Bernie and AOC want to cap interest rates

[Ed Pawlowski]

Bernie and AOC want to cap interest rates on credit cards at 15%.

https://www.foxnews.com/politics/aoc-sanders-interest-rates

The people with the highest interest rates are the ones that don't pay
their bills. Maybe they never should have been given credit to begin
with.

[Ralph Mowery]

In article <xK0BE.26311$2%2.2...@fx08.iad>, e...@snet.xxx says...

I just don't see how or why the people have very much carry over on the
credit cards. Most charge over 20 %. Most busines let you finance things
for way less than the credit cards. The wife and I made it a point not
to buy anything on credit that we could not pay off at eh end of the
month unless it was an enexpected emergency or large items like a car
and house.

Sure we did without a lot of things over the years, but we both retired
at 62 and at 65 have more money per month to spend than we did working
due to the pensions and IRA.

[gfre...@aol.com]

That will just insure poor people will not get credit cards. Then they
will bitch about that.

[gfre...@aol.com]

Credit cards are sold to people who shouldn't have them and with those
20-20.999% interest rates it is good money while it lasts. They really
encourage people to pay the minimum so the debt easily doubles or
worse. The high default rates are the only limiting factor and why
they need that huge rate.
The poor or stupid subsidize the rest of us. I get my card for free,
it is on auto pay so I never pay interest or fees and I get cash back.

[Frank]

People like Bernie and AOC are the ones that led to the housing collapse
when banks were forced to loan money to people with low credit ratings.

[2987pl]

"Frank" <"frank "@frank.net> wrote in message
news:qb2agr$t0m$1...@dont-email.me...

That’s not accurate. What produced the housing collapse was operations
that didn’t have to care about the risk of repayment of the mortgages
because they bundled and securitized the loan as soon as it was written
and it got a AAA rating that it didn’t come even close to qualifying for.
So all the writer of the mortgage cared about what the commission.

In fact it was even worse than that. Sub prime mortgages paid a higher
commission because in theory they paid a higher interest rate once the
initial sucker rate ran out. The borrowers didn’t care because they
planned to flip the property before the sucker rate ran out.

And the stupid US non recourse system meant that they didn’t
care if they couldn’t flip the property, they could just hand back
the keys with no penalty at all. They didn’t even lose the initial
repayments because you could borrow those too.

THAT’S what produced the housing collapse.

[Ed Pawlowski]

On 5/9/2019 6:01 PM, Ralph Mowery wrote:

> I just don't see how or why the people have very much carry over on the
> credit cards. Most charge over 20 %. Most busines let you finance things
> for way less than the credit cards. The wife and I made it a point not
> to buy anything on credit that we could not pay off at eh end of the

> month unless it was an unexpected emergency or large items like a car

> and house.
>
> Sure we did without a lot of things over the years, but we both retired
> at 62 and at 65 have more money per month to spend than we did working
> due to the pensions and IRA.
>

Many years ago I had some credit card debt. One month a few days before
payday I was broke and sure could use just a few buck. The credit card
bill came and the interest for the month was the same as I was short.
At that moment i decided it would never happen again.

I do have a car payment at 0.9% interest. The credit manager said she
never saw a credit rating as high as mine. Even at the low rate, I pay
extra every month and will pay off much earlier than the term.

No debt makes life much easier and retirement even easier.

[Grumpy Old White Guy]

Yah, and America's libtard Barnie Fwank had a hand in screwing things up as well.

--
Get off my lawn!

[Ralph Mowery]

In article <bn99de9pksa47j2gv...@4ax.com>,
gfre...@aol.com says...

> The poor or stupid subsidize the rest of us. I get my card for free,
> it is on auto pay so I never pay interest or fees and I get cash back.
>
>
>

Same with me. I even took out a couple of cards I did not need or want
just because if I charged so much in a few months I got back a couple of
hundred dollars back.

When buying items I often ask if I can get a discount for cash if it
more than a couple of hundred dollars. If so , if the cash is more than
the 1.5 % I often get back on the credit card, I will pay with cash,

[Frank]

The banks behavior was initiated by the government's behavior to protect
assets. It was Janet Reno that told the banks to make mortgage loans
under the threat of investigation. Of course, the government blames the
banks for the collapse.

[Frank]

Caused the closing of a lot of small banks with the excessive government
paperwork requirements.

[2987pl]

"Grumpy Old White Guy" <gru...@old-white-guy.network> wrote in message
news:0F2BE.5902$F65...@fx36.iad...

Only in the sense of interest rates kept far too low for far too
long which grossly over heated the housing market because
those who wanted to buy their own home could borrow
much more for a much bigger house than they needed.

[2987pl]

"Frank" <"frank "@frank.net> wrote in message

news:qb2eb0$e42$1...@dont-email.me...

No it was not. That wasn’t the reason for the bundling
and securitizing and them getting AAA ratings that they
didn’t come even close to qualifying for which meant
those securitized mortgages could be bought by those
who werent legally allowed to invest what surplus funds
they had in securities with worse than a AAA rating. That
happened world wide and was the reason the housing
market imploded spectacularly once the housing market
came off a bit as it always does eventually and no one
knew the real value of all those securities. That’s what
imploded Bear Stearns which had previously survived
the Great Depression fine.

> It was Janet Reno that told the banks to make mortgage loans under the
> threat of investigation.

Yes, but it wasn’t that that imploded the housing market.

> Of course, the government blames the banks for the collapse.

And rightly so. Bear Stearns didn’t go bust because they did
what Reno told them to do. They werent even involved in
writing home mortgages with those taking out the mortgage.

[Clare Snyder]

On Thu, 9 May 2019 18:01:14 -0400, Ralph Mowery
<rmower...@earthlink.net> wrote:

I've pais a total of $0.35 in interest in the last 5 years and I use
my credit cards several times a week, minimum.

[rbowman]

On 05/09/2019 05:22 PM, Ed Pawlowski wrote:
> I do have a car payment at 0.9% interest. The credit manager said she
> never saw a credit rating as high as mine. Even at the low rate, I pay
> extra every month and will pay off much earlier than the term.

Welcome to Catch 22, or I think it's called the Rule of 72. When we were
a young married couple with no credit history we bought an Audi on
credit. That worked until the first payment came due and my wife saw
what the interest was. When we went down to pay it off we ran into
whatever quaint rule that said you were still liable for a percentage of
the total interest if you retired the debt early.

Years later I bought a Camaro with 0% GMAC financing. I figured I was
safe for any percent of 0. GM was sort of desperate in 1980.

[rbowman]

People with a high time preference shouldn't have credit cards in their
pockets and be led into temptation.

[rbowman]

The banks did not require forcing. They knew the loans were shit and
they also knew they were going to sell the paper. Then some genius had
the idea of creating a tranche of the shit paper, insuring against
default, and waiting for the inevitable. Meanwhile, they peddled the
derivatives. The plan failed when the insurer went tits up.

The banks are clamoring for more deregulation and promising on a stack
of bad checks that they'll never, never do anything like that again.

We can thank Clinton and Summers for the financial 'modernization' act
of 1999. Three things are certain; death, taxes, and financial wizards
will hang themselves given enough rope.

[rbowman]

This is the once in a blue moon when I agree with 2987pl...

[gfre...@aol.com]

You just need to understand what the rules are on the loan. I wanted
to pay cash for my wife's Lincoln but there was a $1000 kickback for
financing it through FMC credit. The dealer "money man" pulled me
aside and said if I just financed $10k and paid it off in 90 days I
would still get to keep the grand. I assume the dealer got their
commission too. I paid $3300 3 times and 91 days later I paid off the
remaining balance. (a few hundred bucks). It was worth doing.

[gfre...@aol.com]

It was really worse than that. Venture capital people were giving
money to mortgage companies $50 million at a time and they had the
paper pre-sold before the mortgages were even written.

[Peeler]

On Fri, 10 May 2019 09:11:27 +1000, 2987pl, better known as cantankerous
trolling senile geezer Rodent Speed, wrote:


>> People like Bernie and AOC are the ones that led to the housing collapse
>> when banks were forced to loan money to people with low credit ratings.
>
> That’s not accurate.

LOL

BTW, why did you change nym for REAL DUMB Frankie Boi, senile Rodent? I
doubt he killfiled your "Rot Speed" nym. Or maybe he did? Too funny! LOL

--
"Anonymous" to trolling senile Rot Speed:
"You can fuck off as you know less than pig shit you sad
little ignorant cunt."
MID: <62dcaae57b421e2b...@haph.org>

[Peeler]

On Fri, 10 May 2019 11:33:45 +1000, 2987pl, better known as cantankerous

trolling senile geezer Rodent Speed, wrote:

>> The banks behavior was initiated by the government's behavior to protect
>> assets.
>
> No it was not.

LOL And? Did you just climax again?

--
Bod addressing abnormal senile quarreller Rot:
"Do you practice arguing with yourself in an empty room?"
MID: <g4ihla...@mid.individual.net>

[Peeler]

On Fri, 10 May 2019 11:25:24 +1000, 2987pl, better known as cantankerous

trolling senile geezer Rodent Speed, wrote:

>> Yah, and America's libtard Barnie Fwank had a hand in screwing things up
>> as well.
>
> Only in the sense of interest rates kept far too low for far too
> long which grossly over heated the housing market because
> those who wanted to buy their own home could borrow
> much more for a much bigger house than they needed.

Learn to punctuate, you auto-contradicting senile blabbermouth!

--
Blabbermouth senile Rodent's special "talent" on display:
"But it can make a lot more sense to realise that the
really stupid will get the operation they bought
the phone from to set it up so it can be used
than to try to explain to the most stupid who
don’t even understand what a sim is for how to
get something so small and fiddly into an iphone."
MID: <en72ob...@mid.individual.net>

[Frank]

Not to brag, but I have paid zero interest in the 26 years since I paid
off the mortgage on the house. I also use the credit card liberally but
pay it off at the end of the month.

[Ralph Mowery]

In article <tkt9de546s3mj4sbk...@4ax.com>,
gfre...@aol.com says...

>
> You just need to understand what the rules are on the loan. I wanted
> to pay cash for my wife's Lincoln but there was a $1000 kickback for
> financing it through FMC credit. The dealer "money man" pulled me
> aside and said if I just financed $10k and paid it off in 90 days I
> would still get to keep the grand. I assume the dealer got their
> commission too. I paid $3300 3 times and 91 days later I paid off the
> remaining balance. (a few hundred bucks). It was worth doing.
>
>
>

Yes, you have to use the rules to your advantage. At one time I bought
a new car. My credit union had a finance rate for cars of about 2%.
They were giving about 4 % interist in the saving account. So financed
it through them and as it was automatic payments I gained some money.

[Tekkie®]

Clare Snyder posted for all of us...

What? Accidentally miss a payment by a day? :)

--
Tekkie

[Tekkie®]

Frank posted for all of us...

I heard Philly is now spiffing new home buyers $10K. I do not know the
"qualifications"

--
Tekkie