[lbo-talk] Sanders: Cap credit card rates w/ national usury law

Wojtek Sokolowski swsokolowski at yahoo.com
Sat Mar 28 14:32:11 PDT 2009


--- On Sat, 3/28/09, Michael Pollak <mpollak at panix.com> wrote:


>
> http://www.sanders.senate.gov/news/record.cfm?id=310323
>
>    Date Posted: 03/23/2009
>


>    Let's be clear.  At a time when many
> Americans in the collapsing middle
>    class use credit cards for groceries, gas
> and college expenses, what
>    Wall Street and credit card companies are
> doing is not much different
>    from what gangsters and loan sharks do
> when they make predatory
>    loans.    While the bankers
> wear three-piece suits and don't break the
>    knee caps of those who can't pay back,
> they are still destroying
>    people's lives.

[WS:] It is reprehensible, to be sure, but on the flip side, these usurers further fuck up capitalism by forcing people to buy less and thus reducing spending, no?

Personally, credit card interest rates do not affect me, because I pay off the monthly balance every time, even if on occasion I have to use my savings (that bring nearly zero interest anyway) to that end.

And then, there is still Chapter 7 for those with income below the state median, no?

Wojtek



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