Author Topic: Bernie Sanders and AOC basically want to ban credit cards  (Read 313 times)

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Offline mountaineer

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Bernie Sanders and AOC basically want to ban credit cards
« on: May 31, 2019, 09:41:04 AM »
Bernie Sanders and AOC basically want to ban credit cards
by Tim Worstall
 | May 28, 2019 01:57 PM

Rep. Alexandria Ocsaio-Cortez, D-N.Y., and 2020 candidate Sen. Bernie Sanders, I-Vt., have apparently decided to try to ban credit cards. Sure, that's not quite what Ocasio-Cortez and Sanders actually say (they just want to stop the swindlers profiting from excessive interest charges), but that's the effect of their plan. They argue that interest rates should be capped at 15%. There's a question about exceptions, but that's what they mean. If you cap the price of something below the cost of production, then that thing vanishes. No one makes it (who desires to make a loss?) and therefore no one can have it.

It's quite similar to the Venezuelan policy on food prices. Make chicken nice and cheap with a price ceiling so no one can have any. ...

None of this is remotely controversial among those who have been bothering to pay attention. But then there's people like Sanders and Ocasio-Cortez. An example of their devotion to detail is the manner in which they talk about credit unions having had a 15% interest rate cap, including upon credit card balances, since 1980. Their knowledge of reality would be enhanced if they noted that it has actually been 18% since 1987. Knowing how the world works is a useful prelude, precursor, and even precondition to forming plans to change how it works.

But sighs about economic ignorance aren't enough here. They're calling this the Loan Shark Prevention Act, something it most definitely isn't.   ... More at Washington Examiner
"Because men have lost the objective basis of certainty of knowledge of the thing in which they are working, more and more I fear we are going to find them manipulating science according to their own sociological or political desires rather than standing upon concrete objectivity." Francis A. Schaeffer

Offline jmyrlefuller

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Re: Bernie Sanders and AOC basically want to ban credit cards
« Reply #1 on: May 31, 2019, 10:05:05 AM »
Quote
But sighs about economic ignorance aren't enough here. They're calling this the Loan Shark Prevention Act, something it most definitely isn't. So, people who desire credit (an awful lot of Americans, given that there's about $1 trillion of this card debt out there) can't get it legally because prices have been set so low that there are no providers. What happens next? They'll go get that credit illegally, won't they? That is, this is the Loan Sharks Generation Act.
Two words: debtor's prison. Then people will stop borrowing what they can't pay back.
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Offline LMAO

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Re: Bernie Sanders and AOC basically want to ban credit cards
« Reply #2 on: May 31, 2019, 10:39:53 AM »
From the article....

“Knowing how the world works is a useful prelude, precursor, and even precondition to forming plans to change how it works.”

This is the underlying problem with progressivism.  Feelings and the desire to do good override reasoning, facts,  mathematics, economics, and general human nature to people like Bernie Sanders or AOC

Lest we forget, AOC even admitted she would rather be “morally right” than factually correct
I have little interest in streamlining government or in making it more efficient, for I mean to reduce its size. I do not undertake to promote welfare, for I propose to extend freedom. My aim is not to pass laws, but to repeal them.

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Offline austingirl

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Re: Bernie Sanders and AOC basically want to ban credit cards
« Reply #3 on: May 31, 2019, 11:47:54 AM »
From the article....

“Knowing how the world works is a useful prelude, precursor, and even precondition to forming plans to change how it works.”

This is the underlying problem with progressivism.  Feelings and the desire to do good override reasoning, facts,  mathematics, economics, and general human nature to people like Bernie Sanders or AOC

Lest we forget, AOC even admitted she would rather be “morally right” than factually correct

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Offline verga

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Re: Bernie Sanders and AOC basically want to ban credit cards
« Reply #4 on: June 01, 2019, 07:33:16 AM »
From the article....

“Knowing how the world works is a useful prelude, precursor, and even precondition to forming plans to change how it works.”

This is the underlying problem with progressivism.  Feelings and the desire to do good override reasoning, facts,  mathematics, economics, and general human nature to people like Bernie Sanders or AOC

Lest we forget, AOC even admitted she would rather be “morally right” than factually correct
QFT  :amen:
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�More than any other time in history, mankind faces a crossroads. One path leads to despair and utter hopelessness. The other, to total extinction. Let us pray we have the wisdom to choose correctly.�-Woody Allen
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Online sneakypete

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Re: Bernie Sanders and AOC basically want to ban credit cards
« Reply #5 on: June 01, 2019, 09:52:47 AM »
Cool! IF either lived in an area where they would have actual Republican opponents for re-election,the Republicans could be buying radio and tv ads speaking about how Bernie and AOC want to take away their welfare cards.
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