73 Reds Posted January 12 Posted January 12 (edited) 2 minutes ago, Marco Van Basten said: Why do you think that a 10% cap on credit card interest is a great idea? My guess is that it will lead to credit cards being available to only blue chip customers, so probably 70% of the country won't have them. Because usury is wrong, damaging and debilitating to those directly affected. And if you are correct that 70% of people won't have CCs as a result, it is a good thing that people who can't afford such interest rates won't have to pay them. Edited January 12 by 73 Reds missed line
DooDiligence Posted January 12 Posted January 12 (edited) 9 hours ago, Parsad said: I think most would agree that you two dill-holes are the main contributors to the political noise and my angst as a moderator! Somebody give me some Xanax or Valium! Cheers! At least I only dip in once in a while. The other dillhole posts pretty exclusively here and I've yet to see him post anything of worth regarding investing. Edited January 12 by DooDiligence
Gregmal Posted January 12 Posted January 12 4 minutes ago, Libs said: Threatening to pack the court, abolish the filibuster, etc etc. All from the Democrats. Exactly. That’s why the second they try cowardly retreating down the “you voted for (insert all the negative things)” and “threat to democracy” manhole, you nod, and then just politely leave them with Go. Fuck. Yourself.
dwy000 Posted January 12 Posted January 12 3 minutes ago, 73 Reds said: Because usury is wrong, damaging and debilitating to those directly affected. And if you are correct that 70% of people won't have CCs as a result, it is a good thing that people who can't afford such interest rates won't have to pay them. They wont have to pay them because they wont be spending. This would be devastating to the economy. And its not usury if those rates are needed to profitably operate the business through credit cycles. Theres a reason this proposal was originally put fwd by AOC and Bernie Sanders. Because its so socialist that even the democrats wouldnt move it fwd.
73 Reds Posted January 12 Posted January 12 3 minutes ago, dwy000 said: They wont have to pay them because they wont be spending. This would be devastating to the economy. And its not usury if those rates are needed to profitably operate the business through credit cycles. Theres a reason this proposal was originally put fwd by AOC and Bernie Sanders. Because its so socialist that even the democrats wouldnt move it fwd. Correction: The won't be spending what they don't have.
dwy000 Posted January 12 Posted January 12 Just now, 73 Reds said: Correction: The won't be spending what they don't have. Which is most of America. What do you think happens after the year at 10%? All those people who still have credit cards will now have engorged balances that jump to 20% and theyre in a worse position.
73 Reds Posted January 12 Posted January 12 Just now, dwy000 said: Which is most of America. What do you think happens after the year at 10%? All those people who still have credit cards will now have engorged balances that jump to 20% and theyre in a worse position. What the hell kind of generalization is "most of America"? Who do you think pays for those who spend beyond what they can afford?
SharperDingaan Posted January 12 Posted January 12 13 minutes ago, Gregmal said: Totally. I thought they’d figure it out eventually but I guess not. Buy the “Trump said xyz” dip the day of, today it’s banks and cc stocks, wait a few days or weeks and flip for an easy and outsized profit when everyone’s moved onto the next headline. Shush ..... We'd like the Government 'crowding out' of the private market to emerge, realisation as to the size of the new QE flood that will be required to just keep rates as they are, and recognition that the USD is going to take a material hit .... to all make the rounds. SD
cwericb Posted January 12 Posted January 12 17 hours ago, RichardGibbons said: I actually think the politics section here has had value to me. It seems pretty obvious when people are just echoing what Dear Leader told them to echo because the arguments are typically quite awful, or are often effectively "let's change the topic!". On the other hand, when they do give real arguments, they will sometimes provide perspectives I'm not exposed to elsewhere. And that has value to me, learning other people's perspectives. Kinda agree with this point of view. I used to have a one hour commute and I would listen to FOX in the morning and CNN in the evening, just to balance the propaganda. The Politics section can be somewhat mind broadening, and it does help see where some posters are coming from and their perspectives / prejudices when they post on financial matters and stocks.
dwy000 Posted January 12 Posted January 12 8 minutes ago, 73 Reds said: What the hell kind of generalization is "most of America"? Who do you think pays for those who spend beyond what they can afford? It's not a generalization at all, its data. Over half of Americans carry credit card debt. They pay for it - thats why rates are at 20% and people who dont carry debt get free 30 day financing. This is so obviously irrational that the only people I see supporting it are the far left (who dont understand basic economics) and people who blindly go along with anything Trump says.
John Hjorth Posted January 12 Posted January 12 (edited) 46 minutes ago, Marco Van Basten said: Why do you think that a 10% cap on credit card interest is a great idea? My guess is that it will lead to credit cards being available to only blue chip customers, so probably 70% of the country won't have them. Yes, exactly, @Marco Van Basten, Those who state otherwise either can't read, haven't read or don't understand credit card business in banking, and the related risks and losses, witch naturally should be reflected in both credit and prices. A capped price upwards on such credit destroys the market mechanism. Edited January 12 by John Hjorth
Malmqky Posted January 12 Posted January 12 I think government needs to stay away from dictating lending rates, etc. Let the free market do its thing. If CC rates *must* be capped however, same needs to happen to pay day loans, which are far more predatory.
dwy000 Posted January 12 Posted January 12 7 minutes ago, Malmqky said: I think government needs to stay away from dictating lending rates, etc. Let the free market do its thing. If CC rates *must* be capped however, same needs to happen to pay day loans, which are far more predatory. Agree. Every time the govt steps in and distorts the free market it has, generally bad, unintended consequences. Look at rent control. Driving the natural market underground is rarely a good outcome.
cubsfan Posted January 12 Posted January 12 2 hours ago, DooDiligence said: At least I only dip in once in a while. The other dillhole posts pretty exclusively here and I've yet to see him post anything of worth regarding investing. I for one, appreciate your razor-sharp investment commentary. Let me know when you release the next installment Doo.
73 Reds Posted January 12 Posted January 12 (edited) 1 hour ago, dwy000 said: It's not a generalization at all, its data. Over half of Americans carry credit card debt. They pay for it - thats why rates are at 20% and people who dont carry debt get free 30 day financing. This is so obviously irrational that the only people I see supporting it are the far left (who dont understand basic economics) and people who blindly go along with anything Trump says. Its just amazing to me that people actually believe that creating overextended finances for the very people who can least afford it is good for the economy. Or maybe it isn't amazing at all. Those of us who get our heads out of text books and reported data know better. Edited January 12 by 73 Reds spelling
Gregmal Posted January 12 Posted January 12 Well, there goes the "market plummets on Trump attack of Powell concerns" headline....the window to capitalize on when they all keep falling for it just keeps getting smaller.
Parsad Posted January 12 Posted January 12 36 minutes ago, cubsfan said: I for one, appreciate your razor-sharp investment commentary. Let me know when you release the next installment Doo. Haha! Now these two get along once they are called out. Maybe if you two could get along, the rest of the country could! Cheers!
dwy000 Posted January 12 Posted January 12 37 minutes ago, 73 Reds said: Its just amazing to me that people actually believe that creating overextended finances for the very people who can least afford it is good for the economy. Or maybe it isn't amazing at all. Those of us who get our heads out of text books and reported data know better. Its arguable whether it is good for society as a whole but thats true of many, many things (alcohol, gambling, etc). We live in a free society and products get developed where need and demand encourage it. Providing credit for personal need is probably older than mortgages. This horse left the barn centuries ago. Capping credit card interest is not only a horrible way to tackle the perceived problem (because it punishes those who need it most) but it drives activity to worse providers. This isnt a solution, its a headline and the consequences are worse than the problem.
dwy000 Posted January 12 Posted January 12 15 minutes ago, Gregmal said: Well, there goes the "market plummets on Trump attack of Powell concerns" headline....the window to capitalize on when they all keep falling for it just keeps getting smaller. Thats because the market has clocked onto the "Trump just lies about everything" mantra and reacts accordingly. Plus multiple GOP senators have told him they'll freeze out his replacement if he doesnt back off
Marco Van Basten Posted January 12 Posted January 12 51 minutes ago, 73 Reds said: Its just amazing to me that people actually believe that creating overextended finances for the very people who can least afford it is good for the economy. Or maybe it isn't amazing at all. Those of us who get our heads out of text books and reported data know better. I do not think that this is good thing. My point, perhaps badly stated, is that something that will negatively impact 70% of the country (in their view, not in mine neither a borrower nor a lender be) is unlikely to be enacted into law, and if it does get enacted, will most likely get reversed.
John Hjorth Posted January 12 Posted January 12 (edited) 31 minutes ago, Parsad said: Haha! Now these two get along once they are called out. Maybe if you two could get along, the rest of the country could! Cheers! - It's also kind of sad, it really is so, isen't it?, Sanjeev [ @Parsad ], I'm personally more in the camp Richard [ @RichardGibbons ] is in, ref. his last post here in this topic above. It's educational, and and at the same cultural food, my English language profiency simply can't escape from improving reading here in this topic! I.e. today I learned the conpept of a dillhole ..., before today I've only heard about drillholes. ... My next question likely, and likely soon, will be 'Where do I register to pass an exam and get a diploma in foul English language?'. Edited January 12 by John Hjorth
Parsad Posted January 12 Posted January 12 6 minutes ago, John Hjorth said: - It's also kind of sad, it really is so, isen't it?, Sanjeev [ @Parsad ], I'm personally more in the camp Richard [ @RichardGibbons ] is in, ref. his last post here in this topic above. It's educational, and and at the same cultural food, my English language profiency simply escape from improving reading here in this topic! I.e. today I learned the conpept of a dillhole ..., before today I've only heard about drillholes. ... My next question likely, and likely soon, will be 'Where do I register to pass an exam and get a diploma in foul English language?'. You're doing fine John! And do you really want to lower yourself to our level? Cheers!
Red Lion Posted January 12 Posted January 12 3 hours ago, dwy000 said: They wont have to pay them because they wont be spending. This would be devastating to the economy. And its not usury if those rates are needed to profitably operate the business through credit cycles. Theres a reason this proposal was originally put fwd by AOC and Bernie Sanders. Because its so socialist that even the democrats wouldnt move it fwd. +1. DJT always keeps it entertaining.... Between this, having Fannie and Freddie buy MBS and the announced ban on institutional purchases of single family homes, it's hard to keep up.
Spooky Posted January 12 Posted January 12 9 hours ago, John Hjorth said: - 'dumbass'?[<-], @Dalal.Holdings, I think this one maybe tops yours : Reuters [January 12th 2026] : Trump says he might keep Exxon out of Venezuela after CEO called it 'uninvestable' How will he [POTUS] do that? Is it even a threat, a punishment, a sanction, if Darren Wood is right? Who knows best? POTUS or Wood? -It's hilarious! I found this story to be hilarious. Exxon already said VZ was uninvestable. Just shows how fragile his ego is.
Spooky Posted January 12 Posted January 12 The credit card cap is never gonna happen. Didn’t the administration try and DOGE the consumer financial protection bureau?
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now