Disappointed in the comments here so far. There’s a cardinal rule of improv that also works well for many other things in life, politics included: “yes, and”.
This is a great change that will save folks money and make the country just a little bit fairer. Celebrate that, and then use the momentum to push for more. This builds alliances and a shared vision, instead of devolving into petty squabbles around direction.
Full disclosure: Trump bad! Biden GOOD!
You’re disappointed but personally, it’s hard NOT to feel a great deal of schadenfreude when:
the guy who, for his entire career, has openly accepted bribes in exchange for legislation that is economically violent toward his own constituents now presumably wants the exact same constituents he sold out to vote for him
and is using small, meaningless crumbs to gain that vote when he could have just NOT ENABLED A GENOCIDE.
If this situation doesn’t make you a true believer about there being no hope, I honestly don’t know what will. I lost hope in 2016 and have just been laughing through the bullshit since then. It’s exactly as real as pro wrestling at this point.
Great step forward. Now eliminate debit card overdrafting and those fees.
The U.S. Chamber of Commerce said it would be filing a lawsuit against the CFPB "to prevent this misguided and harmful rule from going into effect.”
Don’t hold your breath. The current state of the judiciary is nakedly hostile to administrative law generally and bank regulations specifically.
Keep an eye on Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited. Might not even have the CFPB for much longer.
We need interest caps and a social safety net so people don’t have to turn to 29% predatory lending.
Interest caps mean that poor people just won’t get any credit at all.
Yeah, because lenders are going to turn down 10% if they can’t get 29%…
10% guaranteed is more than enough to motivate lenders.
If you are credit worthy and lenders can give you 10% they will, because there is another lender out there that will give you 10% if you are good for it. If you are getting a 29% interest rate it’s because you are a default risk, it’s unsecured, a short term loan, or any combination of the 3.
Rates just don’t come out of thin air. It’s based off of risk. If you cap rates at 10% then the only people who will get credit at 10% are going to be wealthy people.
If you are getting a 29% interest rate it’s because
That’s credit card interest…
And we’re talking about credit cards…
At least I am, and everyone else. Because this is the comment section of an article about credit cards.
If you’re talking about something else, maybe you should let people know? Or at least be understanding when others can’t read your mind.
It’s never truly guaranteed, even if there’s collateral.
Guaranteed as in rate of return for the lender…
Like, yeah, there’s some breakage, but your return on investment is going to be close to interest rate.
Buy a stock and you might beat 10%, you might not.
Buy debt, and you get your interest or sell it to a third party for a smaller amount, likely still more than the amount loaned, just piled high with interest.
I love all the little things his administration keeps doing, and they’re good. I just wish he had some big initiative he could hang his hat on. Little things like this - while good - don’t really get people excited and aren’t the sea change(s) we need.
I know, a big part of that is congress.
But damn surely there’s a lot more ballsy stuff that could have been done by now. Weed not being federally legalized yet is stupid, for one thing.
There are a lot of big things that would be celebrated if our media covered it differently and if Biden was as self-aggrandizing as Trump.
But the little things are really what make me want to vote for Biden again. This is competent governing. In my field, I’ve seen how the little things lead to big things. Like the approval of off shore wind farms that were stalled under Trump are now approved and constructed leading to the first utility scale offshore wind farm in the US. A huge accomplishment from one little approval.Like the approval of off shore wind farms that were stalled under Trump are now approved and constructed leading to the first utility scale offshore wind farm in the US.
And now I understand why my dad randomly decided to talk about “windmills killing whales.” As if he ever gave a shit about them before right wing media told him to be mad about it…
This is great and all, but yeah. This is “yay, the world is very slightly less crappy.”
Would you rather nothing was done?
they’ll just charge 40% interest on that late fee.
And then drop your credit score 120 points for a single missed payment. That’s the problem with credit cards that needs to be fixed.
Full disclosure: Trump bad! Biden good!
Impressive considering he reports directly to MBNA.
The article misrepresents it a bit because he didn’t just back it. He actually WROTE that bill.Don’t forget this article:
How Joe Biden helped build a financial system that’s great for Delaware banks and terrible for the rest of us.
https://www.motherjones.com/politics/2019/11/biden-bankruptcy-president/
Full disclosure: Trump bad! Biden good!
I think people are downvoting you because you didn’t start with that disclosure.
