You people need to relax and just let it happen. Its inevitable now. The train with no brakes is going 100mph and hour...It is what it is. Its all synthetic and everything is slowing becoming a lie. EVERYTHING. Just wait till aI, robotics, nano tech, and virtual reality go fully operational..Oh boy. That will be beginning of an end for humanity. Drones will be 'patroling' the skies and robotic dogs will be patroling the streets and everyones cameras will be hooked up, by law, to the police so that they can "keep you safe". Even though the gov is always listening in on our phone and text conversations.
Don't you know MONEY is the biggest RELIGION on 🌎, and there's no greater God than the almighty Federal Reserve GODS?? 💵💵💯💯😄😄 And no worries.. You'll get an account for free from the Federal Reserve GODS soon, and you can borrow directly like banks do today.. 💯💯
@jagger3600 no. I actually hate that the right uses "communist" to mean "left wing authoritarian." When they aren't the same thing. it's a very stupid rage bait thing that they do just to rile up the base.
@LRF49 as a person looking for their first home this year, I can assure you investors are the ones inflating prices. I submitted 10 offers and 1 was accepted. ALL WERE BEAT BY CASH BUYERS, 8 OF THEM WERE INVESTORS LOOKING TO RENT
It should be capped at a total that includes interest and fees. I have had sub $5 mistakes when paying a bill, and they charged me a $30 fee on a few dollars of balance. They always fixed it for me, but some people may not get that courtesy.
Up until the 1970's most States had usury laws that capped interest rates and banned predatory lending. Credit cards currently sit at an all-time high average of 22%, hell a Macy's card 💳 is at 34.49 %. Predatory lending must stop 🛑
Which is why banks like WF set up North Dakota as a little fiefdom to allow 20+% rates that previously had been banned in a lot of places. Then WF and the like used that $ to lobby to force other states to accept those crazy rates as acceptable. The trick is that interest rates have to account for risk. So it makes sense to cap at a point where it snowballs like 15%. But it's ridiculous that someone with great income and credit score of 800+ is being offered 26-28% rates. No one is digging themselves out of debt when it's like 30% interest each month. We allowed credit card companies to do this and now this is just rolling back thier abuse of the system. They shouldn't be giving risky people horrible access to money at 30% interest.
That’s until the Jews took a hold of the US govt after WW2 Thats also when immigration law changed in 1965 and kicked in, during the 1970s Everyone was now allowed to parasite off of US exceptionalism
Ideotic take calling this price control. The bank gets its money from the federal reserves and pays an interest rate that the fed determines. To borrow money from the American people at 5% and then turn around and charge them 30% for the same money.
I've worked for the Credit Card industry in the 80's. Shrinking credit (card) access would be a good thing. Raising prices (credit card rates) has not deter'd credit card adoption by consumers. Capping/lowering credit card rates WOULD deter credit lenders. Remember, credit card lenders make money weather they're paid (profit) or not (paper loss). Losses against profits keeps the taxman at bay. Usury is not only an abuse in law, but also an abuse in religion (taking advantage of your neighbor)
Are you not worried at all about the loss in growth due to lowered borrowing? The recession that could result from this could be worse than the debt weighing us down. Not necessarily disagreeing, just want to know your opinion
@@kylemorris3673 I will tell you that there wil be a shock to the system, however there would be a light at the end of the tunnel. Let me use this analogy, say your riding a bike down hill, you could pedal faster (easy credit) or you could take it easy (no credit); your still going down hill, just not as fast. The government is borrowing/pedaling very fast on its own and that's not going well for us either. One final note about the poor lenders; Citi Bank largest shareholder is the Saudi Sovereign Wealth Fund.
Absolutely but who else is going to cover the “unreliable polling company released another poll of 400 people let’s read into the data again” story? I’d much rather listen to them speculate about another useless poll than cover an actual major story. /s
Not easy producing an independent news and politics show, I don't know if you've ever tried it. They generally cover stories a day or two after it's been reported by other outlets
Interest is why people are crippled by student loans for decades. Lowering the interest on student loans would’ve been a much better option than mass forgiveness
Making college loans have uncapped compound interest is obscene. If you borrow 50k, the most you should ever have to pay back is 100k. These poor people who borrow 60k, 10 years later they've paid 70k... and still owe 80k. I understand the math of how minimum payments and compound interest work, but these 18 year olds definitely do not. Nobody should have debt forgiven, but predatory loaning to teenagers under the guise of middle class existence just to become an indentured servant for life is insane.
@@diazigy you're right on the first part but debt forgiveness happens all the time, but generally by corporations/wealthy and if you go through bankruptcy however school loans have been almost impossible thanks to corrupt corporate goons like Biden and others. School/education should be free at least public institutions.
@@jagger3600 dude just say most of his followers. Trump has been mixing progressive ideas in his policies, but none of them sound bad. So I support them
Well, it slows them from making us debt slaves. To stop them from making us debt slaves we have to do something about the reasons people feel the need to take these bad deals in the first place.
It is not price control, as credit debt does not fall in the category of "goods and or services" debt is a penalty for failing to meet payment timelines. No one lines up to get more debt and you can't run out of debt.
The difference is that profits for food is a small 1.9% margin, whereas Credit companies charge so much that it takes 30-40 years to get out of debt on minimum payments.
CAPPING THE INTEREST is NOT the same as CAPPING THE PRICES. The food industry has an extremely LOW margin, and they oinly make a profit by selling at a WHOLESALE
So worse is a value judgement so there's no right answer. Assuming each was implemented as described the credit card plan would have a much larger impact on a much smaller economic sector while the anti-gouging proposal would have a much smaller impact on a larger economic sector. From a practical perspective the anti-gouging proposal is far more likely to pass since it could essentially just recreate existing state laws from somewhere like Colorado, Idaho or North Carolina.
@@kylemorris3673Is Kamala shameless when she copies Trumps policies? Your answer or non answer will indicate if you are also shameless. Or is it just “trumples” that are shameless? We shall see.
Taking away usurious fees would almost instantly improve the finances of a huge swath of Americans by letting them effectively keep more of their paychecks every month. And paying down their debt at a more manageable rate would at the same time make so many of them more credit-worthy and thus less of a risk to the credit card companies. So the extension of credit, over time, would stabilize. You're much more likely to get your money back at 10% than at 30%.
@@MrStCyrX Nothing at all. Adam Smith, the grandaddy of free market economics, was in favor of capping interest rates at something between 6-10%, depending on market factors. He argued--in the 1700s--that if you allowed usurious interest rates, people would use credit for consumer spending, wasting the wealth of the nation and redirecting our resources away from more important things.
@@crusherven So Adam Smith anticipated buying lattes on credit? The margin will always be hard to regulate. There are a whole lot of people who will never merit credit at a 10% rate. The more we hold the maximum rate down, the bigger the loan sharks will be... so in an economy based on buying stuff people don't need, we have to pay attention to that.
The irony of Krystal labeling people "partisan hacks" in a segment where she's bending over backwards to find a reason she doesn't agree with this proposal LOL
Exactly my thoughts. K would rather have an anchor tied to her leg out at sea than admit she agrees with a single Trump policy. Breaking Points is going down the drain and quickly turning into a TYT wannabe
@billhartig4805 oh, you mean by staying left wing. Where as Kabala is trying to out Right the Republicans and Democraps are cheering her on like she's a hero. Guess when you rejuvenate Bush and Cheny I guess you're already there.
Difference is Trump is lying as usual. He will not even attempt to pass this. Just like last time, the only thing he will do is tariffs amd top band tax cuts... not very bernie
The sad part is Maga believes Trump when all it would take is one Executive Billionaire to donate to him not to do it. That's the difference. Trump is just saying it because he wants votes, like a typical politician.
I really enjoy the idea and fact that we are talking about these kind of economic-social issues regarding credit card companies. I would also like to hear a lot more on this topic. One thing to mention is why couldn’t legacy media talk about this 20-30 years before. It’s not too late but we are very late. I guess the take away is at least the credit card companies made money retrospectively and capitalism usually trumps morality/ethics. 🤷♂️
Definitely. People are forced to take on debt every step of the way. What can you do without a credit card 💳 to attach to every “account” you sign up for or get a hotel room or basically anything else. How do you “establish credit” without debt?
I don’t even understand why that is a proposal. Overtime is already mandated to be higher than the regular pay rate so the worker still benefits from working overtime
@@evanshea5199 I’m guessing you just commented without knowing a single thing about labor laws. Overtime pay rate is 1.5 times the regular pay as per Federal Labor Laws. Meaning if you make $10/hr, one hour of overtime will be $15/hr instead of $10/hr. But please explain to me how I have never worked OT in my life and how you somehow know better than me 😂
@@insanittiez4860 OT is taxed at a higher rate than regular pay therefore cutting tax on OT would literally put hundreds of dollars in people’s paychecks. You would know this if you have ever worked OT in your life.
What is this baloney! 10 percent?! Thats lower than index funds! Why would anyone take the risk of loaning money if they get rewarded less than just sitting money in an easy payout?! Cmon
That is exactly what I thought as well. Why wouldn't they then look at safer places to use their money. You take all the expenses they have too into consideration.
Meanwhile, my daughter's most recent school loan, with me co-signing (credit score of 846) was just 11.5%.... banks simply have the least amount, if any, sweat equity and yet they have such a big hand in inflation, greed and corruption.. let alone mortgages as well.. there's no need for an entity that say, literally pulls $250k out their backside, "loan" it to you (aka fancy piece of I.O.U paper) then own you for 30 years.. and if, big if, you actually make it to the end of those 30 years you would've paid back like what, somewhere around $600k???
That comment about Trump policies being completely left of “socialist democrats” is spot on. He already put our economy into a depression once. He will do it again
If price controls are being talked about a the Presidential level that means government has failed at making capitalism work. Prices controls are a sign of run away corporate control.
Honestly, credit interest is predatory. It debt traps the vulnerable. Obviously it means that credit will be less available but it also means that debt will be less prevalent. Also, the interest cap might at least wrangle the monopoly if we are not going to bust it.
Still havent heard anything about his proposal to have no tax on any overtime over 40 hours. He proposed that weeks ago in arizona. Seems pretty important to cover
The potential societal downside of price controls on food is bread lines and shortages. The potential societal downside of credit card interest rate caps is... the downfall of a predatory system that isn't essential for basic human survival? That's the difference.
No it's not lol. The potential societal downside of price controls on food is....ALSO the downfall of a predatory system that isnt essential for basic human survival. Lmao you seriously think corporate entities are essential for basic human survival! Omg you're so brainwashed! 😂 Tell me, where are the ruins of Celtic Krogers, Roman Walmarts, and Babylonian Aldis? 😂 Where are the Trojan Costcos? 😂 Contrary to what you clearly believe....Markets, including food markets, and Farms, including animal farms, have existed long before corporate entities and will exist long after.
Yes, please! The only part about this that sounded bad to me was 'temporary'. Cap those interest rates permanently!! 20-30% is INSANE. 10% is more than enough for them to still get rich AF off of us.
@@McP1mpin then the CC companies should eat the losses of the people with bad credit they gave credit cards to. Maybe if the rates were capped, they would be much more aware of who they are extending credit to.
@@McP1mpin And of course, those people can then file for bankruptcy and the debt be sold off to collectors.. If this were the case, more people would be able to afford to pay off their debts though. So, less people would have to face bankruptcy, and more people would pay off their debts. I don't believe for a second that the majority of people take on debt with no intention of paying it back. We have an understanding of how we'll be able to pay it off initially, but then later are surprised when the rates change and our required payments are increased beyond affordability. When my interest rates were lower, I never missed a single payment, because I wanted to maintain the security of having good credit. It wasn't until they skyrocketed that I was no longer able to afford to pay mine. If the interest rate was capped, and they weren't able to suddenly raise it by several percentage points, I'd still be able to make all of my payments with no worries. And I reiterate, 20-30% is INSANE.
@rustyoak8860 and then they hit with a DOJ Civil Rights case for denying credit cards to people with 550 credit because it disproportionately impacts non-white.
Cue all the people trying to tie this to Kamala's price control policies and claiming it's hypocritical. This is more interventionalist than I would like but it's not going to cause massive economic issues like dictating the price of items in a market economy would.
Kamala's price control is on price gouging on specific circumstances (like during a pandemic). And actually something that mimics what many states, including red ones, already do.
Anti-usury laws are probably the single most conservative economic policies you could have. They have a tradition going back thousands of years in both Christendom and Islamic civilization. To compare it to price controls on actual goods and services is completely ridiculous.
The book 'Debt: The First 5,000 Years', by David Graeber- even just in the first chapter- really well illustrates how that has been used to subjugate people. A perfect example is that Haiti was made to pay a debt to France for freeing itself from sl-very (I have to "sensor" that word, thx yt). Currency it literally a form of debt that is issued by the government and it demanded to be repaid in the form of taxes it that type of currency. This racketeers a demand for this type of debt because no matter what things you trade in, from foreign currencies, gold, Bitcoin, etc the equivalent tax value has to be repaid in the demanded form of currency.
Hey don’t hate the player, hate the game lol. I’m sorry you’re not using the system to fly for free. I haven't paid for a domestic flight in several years lol.
Just another empty promise, he'll just keep throwing this stuff out. At this rate, by early November he's going to promise every American no federal income tax for his entire term. Guess he's gotta go all in or he's hangin with SBF and Puffy.
So do I vote for Trump for lower CC interest, or for Harris so I can get my $25K down payment for my first house? I missed out on student loan forgiveness, and no one is fully funding Social Security, so i might as well get some freebees courtesy of the .01%.
@@jmorris023Yeah wiping billions of dollars in student loan debts and offering $25,000 and $50,000 incentives is one thing but cutting taxes on overtime and social security? That's giving away the store!
I would love for credit card interest rates to be capped at 10%. This would make it actually possible to pay off your credit cards. Also, it would have credit card companies heavily restrict who gets credit and how big their credit lines are, which is something we desperately need. Americans having a total of $1.1 trillion in credit card debt is evidence that credit cards, and mainly the interest from credit cards, is a massive drain on our economy. $1.1 trillion at 22% is $250 billion of interest paid by Americans every year. That is $250 billion that is leeched out of our economy instead of being reinvested into the businesses that money could be buying products from.
When I worked retail part-time, we had a quota on the number of CC applications we had to get per month, so you have the poorest people on the planet pushing CC's with 30% interest rates to people who just need to buy a couple of boards and some paint. Cashiers were so terrified of losing their jobs that they were signing up relatives and friends.
I know it sounds great on paper but we have data on this. States have usary laws and if you study the impact of them in those states they don't improve the financial wellbeing of the residents. People still need access to credit they just end up going to tribal lenders that exist outside of state laws, borrowing from patently illegal sources, or pawning possessions. If you wanted to curb the debt cyclecreated by credit card usage you'd cap the total amount of credit card debt that an individual is allowed to be granted rather than just completing denying millions of Americans access to a product (which is exactly what will happen w/ a 10% cap).
Capping interest rates at 10% would require creditors to close eligibility to all but the highest credit score borrowers. Rates are egregiously high because they give creditors the luxury of maintaining profits even while suffering sizeable defaults. It's a matter of userous rates or unobtainable credit. Or is thr government going to subsidize the risk, like sub-prime mortgage lending circa 2006? I'm voting Trump, but this is a short-sighted idea.
Every state has a Usery law that’s not Socialism Delaware has Usery laws and a Chancery Court. That’s why all the credit card companies are there they want to be domiciled in a state to protect corporations
This kind of brings up an interesting thought experiment. 10% might be way too far of a swing in the other direction but is it possible that reducing interest rates could actually increase revenue due to people being able to continue paying their bills which would allow them to increase the number of transactions they can make every month at 3% per transaction. Additionally, less people would be forced to pursue alternative means of reducing their credit balances up to and including wiping them out through bankruptcy or even death.
No, they have actuarial scientists (mathematicians) who know exactly how far to push rates to maximize profits. They'd charge even more if it paid them more.
Of course, in doing so, the economy will tank for several years, followed by slower than historical growth thereafter. Like it or not, consumer credit drives the US economy . At 10 % interest rate cap will significantly reduce the willingness of credit card companies to extend credit therefor GDP growth. Something to consider.
Capping interest rates would make geting a credit card harder with higher credit score requirements, and it could save many people who can't manage their spending in the long run. Comparing it to price control is a bit a stretch.
I get on its face that it seems hypocritical to support capping interest rates but not price controls for groceries but they are objectively different. Playing with the prices of something like groceries affects so many supply chains, so many super tight profit margins. Credit cards are legit just loan sharks. Not to mention it’s a monopoly so it’s not like the free market even applies. Again on its face it seems hypocritical but it’s really not especially when you add the context of usury laws and the long tradition of government regulating interest rates. There’s really no equivalent to regulating the price of bread. Also regulating CC interest rates would have no impact on other supply chains or industry like price controls do. So it’s a nice own the cons sound bite but it’s really not even hypocritical. It’s apples to oranges
I remember an interview with a dude who did time for loansharking back in the day. He said when talking about credit cards "I used to only charge 10%."
The two of them are on point regarding credit card companies being predatory and it’s not limited to America. I was an international student in Australia and even though I was limited in the number of hours I could work because of my student visa, had been there for less than 5 years and had a 3K credit limit at the time I got a call offering me an increase of my available credit to 10k, more than a doubling of the current amount on an international student with not much disposable income.
There is a big difference between price controls on products people need and credit card interest that no one needs. Price controls cause scarcity. Scarcity of predatory interest is a good thing.
That’s the difference between the Harris plan and Trump’s plan. Trump would allow the already rich to call all sorts of things “tips.” Harris clearly restricted hers to service workers.
I don't see changing the interest rate as price control. Granted the bases is how much extra you have to pay back from something you borrow. In the end they will still always make money. I see price control as something that could force store to sell at a fix price, even if it mean them taking a lost, if the cost of the store getting the items cost more. Example: gas prices sky rocket again, carbon tax is added, etc., now the store still sells it at a price lower than they had to pay for it.
Nah! They should make it much easier and cheaper for people to file for bankruptcy. Right now it is relatively expensive for the people with loaded credit card debts to file for bankruptcy. LOL! Bankruptcy is a shame??? Please look at what just happened! By the way, it is daily compounded interest, so it is certainly much more than said on interest charges.
Just canceled my #1 credit card because they raised interest rates to almost 35%! I had used this card for over a decade & never paid interest because I don't keep a balance. But I know people who are imprisoned by credit card companies & I am disgusted by these loan sharks. I spend much less now.
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They used to call people with insanely high interest rates loan sharks. Now they're just banks.
The “leveraged buyouts” that hedge funds do? That’s what Tony Soprano did to his friend who owned the outdoor gear store lol.
You people need to relax and just let it happen. Its inevitable now. The train with no brakes is going 100mph and hour...It is what it is. Its all synthetic and everything is slowing becoming a lie. EVERYTHING. Just wait till aI, robotics, nano tech, and virtual reality go fully operational..Oh boy. That will be beginning of an end for humanity. Drones will be 'patroling' the skies and robotic dogs will be patroling the streets and everyones cameras will be hooked up, by law, to the police so that they can "keep you safe". Even though the gov is always listening in on our phone and text conversations.
Don't you know MONEY is the biggest RELIGION on 🌎, and there's no greater God than the almighty Federal Reserve GODS?? 💵💵💯💯😄😄
And no worries.. You'll get an account for free from the Federal Reserve GODS soon, and you can borrow directly like banks do today.. 💯💯
At least they don't break your legs. 🤷♂
@@Aethelbeorn They just take your house and car instead. That’s better right?
Great idea. Next step is to ban institutional investors from destroying the housing market.
But I’m sure you’d be calling Kamala a communist or whatever word your leader tells you
They're not the ones destroying it. If anything, red tape, NIMBY'S and zoning policies are all mostly responsible for the current housing market.
@jagger3600 no. I actually hate that the right uses "communist" to mean "left wing authoritarian." When they aren't the same thing. it's a very stupid rage bait thing that they do just to rile up the base.
@LRF49 as a person looking for their first home this year, I can assure you investors are the ones inflating prices. I submitted 10 offers and 1 was accepted. ALL WERE BEAT BY CASH BUYERS, 8 OF THEM WERE INVESTORS LOOKING TO RENT
@@LRF49 investors bought something like 26 percent of homesin the past year.
Capping interest rates for the customers is better than capping late fees.
Both should be done
Cap their ability to borrow at all. Subprime mortgage crisis is proof that not everyone should have access to credit
Both are equally good.
Wrong they will just make it up by passing it off to retailers
It should be capped at a total that includes interest and fees. I have had sub $5 mistakes when paying a bill, and they charged me a $30 fee on a few dollars of balance. They always fixed it for me, but some people may not get that courtesy.
Up until the 1970's most States had usury laws that capped interest rates and banned predatory lending. Credit cards currently sit at an all-time high average of 22%, hell a Macy's card 💳 is at 34.49 %. Predatory lending must stop 🛑
Which is why banks like WF set up North Dakota as a little fiefdom to allow 20+% rates that previously had been banned in a lot of places. Then WF and the like used that $ to lobby to force other states to accept those crazy rates as acceptable.
The trick is that interest rates have to account for risk. So it makes sense to cap at a point where it snowballs like 15%. But it's ridiculous that someone with great income and credit score of 800+ is being offered 26-28% rates. No one is digging themselves out of debt when it's like 30% interest each month.
We allowed credit card companies to do this and now this is just rolling back thier abuse of the system. They shouldn't be giving risky people horrible access to money at 30% interest.
Then they successfully managed to call usury laws antisemitic and people were cowtowed along.
That’s until the Jews took a hold of the US govt after WW2
Thats also when immigration law changed in 1965 and kicked in, during the 1970s
Everyone was now allowed to parasite off of US exceptionalism
@@bperez8656 Both Nixon AND Kennedy warned about this.
If Larry Summers hates it, then I love it.
bingo
Ideotic take calling this price control. The bank gets its money from the federal reserves and pays an interest rate that the fed determines. To borrow money from the American people at 5% and then turn around and charge them 30% for the same money.
I've worked for the Credit Card industry in the 80's. Shrinking credit (card) access would be a good thing. Raising prices (credit card rates) has not deter'd credit card adoption by consumers. Capping/lowering credit card rates WOULD deter credit lenders. Remember, credit card lenders make money weather they're paid (profit) or not (paper loss). Losses against profits keeps the taxman at bay. Usury is not only an abuse in law, but also an abuse in religion (taking advantage of your neighbor)
Are you not worried at all about the loss in growth due to lowered borrowing? The recession that could result from this could be worse than the debt weighing us down. Not necessarily disagreeing, just want to know your opinion
@@kylemorris3673 I will tell you that there wil be a shock to the system, however there would be a light at the end of the tunnel. Let me use this analogy, say your riding a bike down hill, you could pedal faster (easy credit) or you could take it easy (no credit); your still going down hill, just not as fast. The government is borrowing/pedaling very fast on its own and that's not going well for us either. One final note about the poor lenders; Citi Bank largest shareholder is the Saudi Sovereign Wealth Fund.
Lenders like Amex or Chase Sapphire, Capital One Venture, etc will be fine. It’ll only impact the really predatory ones like CreditOne or whatever.
But really, the impact of this could be extremely massive.. could cause a recession short term.
@@kylemorris3673 worried about the loss of growth? dude. We are running out of people, and the golden era of "more" is over.
Just remember every time you hear, Larry Sommers name a demon gets its wings.
Absolutely! LOL, he's the worst. Always do the opposite of what he says. He's the Jim Cramer of politics.
Breaking Points misses major stories. Today the Justice Department sued Visa over anticompetitive practices😂
They don’t really get most news same day. I suspect they’ll cover the visa suit. They’ve covered most of these anticompetetive lawsuit stories.
Absolutely but who else is going to cover the “unreliable polling company released another poll of 400 people let’s read into the data again” story? I’d much rather listen to them speculate about another useless poll than cover an actual major story. /s
Not easy producing an independent news and politics show, I don't know if you've ever tried it. They generally cover stories a day or two after it's been reported by other outlets
I was thinking the same!
Yeah, if that came out today, watch for it tomorrow or the next day. @@manwithnewname
Interest is why people are crippled by student loans for decades. Lowering the interest on student loans would’ve been a much better option than mass forgiveness
For sime people that is too little too late though. They have already been screwed and need more immediate help.
Interest on federal student loans should be 0%, or less than 1%. Private student loans capped at 2%.
Shouldn't be any interest! College should be free though just like high school.
Making college loans have uncapped compound interest is obscene.
If you borrow 50k, the most you should ever have to pay back is 100k. These poor people who borrow 60k, 10 years later they've paid 70k... and still owe 80k. I understand the math of how minimum payments and compound interest work, but these 18 year olds definitely do not.
Nobody should have debt forgiven, but predatory loaning to teenagers under the guise of middle class existence just to become an indentured servant for life is insane.
@@diazigy you're right on the first part but debt forgiveness happens all the time, but generally by corporations/wealthy and if you go through bankruptcy however school loans have been almost impossible thanks to corrupt corporate goons like Biden and others. School/education should be free at least public institutions.
Price controls on goods is NOT the same as limiting interest rates.
How? Is debt not a commodity?
@kylemorris3673 No, it isn't. It's considered a service.
@@kylemorris3673 It is on the secondary market.
It is a price control. No matter how you look at it.
@@jedison2441 its not a price control debt isnt a good
Please get rid of legal usury
It’s kind of funny how Christian conservatives who interpret the bible literally don’t preach or teach against usury.
Kamala will add this to her plan by the end of the week, lol.
If Kamala had this plan trump would call her communist 🤣🤣🤣
Good, I would prefer for her to adopt any good policies without the bad policies...
@@jabs0907so would his followers lmao they are so shameless
And feel no responsibility to adopt it if she wins.
@@jagger3600 dude just say most of his followers. Trump has been mixing progressive ideas in his policies, but none of them sound bad. So I support them
Capping credit card interest rates is not price control. 😒 it's just keeping companies from making us debt slaves.
Ok commie
It's price control, because you're telling them how much to charge for their services
Well, it slows them from making us debt slaves. To stop them from making us debt slaves we have to do something about the reasons people feel the need to take these bad deals in the first place.
It is not price control, as credit debt does not fall in the category of "goods and or services" debt is a penalty for failing to meet payment timelines.
No one lines up to get more debt and you can't run out of debt.
@@RndmBad It is a service, you want other people's money, and they're willing to give it to you for a certain price.
The difference is that profits for food is a small 1.9% margin, whereas Credit companies charge so much that it takes 30-40 years to get out of debt on minimum payments.
Minimum payments don't really deserve to pay anything off.
How about making it Illegal for private companies to buy family homes.
This
It’s capitalism.
Prior to 1984 social security wasn’t taxed, just saying.
Wars are expensive
It is hardly taxed right now, too. These two are just clueless. I believe the first $50K/yr you get is tax free, and above that is just 15% tax.
@@KP99 Who gets over $50k a year in social security?
@@godfathaofyo Married couple filing jointly. The first $25K for an individual is tax free. $50K for a married couple.
CAPPING THE INTEREST is NOT the same as CAPPING THE PRICES. The food industry has an extremely LOW margin, and they oinly make a profit by selling at a WHOLESALE
Yea I'm failing to see how those two things are even comparable as well.
The food industry is having record profits. That's why groceries are expensive.
@@mrastickman Record profits not adjusted for inflation is just the same profits adjusted for inflation.
@@88tallyn it is adjusted for inflation, over half of the price increases in food are purely excess profits.
@@mrastickman Proof please, I've heard them say this 100 times and never once seen them cite anything.
I can’t believe Dems are trying to say this is “just like” or worse than the price controls Kamala is suggesting.
So worse is a value judgement so there's no right answer. Assuming each was implemented as described the credit card plan would have a much larger impact on a much smaller economic sector while the anti-gouging proposal would have a much smaller impact on a larger economic sector.
From a practical perspective the anti-gouging proposal is far more likely to pass since it could essentially just recreate existing state laws from somewhere like Colorado, Idaho or North Carolina.
Debt is a commodity, it's exactly the same😂 God trumples are so shameless
@@kylemorris3673Is Kamala shameless when she copies Trumps policies? Your answer or non answer will indicate if you are also shameless. Or is it just “trumples” that are shameless? We shall see.
This is worse, banks will raise other fees and kick out people en mass.
Taking away usurious fees would almost instantly improve the finances of a huge swath of Americans by letting them effectively keep more of their paychecks every month. And paying down their debt at a more manageable rate would at the same time make so many of them more credit-worthy and thus less of a risk to the credit card companies. So the extension of credit, over time, would stabilize. You're much more likely to get your money back at 10% than at 30%.
I do wonder what the sweet spot would be. I doubt an arbitrary number like 10% is it but it's impossible to know what it actually would be.
@@McP1mpin I agree there. The economy used to get along without such insane credit rates, and we could do it again.
Americans are allowed to keep everything that isn't stolen by the government. Using credit isn't compulsory, taxation is.
Don't get into credit card debt and you don't need to worry about interest.
@@alex_1993typical bs from people who are entitled and or hate others
Average Rate - New Offers: 23.19%..
There are loan sharks who would feel guilty charging that much.
Loan sharks charge like 3000%
If they cap credit rates they would only give cards or credit lines that people can handle.
What wrong with that?
@@MrStCyrX Nothing at all. Adam Smith, the grandaddy of free market economics, was in favor of capping interest rates at something between 6-10%, depending on market factors. He argued--in the 1700s--that if you allowed usurious interest rates, people would use credit for consumer spending, wasting the wealth of the nation and redirecting our resources away from more important things.
@@crusherven So Adam Smith anticipated buying lattes on credit?
The margin will always be hard to regulate. There are a whole lot of people who will never merit credit at a 10% rate. The more we hold the maximum rate down, the bigger the loan sharks will be... so in an economy based on buying stuff people don't need, we have to pay attention to that.
The irony of Krystal labeling people "partisan hacks" in a segment where she's bending over backwards to find a reason she doesn't agree with this proposal LOL
Exactly my thoughts. K would rather have an anchor tied to her leg out at sea than admit she agrees with a single Trump policy. Breaking Points is going down the drain and quickly turning into a TYT wannabe
Bp: there's a very concerning trump to Bernie pipeline going on
Also BP: look at Trump and Bernie agreeing on this policy
Its only concerning because it hurts Democrats
That just proves it. Bernie must've also gone down that pipeline.
You really lack intelligence.
@billhartig4805 oh, you mean by staying left wing. Where as Kabala is trying to out Right the Republicans and Democraps are cheering her on like she's a hero. Guess when you rejuvenate Bush and Cheny I guess you're already there.
Difference is Trump is lying as usual. He will not even attempt to pass this. Just like last time, the only thing he will do is tariffs amd top band tax cuts... not very bernie
Krystal is SEETHING when Trump forces her to agree with him
Hater
@@julianbluefeather8491why is he a hater when her bias is objectively observable?
Yeah… what’s your point? It’s the same reaction everyone has. I hate it whenever the dipshit has a good point too.
The sad part is Maga believes Trump when all it would take is one Executive Billionaire to donate to him not to do it.
That's the difference. Trump is just saying it because he wants votes, like a typical politician.
@@sebastienringuette5515 There is bias here, and it usually comes from the comment section and not from Krystal.
Any idea that’s a good idea and comes from Republicans Krystal will never accept it
I really enjoy the idea and fact that we are talking about these kind of economic-social issues regarding credit card companies. I would also like to hear a lot more on this topic. One thing to mention is why couldn’t legacy media talk about this 20-30 years before. It’s not too late but we are very late. I guess the take away is at least the credit card companies made money retrospectively and capitalism usually trumps morality/ethics. 🤷♂️
Breaking Points thinks we are stupid, capping interest rates would help millions of working class people.
Let's be honest, credit addiction has not only been an option in the US economy, it's been a PRESCRIPTION.
This is why a certain Austrian Painter banned usury altogether
Definitely. People are forced to take on debt every step of the way. What can you do without a credit card 💳 to attach to every “account” you sign up for or get a hotel room or basically anything else. How do you “establish credit” without debt?
Krystal is just insufferable sometimes. Stop trying to compare food to loan sharking.
What happened to no tax on overtime??
I don’t even understand why that is a proposal. Overtime is already mandated to be higher than the regular pay rate so the worker still benefits from working overtime
@@insanittiez4860Money earned in OT is exempt from tax. That's the proposal
@@insanittiez4860I’m guessing you have never punched a clock in your life or actually worked OT.
@@evanshea5199 I’m guessing you just commented without knowing a single thing about labor laws. Overtime pay rate is 1.5 times the regular pay as per Federal Labor Laws. Meaning if you make $10/hr, one hour of overtime will be $15/hr instead of $10/hr. But please explain to me how I have never worked OT in my life and how you somehow know better than me 😂
@@insanittiez4860 OT is taxed at a higher rate than regular pay therefore cutting tax on OT would literally put hundreds of dollars in people’s paychecks. You would know this if you have ever worked OT in your life.
Usury is a sin.
If only conservatives actually listened to the bible. Unfortunately, they don't care. The truly religious are probably as big the LGBT community.
What is this baloney! 10 percent?! Thats lower than index funds! Why would anyone take the risk of loaning money if they get rewarded less than just sitting money in an easy payout?! Cmon
That is exactly what I thought as well. Why wouldn't they then look at safer places to use their money.
You take all the expenses they have too into consideration.
10% may be a little overstepped but something that floats around the fed reserve interest rate would be interesting. Maybe feds rate +10%.
Meanwhile, my daughter's most recent school loan, with me co-signing (credit score of 846) was just 11.5%.... banks simply have the least amount, if any, sweat equity and yet they have such a big hand in inflation, greed and corruption.. let alone mortgages as well.. there's no need for an entity that say, literally pulls $250k out their backside, "loan" it to you (aka fancy piece of I.O.U paper) then own you for 30 years.. and if, big if, you actually make it to the end of those 30 years you would've paid back like what, somewhere around $600k???
Why did you take out a loan for your daughters school?
That comment about Trump policies being completely left of “socialist democrats” is spot on. He already put our economy into a depression once. He will do it again
If price controls are being talked about a the Presidential level that means government has failed at making capitalism work. Prices controls are a sign of run away corporate control.
Good luck untangling that mess when every single politician is bought and paid for by some corporation or entity in their state that provides jobs.
winner winner chicken dinner
Capitalism good. Late stage/crony capitalism...not so good. And that's where we're at!
Honestly, credit interest is predatory. It debt traps the vulnerable. Obviously it means that credit will be less available but it also means that debt will be less prevalent.
Also, the interest cap might at least wrangle the monopoly if we are not going to bust it.
Ah yes because the US runs on pure “capitalism” 🙄 why do you think the issue is so black and white? What do you suggest? Communism?
So Saagar thinks it would be unfair to tax Social Security when you’re young and working rather than when you’re retired and not working.? 🤔 Hmmmm?
Wake me up when Krystal stops her shameless sheepdogging for Kamala Harris. 😴 💤
Set your alarm for November 6th.
@@blakereid5785 After she beats Trump?
@@jedison2441 - Do you think they are going to harvest enough ballots in Pennsylvania and Wisconsin to beat Trump?
@@jedison2441 That's what Trump gets for siding with Israel
@@jedison2441You and Krystal better hope so. Not sure if you and her could recover if it went the other way. Sure would be fun to watch though. 😂
This should be roundly applauded (if they can pass it)
Still havent heard anything about his proposal to have no tax on any overtime over 40 hours. He proposed that weeks ago in arizona. Seems pretty important to cover
The potential societal downside of price controls on food is bread lines and shortages. The potential societal downside of credit card interest rate caps is... the downfall of a predatory system that isn't essential for basic human survival? That's the difference.
No it's not lol. The potential societal downside of price controls on food is....ALSO the downfall of a predatory system that isnt essential for basic human survival.
Lmao you seriously think corporate entities are essential for basic human survival! Omg you're so brainwashed! 😂 Tell me, where are the ruins of Celtic Krogers, Roman Walmarts, and Babylonian Aldis? 😂 Where are the Trojan Costcos? 😂
Contrary to what you clearly believe....Markets, including food markets, and Farms, including animal farms, have existed long before corporate entities and will exist long after.
Temporary?
Yeah it’s to help Americans recover from the inflation over the last 4 years
Airlines make more $$$ from their credit card hustle than selling seats on flights.
Wendover productions 😂
Strip away the debt-based economy and maybe everything wouldn’t be so expensive
I am paying 25% to get 3% back. Lol
Isn't it only if you're late?
@jamillejeez4404 that moment when 0% interest expires and you are about 8 paychecks behind. 😆
Pay your bill in full every month
@@ryanb9749 Yeah just 1 emergency and your done
Im.just here for Krystal to disagree with something she was in favor when bernie proposed 😂😂😂
I don't see capping credit interest at a price control.
Stunning that BP made this comparison. It shows us again how completely illiterate they are in terms of any economic discussion.
Thank you both! It's sickening how clueless K&S are when it comes to economics
"controlling the price of something is NOT price control if MY guy is the one doing it!" -you coping 😂
considering trump overturned an Obama era rule that capped payday loan interest, I am gonna call him a bold face liar.
No one’s forcing you to get a credit card
Yes, please! The only part about this that sounded bad to me was 'temporary'. Cap those interest rates permanently!! 20-30% is INSANE. 10% is more than enough for them to still get rich AF off of us.
In a hypothetical world where everyone paid their debts sure. That's not the case here in the real world.
@@McP1mpin then the CC companies should eat the losses of the people with bad credit they gave credit cards to. Maybe if the rates were capped, they would be much more aware of who they are extending credit to.
@@McP1mpin And of course, those people can then file for bankruptcy and the debt be sold off to collectors.. If this were the case, more people would be able to afford to pay off their debts though. So, less people would have to face bankruptcy, and more people would pay off their debts. I don't believe for a second that the majority of people take on debt with no intention of paying it back. We have an understanding of how we'll be able to pay it off initially, but then later are surprised when the rates change and our required payments are increased beyond affordability. When my interest rates were lower, I never missed a single payment, because I wanted to maintain the security of having good credit. It wasn't until they skyrocketed that I was no longer able to afford to pay mine. If the interest rate was capped, and they weren't able to suddenly raise it by several percentage points, I'd still be able to make all of my payments with no worries. And I reiterate, 20-30% is INSANE.
@rustyoak8860 and then they hit with a DOJ Civil Rights case for denying credit cards to people with 550 credit because it disproportionately impacts non-white.
Cue all the people trying to tie this to Kamala's price control policies and claiming it's hypocritical. This is more interventionalist than I would like but it's not going to cause massive economic issues like dictating the price of items in a market economy would.
Kamala's price control is on price gouging on specific circumstances (like during a pandemic). And actually something that mimics what many states, including red ones, already do.
Anti-usury laws are probably the single most conservative economic policies you could have. They have a tradition going back thousands of years in both Christendom and Islamic civilization.
To compare it to price controls on actual goods and services is completely ridiculous.
Don’t forget NO TAX ON OVERTIME
Vote anything but D
'I can't change the system, but I'm gonna take advantage of it' - Saagar Enjeti
Sagger’s honesty in infectiously humbling, appreciate your candor. Reminds me of my dad lol
The book 'Debt: The First 5,000 Years', by David Graeber- even just in the first chapter- really well illustrates how that has been used to subjugate people. A perfect example is that Haiti was made to pay a debt to France for freeing itself from sl-very (I have to "sensor" that word, thx yt). Currency it literally a form of debt that is issued by the government and it demanded to be repaid in the form of taxes it that type of currency. This racketeers a demand for this type of debt because no matter what things you trade in, from foreign currencies, gold, Bitcoin, etc the equivalent tax value has to be repaid in the demanded form of currency.
Haiti had the option of fighting the French military opposed to the colonists they killed to free themselves. Haiti chose not to and take on the debt
@@dreadcthulhu1439 That's still financial imperialism...
"The points game". Saagar is such a tool.
Hey don’t hate the player, hate the game lol. I’m sorry you’re not using the system to fly for free. I haven't paid for a domestic flight in several years lol.
These two things just aren’t comparable. Your headline is pathetic. I cringe when you two talk economic.
Just another empty promise, he'll just keep throwing this stuff out. At this rate, by early November he's going to promise every American no federal income tax for his entire term. Guess he's gotta go all in or he's hangin with SBF and Puffy.
So do I vote for Trump for lower CC interest, or for Harris so I can get my $25K down payment for my first house? I missed out on student loan forgiveness, and no one is fully funding Social Security, so i might as well get some freebees courtesy of the .01%.
@@universalsoldier2293 I agree, both sides are getting ridiculous. But this whole "give away the store" thing starts with Trump.
@@jmorris023Yeah wiping billions of dollars in student loan debts and offering $25,000 and $50,000 incentives is one thing but cutting taxes on overtime and social security? That's giving away the store!
@@McP1mpin that’s uncollectible, so it doesn’t matter
“Income from wealth is usurious because no WORK was ever put in to earn it” ~Aristotle
I would love for credit card interest rates to be capped at 10%. This would make it actually possible to pay off your credit cards. Also, it would have credit card companies heavily restrict who gets credit and how big their credit lines are, which is something we desperately need. Americans having a total of $1.1 trillion in credit card debt is evidence that credit cards, and mainly the interest from credit cards, is a massive drain on our economy. $1.1 trillion at 22% is $250 billion of interest paid by Americans every year. That is $250 billion that is leeched out of our economy instead of being reinvested into the businesses that money could be buying products from.
I can’t stand Krystal
Same.
I’m sure she cares
I despise you.
Shark banks
When I worked retail part-time, we had a quota on the number of CC applications we had to get per month, so you have the poorest people on the planet pushing CC's with 30% interest rates to people who just need to buy a couple of boards and some paint. Cashiers were so terrified of losing their jobs that they were signing up relatives and friends.
This should be illegal.
Excellent work guys
Damn BP. Do you really think capping interest rates is the same as controlling prices of goods?
Sagaar - cut me a break. You see what interests rates these companies ate charging .
Sagaar doesn’t understand anything economic… and Krystal is in worse straights lol
are these credit card companies forcing you to spend money you don't have? I've had a credit card for 20 years, i've never paid a penny in interest.
So let me get this straight.
Credit card companies charge exorbitant interest rates and make billions in profits to “help” people out?
🤣🤣🤣🤣🤣🤣🤣
Every year they put out stats like 60% of Americans can't afford a 1k emergency. So alot of people do need that help
The craziest thing is how common it is to get a loan to buy groceries now. The fact there’s even a need for it is absurd
I know it sounds great on paper but we have data on this. States have usary laws and if you study the impact of them in those states they don't improve the financial wellbeing of the residents. People still need access to credit they just end up going to tribal lenders that exist outside of state laws, borrowing from patently illegal sources, or pawning possessions.
If you wanted to curb the debt cyclecreated by credit card usage you'd cap the total amount of credit card debt that an individual is allowed to be granted rather than just completing denying millions of Americans access to a product (which is exactly what will happen w/ a 10% cap).
Capping interest rates at 10% would require creditors to close eligibility to all but the highest credit score borrowers.
Rates are egregiously high because they give creditors the luxury of maintaining profits even while suffering sizeable defaults.
It's a matter of userous rates or unobtainable credit.
Or is thr government going to subsidize the risk, like sub-prime mortgage lending circa 2006?
I'm voting Trump, but this is a short-sighted idea.
There’s a phone call you have to make and a form to fill out but you can remove yourself from these credit card ads.
10 percent would be great !
That cap would be the biggest win for the working class. Finally Saagar dug in to Krystal at the end!! Good job! Cut me a break girl.
WE LOVE SAAGAR
This would only just cut a huge part of the population off from credit, disproportionately affecting minority applicants
Price controls are very different than capping credit cards interest rates. Am I the only one seeing the major difference between the two?
Every state has a Usery law that’s not Socialism Delaware has Usery laws and a Chancery Court. That’s why all the credit card companies are there they want to be domiciled in a state to protect corporations
This kind of brings up an interesting thought experiment. 10% might be way too far of a swing in the other direction but is it possible that reducing interest rates could actually increase revenue due to people being able to continue paying their bills which would allow them to increase the number of transactions they can make every month at 3% per transaction. Additionally, less people would be forced to pursue alternative means of reducing their credit balances up to and including wiping them out through bankruptcy or even death.
No, they have actuarial scientists (mathematicians) who know exactly how far to push rates to maximize profits. They'd charge even more if it paid them more.
Of course, in doing so, the economy will tank for several years, followed by slower than historical growth thereafter. Like it or not, consumer credit drives the US economy . At 10 % interest rate cap will significantly reduce the willingness of credit card companies to extend credit therefor GDP growth. Something to consider.
Capping interest rates would make geting a credit card harder with higher credit score requirements, and it could save many people who can't manage their spending in the long run. Comparing it to price control is a bit a stretch.
Thoughts on capping Mortgages to 15 years?
I get on its face that it seems hypocritical to support capping interest rates but not price controls for groceries but they are objectively different. Playing with the prices of something like groceries affects so many supply chains, so many super tight profit margins. Credit cards are legit just loan sharks. Not to mention it’s a monopoly so it’s not like the free market even applies. Again on its face it seems hypocritical but it’s really not especially when you add the context of usury laws and the long tradition of government regulating interest rates. There’s really no equivalent to regulating the price of bread. Also regulating CC interest rates would have no impact on other supply chains or industry like price controls do. So it’s a nice own the cons sound bite but it’s really not even hypocritical. It’s apples to oranges
Do you think businesses don't use credit to buy stuff they do ....
I remember an interview with a dude who did time for loansharking back in the day. He said when talking about credit cards "I used to only charge 10%."
On day two under Trump, who knew capping CC interest was so hard?
usuary was the old term used and could have resulted in the death of the crediator. These days its normal
No credit card debt
No student loan debt
No monthly mortgage payment
No healthcare bills
No car payment
This is what I consider freedom.
Preach, Brother!
LOL 🤣
Never Happen
NEVER 🔥💀💸 Credit Card 💳
The two of them are on point regarding credit card companies being predatory and it’s not limited to America. I was an international student in Australia and even though I was limited in the number of hours I could work because of my student visa, had been there for less than 5 years and had a 3K credit limit at the time I got a call offering me an increase of my available credit to 10k, more than a doubling of the current amount on an international student with not much disposable income.
Remove all the extraneous govt expenses
There is a big difference between price controls on products people need and credit card interest that no one needs. Price controls cause scarcity. Scarcity of predatory interest is a good thing.
A *LOT* of CEOs would start working for "tips" if there was no tax on tips.
That’s the difference between the Harris plan and Trump’s plan. Trump would allow the already rich to call all sorts of things “tips.” Harris clearly restricted hers to service workers.
A round of golf at a Trump would be $1 dollar, with a $499.00 mandatory gratuity.
Kamala will come out now to say….she believes in this too?
I agree as well.
I don't see changing the interest rate as price control. Granted the bases is how much extra you have to pay back from something you borrow. In the end they will still always make money.
I see price control as something that could force store to sell at a fix price, even if it mean them taking a lost, if the cost of the store getting the items cost more. Example: gas prices sky rocket again, carbon tax is added, etc., now the store still sells it at a price lower than they had to pay for it.
Nah! They should make it much easier and cheaper for people to file for bankruptcy. Right now it is relatively expensive for the people with loaded credit card debts to file for bankruptcy. LOL! Bankruptcy is a shame??? Please look at what just happened! By the way, it is daily compounded interest, so it is certainly much more than said on interest charges.
Same with houses. Makes no sense to pay over a million dollars for a 500k house with %6 interest rate over 30yr
Just canceled my #1 credit card because they raised interest rates to almost 35%! I had used this card for over a decade & never paid interest because I don't keep a balance. But I know people who are imprisoned by credit card companies & I am disgusted by these loan sharks. I spend much less now.