LOL More socialism?!?!?! When the credit markets need to be thawed you propose price controls?!
This is the dumbest idea I have ever heard.
FreeRepublic has it's full share of trolls - people who push extreme liberal ideas hoping they can pull in some useful idiots. Glad to see we all understand this one. And yeah, you're right Onerom99 - it is one of the dumbest ideas...
FreeRepublic has it's full share of trolls - people who push extreme liberal ideas hoping they can pull in some useful idiots. Glad to see we all understand this one. And yeah, you're right Onerom99 - it is one of the dumbest ideas...
Really? We just heard that the tax payers should pick up the tab on banks that improvidently lent money to bad risk borrowors (Paulson/Bush/Pelosi/et al.), and that the government should buy and reissue at better terms mortgages taken out by deadbeats and extreme optimists whose optimism proved ill-founded (McCain), and a revival of post-Henry-VII-style anti-usury laws is the dumbest idea you’ve ever heard?
Throughout most of the history of our country each of the several states imposed maximum interest rates on loans (including credit cards once these were issued starting in the late 1950’s), and it was only in 1978 that a court decision made those laws inapplicable to nationally chartered banks. In 1980 Congress extended that exemption to certain other lenders by statute.
Somewhat amusingly, charging interest double or more the maximum rate specified in the local state’s anti-usury statute and attempting to collect the debt is a Federal felony under RICO. (Hmm. . .maybe we should all be checking our local usury laws and the rates on our loans. . .)
Believe me, returning to the status quo ante 1978 in the regulation of credit card interest is *not* the dumbest idea you or I have heard lately.