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Once upon a time the Supreme Court ruled that Banks could use the Usury Laws in the state where they were located rather than that of the State where the customer was. I'm sure they believed that the Congress would pass a Federal Usury Rate but didn't know how cheaply Congress would sell its souls.
The Banks quickly relocated to Delaware and South Dakota, states without Usury Laws and started charging rates that would make the Mafia blush. Where I live in Arizona the Usury rate was 10% but now I see Banks charging over 30%.
I was beside myself when the new """Reform""" law didn't include a set Percentage. I have notified my Congressperson and Senators that without a Federal Usury Law I can NOT vote for them.
I work for one of these financial companies and they are worse than the Mafia. Thank the GOP for allowing these crooks to do as they please, after all "free market" is the way to go .
I work for one of these financial companies and they are worse than the Mafia. Thank the GOP for allowing these crooks to do as they please, after all "free market" is the way to go .
JIMMY CARTER'S administration repealed the usury laws along with a DEMOCRATIC house & senate in 1980. God.....I'm SICK of you people on the far left coming out here and making everything political.
The Banks quickly relocated to Delaware and South Dakota, states without Usury Laws and started charging rates that would make the Mafia blush. Where I live in Arizona the Usury rate was 10% but now I see Banks charging over 30%.
I hate banks and CC companies and if you really want to screw them over do what we do, don't use credit cards.
Oh man, does that spending philosophy screw over credit card companies.
Interesting enough before 1965 most purchases were done on cash. We should go back to cash.
Debit cards. We have one but we take cash when we go shopping because studies show if you use cash to pay you will spend less. It's true too.
I've got one for emergencies and online purchases, it's an American Express and I can't tell you what the interest rate is since we pay it in full, and that's it. As it is our total CC purchases in a year don't total $1,000 for everything.
So, join me in no credit cards and telling the banks to "suck this!"
JIMMY CARTER'S administration repealed the usury laws along with a DEMOCRATIC house & senate in 1980. God.....I'm SICK of you people on the far left coming out here and making everything political.
I've always felt that "the banks" ran this country. It's obvious they make our banking laws, have for many years, no matter which party is in office. In fact, most of our laws are written by lobbyists for their respective industries.
Coal is in charge of our clean air policy.
Pharma is in charge of our FDA.
Conagra and ADM write our farm policy.
Here's how it works:
- Rob a 7-11, you get a slap on the wrist from the local police/court.
- Rob a bank, you get hard time and the FBI comes after you, not the locals.
It's okay to say: "hmmmm what's up with that dichotomy?"
The banks get whatever laws THEY want.
Want to make a statement? Join a Credit Union instead.
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I've always felt that "the banks" ran this country. It's obvious they make our banking laws, have for many years, no matter which party is in office. In fact, most of our laws are written by lobbyists for their respective industries.
Coal is in charge of our clean air policy.
Pharma is in charge of our FDA.
Conagra and ADM write our farm policy.
Here's how it works:
- Rob a 7-11, you get a slap on the wrist from the local police/court.
- Rob a bank, you get hard time and the FBI comes after you, not the locals.
It's okay to say: "hmmmm what's up with that dichotomy?"
The banks get whatever laws THEY want.
Want to make a statement? Join a Credit Union instead.
JIMMY CARTER'S administration repealed the usury laws along with a DEMOCRATIC house & senate in 1980. God.....I'm SICK of you people on the far left coming out here and making everything political.
Um, isn't that what you just did?
I don't use credit cards ever. I took a seminar from one of those guys you see on TV claiming that they can say you money. Well, it worked. I went from living from paycheck to paycheck to not having to worry much. Debit/cash or nothing. No bank has made a dime off of me over the last 14 years.
I don't use credit cards ever. I took a seminar from one of those guys you see on TV claiming that they can say you money. Well, it worked. I went from living from paycheck to paycheck to not having to worry much. Debit/cash or nothing. No bank has made a dime off of me over the last 14 years.
No.........I educated the poster to the fact that it was the democratic party that changed the law, not the republicans. The poster had no clue what happened except that it just must be a conserative/repuiblican thing.
Last edited by Brave Stranger; 07-18-2009 at 11:34 PM..
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Man.......this is a great forum, but this black & white thinking out here is not doing justice to debate.
