INVESTIGATE NOW! Cap Credit Card Int Rates! Outrage @ Wall St plunging us into deep recession!
March 12, 2009 Senator Bernie Sanders (I-VT) CHRIS GAROFOLO, Reformer Staff Sanders is looking for Congress to place the same interest rate cap on the credit card industry as they did on credit union loans almost 30 years ago. Likewise, the senator’s measure would give the Federal Reserve Board the flexibility to adjust the rate cap if it determines that the safety and soundness of lenders is jeopardized, comparable to the credit union act. en. Bernard Sanders announced he will propose …
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INDEED!
great video
21 views at 7:37pm EDT
Thanks
see c-span everyday 3:00pm these congressmen firebomb these governmental criminals who are running america. I’d seen some senators talk so much of bad experiences with obama. If only the commonpeople had watched important channels like these instead of garbage ESPN.
You tell them Bernie! A TRUE independent with no axe to grind! We need about 60 more like him or we are all doomed and damned!
Thank you Bernie God Speed !
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I have always thought of credit card companies as legal loan sharks. It’s a wonder why they didn’t do something sooner but they better do it now. Great video like to see what happens.
we don’t need the government to do this, we need to all stop paying & boycott use of credit cards. This guy works for the gov who maintains an agency called the IRS & still allows the federal reserve to charge us interest on our own $.
People need to just say no to Taxes & Government fuck them all they should be in prison
Capping credit card interest rates would completely shut down the credit markets.
If you sold hamburgers for $10 for a $3 profit, and the government told you that you had to cap the price at $7, you’d stop selling hamburgers. Screwing with the free market is a bad idea.
Banks charge interest rates based on default risk. Whether or not its right or wrong is irrelevant. It’s the market price of borrowing money.
A better idea would be to not use credit cards, and live within your means.
Credit Card Interest Rates have nothing to do with default risk. Its that free market your talking about people are willing to pay it, so they charge it credit card company’s rarely lose money to bankruptcy they simply apply the interest and penalty’s to there losses. while the original capital has long since been recovered. The high interest rate is meant to put u in a perpetual form of debt repayment and there for continued revenue for credit card company. People still continue to use them.
I have a very good credit rating YET I am paying 26% interest. My original debt has been paid 5x over BUT I am not any closer to paying off the entire balance.
This is pure usery.
If we actually had a “free market” the Fed would not be the one issuing our money supply. Money need not ever be issued at an interest cost, unless the issuer is for whatever greedy reason pretending they have SOLD you your own money.
I think every person should be born with 1Million $ in their new account.
The high interest rate is because it is NOT meant to be used. Credit is to make your life more flexible and payed back in the shortest time possible. It’s not the idea for people to buy things that they can’t really affoard on credit. Or who had the idea that the credit card companies should just pour out money and get nothing in return.
But more then 10% still sounds too much.
Why not just be accountable with your finances and not use credit cards. Fucking idiots.