the poor and indebted the most by taking away one their options and replacing it with nothing.
Sea_Addition_1686@reddit
How would it take away their option? The credit card companies need them to make any money.
Killing-you-guy@reddit
They won’t give credit to people that are not worth the risk. If you cap the rate too low they won’t issue cards to some subset of people who they would have been willing to give credit at a higher interest rate.
Lopsided_Ad3516@reddit
Yeah exactly this. It’s like the pay day loans. Are they predatory? Yeah, absolutely. Do people using them have any other options? No, not really.
The interest is recognition of the risk. Without pricing the risk properly, we just see a pullback on market players and options.
gilhaus@reddit
Can he also coerce or reward them for offering credit to everybody they normally would? Wait that just sounds like subsidies with extra steps…
Sea_Addition_1686@reddit
They will cave and change their standards
ATFMContinuestbFag@reddit
So your argument is... The banks fucking over the poor and indebted is better? Capping interest rates to levels that allow for interest - without you know, actually completely ruining people's live is a relatively reasonable take. 10% is likely too low and is just pandering for votes. But the idea of limiting credit card interest because it traps people in a death spiral of money that they can never afford (and instead just gives it to the banks) is... Not the best take tbh
Paratwa@reddit
Yes and this in turn would push people to products that would be even worse for them.
RayHyrule@reddit
Payday loans are right around the corner, the accessibility of most cc companies and subsequent debt collectors make not being able to get approved for a card in the first place sound like a better outcome.
Greatlarrybird33@reddit
Payday loans anyone?
TopAd1369@reddit
Credit is probably the main source of inflation over the last 30 years. The more money you make available as a subsidy to boost spending the worse the economy gets clogged up when it goes to shit. We could use a reset on the super credit cycle.
Zuezema@reddit
Nah just mandate that credit card applications can’t be denied and a minimum credit limit must be extended.
I’d be more than happy for this as I liquidate to cash and enjoy the impending fire sale on assets.
Trippn21@reddit
36% rates out there. Not sure this is a bad thing
IamFrank69@reddit
You're preaching to the choir, buddy. We all know this.
jhaluska@reddit
Sometimes posts hits the main page and we get non choir members.
barenaked_nudity@reddit
While we’re at it, Santa, don’t forget I want a pony, and a Red Ryder Daisy BB gun, and a lightsaber …
BitsyVirtualArt@reddit
Is it because he thinks it's a good idea or is it pandering for votes?
Going off the recent crypto scamcoin thing, it's pandering.
WaldoFrank@reddit
Trump has largely been pandering this whole time.
longsnapper53@reddit (OP)
The biggest problem with American politics is that you have no idea if anyone actually means what they say.
fuf3d@reddit
Pretty sure they don't mean anything they say, ever.
Naive_Internal_3262@reddit
They don’t and the biggest reason why is that most of the biggest ideas they say aren’t realistic without executive overreach that could risk being overturned in court or near super majorities in both houses that are almost impossible to attain.
IDontLikePayingTaxes@reddit
I’m not sure which one would be worse, haha.
chmendez@reddit
He's desperate and going more populist as hell!
TheRealJDubb@reddit
He's not an ideological libertarian, at heart, on economic issues (he is closer on others, speech, taxes, education, foreign wars...) . OK. I think we know this. At least he's not saying inflation is basis for price controls.
fseahunt@reddit
Too bad he has a follow through of less than 25% on his campaign promises.
mcotoole@reddit
Too many Americans carry way too much credit card debt, this is throwing gasoline on that fire.
Techbcs@reddit
There’s nothing the president can do to cap cc rates. Nothing they would stand up in court, at least.
RocksCanOnlyWait@reddit
Nixon and Truman both imposed peacetime price controls. It's not too far out of the realm of possibility.
naql99@reddit
They could pass a Federal Usury law, undo 1978 Supreme Court ruling, Marquette National Bank of Minneapolis vs. First of Omaha Service Corp which made it legal for CC companies to locate in a state with no usury laws and ignore the usury laws of other states.
Techbcs@reddit
Right. An act of Congress. Not something the president can do in an executive order.
em_washington@reddit
It would take an act of congress and they can likely apply the commerce clause to do this.
Novafro@reddit
We the people haven't fucked around enough. We about to find out what those consequences look like.
InterestingJob2438@reddit
Like his protectionist policies are good
Altruistic-Abide-644@reddit
Acceptable? Not a chance.
He’s just pandering and there’s no way this happens like the rest of his concepts of how to fix this country.
darky14@reddit
Absolutely no shot.
oaeraw@reddit
based on the comments getting downvoted, you would think this is a pro-kamala sub
erinmonday@reddit
This is in response to threats of the rate going to 20-30%
Mavisbeak2112@reddit
This will never happen he is just saying shit. It only worked 8 years ago. The man has nothing to say that he can actually back up.
proofreadre@reddit
Oh good. Price controls. Very conservative. Very libertarian.
Again. Vote Libertarian not for the Uniparty. Voting GOP or Dem is not fixing the problem, it's condoning its continuation.
ThundaChikin@reddit
There is only ever going to be two parties so long as our elections are first past the post.
proofreadre@reddit
Unless people refuse to vote for the two parties. Make your voice heard.
ThundaChikin@reddit
There will be no viable 3rd party. If the Rs or the Ds fail some other party could take their place but there will still be only two.
with FPTP right minded people will colaesce around the largest minority on the right and leftists will coalesce around the largest minorty on the left and the people getting elected will be dispised by the majority of the country.
cmparkerson@reddit
Except he can't do it.he doesn't have the authority, and congress won't do it
IlatzimepAho@reddit
Since when is he acceptable?
ronpaulclone@reddit
Remember when he said price caps are communist?
Peyton773@reddit
God I’m a socialist now. Just never unsubbed from here, but even I think this is a terrible idea. Credit cards will basically only be given to those with really really good credit, locking out most consumers from getting a card, which will just artificially trap people in low credit scores from unneeded government intervention
colemanpj920@reddit
Simply the lesser of two evils economically…he will carry my state so I don’t have to vote for him thank goodness.
BeardedMan32@reddit
Next he is going to promise everyone $10,000 and really send the national debt into the stratosphere.
zugi@reddit
We do have a pretty acceptable candidate: Chase Oliver. He wouldn't say anything like that.
nickrac@reddit
This is just price controls
johno158@reddit
“Just when I thought we had a pretty acceptable candidate” - ?!?! JFC…
X2946@reddit
Nah, JFC would be branded a libtard
moteur@reddit
Trump is a socialist.
Search_Light_Soul@reddit
Trump is a desperate man
Anen-o-me@reddit
This guy is literally throwing all his sh!t at the fan and praying something sticks. It's rather sad.
TheDragonMage@reddit
He is just lying to pander to voters. He wouldn’t do it if elected.
Throw13579@reddit
Now THAT’S the sort of shit that would get him assassinated. By pros.
r0xxon@reddit
Say 10, negotiate at 15. Some consumers “lose out” but most win. He just came in a little on the low side here
Hailtothething@reddit
This whole sub is raging for the machine, loves high interest rates getting taxed to oblivion. Freakish.
thaworldhaswarpedme@reddit
No he doesn't.
SilverRain007@reddit
Trump? Acceptable? Are we completely disowning the NAP around here because he is a clear and obvious instigator of violence.
adalsindis1@reddit
Nice, two leading candidates for price controls /s
Killface55@reddit
No he won't. The past couple of weeks he has just been saying shit that normal people want to hear?
brokedasherboi@reddit
When I was 18 I got a credit card with 22%interest rate because that's all I could qualify for with no credit history. I got it only to build credit, was very reasonable with it and always paid it off quickly. For a lot of people that's the only way you can start building credit. If there was a 10% cap I would have just been denied and completely screwed.
santathe1@reddit
He also said he’d make Mexico pay for the wall.
Sea_Addition_1686@reddit
This would be a good thing. The interest rates are absurd. I wish we only dealt in simple interest as well.
longsnapper53@reddit (OP)
Any kind of government regulation on pricing is horrible and detrimental to the economy and the people simultaneously
Sea_Addition_1686@reddit
It’s not pricing its interest rates and banks have set the standard for way too long.
divinecomedian3@reddit
Interest is the price of borrowing money
Gsomethepatient@reddit
Except this is affecting the banks, which live solely off the governments teet
divinecomedian3@reddit
It'll also be affecting all the folks who have a credit card now but will be denied if the interest cap is enacted
Sea_Addition_1686@reddit
This guy ^ gets it
yousirnaime@reddit
yeah I'm not carrying any flags for helping bankers get higher interest on their loans
If there's one group who always finds a way to get rich without providing much value, it's those guys
They will just have to make due by lending out the governments money and taking interest on that
TheDunk67@reddit
There goes all the sweet cash back discounts responsible people get, and irresponaible people will have one less option before payday loans. Everyone is worse off under central planning and fascism, but we know that.
zealotize@reddit
I thought the cash back offers were paid for with the swipe fees, which is why some businesses no longer accept cards, because the fees keep creeping up to pay for those benefits.
Pineapple_Spenstar@reddit
PsyopSurrender@reddit
I would vote for a fucking irrational, angry, war crazy donkey if they got this done.
berkough@reddit
If the interest rates for credit cards get capped then you'll stop getting offers for credit cards. The interest rates are high because the default is high. If they can't cover the default from the people who do actually pay interest, then they won't lend the money.
If you just pay off your card every month, you'll never pay interest.
HODL_monk@reddit
You have to choose to pay for some worthless crap on credit, and then not pay it off when you get the bill, to even worry about interest on the loan.
The government takes 50 % of your earnings by force, before you even get paid.
Which of these two things is really the problem ? At least you have to make a series of bad choices before you have to worry about credit card interest. There is no law preventing you from paying with a debit card and not having a loan.
IamFrank69@reddit
Well said. Even if you think it should be illegal to be financially irresponsible (which it shouldn't), there are so many bigger fish to fry.
Sun_Bro96@reddit
Out of the two idiots I think Trump has better running points. Neither will actually do anything but at least his are more in line with what id like. RFK was my choice but I guess he’s out now or something.
MitchellMuehl@reddit
Mandating private companies can’t charge what the market dictates is so far from libertarian. Even Harris’s price gouging controls are less extreme then this
Mello-Fello@reddit
Well, we know who he prefers …
Negative_Ad_2787@reddit
Still on the ballot in some states
HODL_monk@reddit
But his assistant bought him a beer at a Bitcoin bar, can't get more libertarian than that ;)