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I'd cap credit card rates, but not for the reasons stated.
I think the banks have been extremely reckless in lending far more to people than they can reasonably pay back. The bank makes up for that by charging exhorbitant interest rates to the highest risk people, and most of them are too stupid and short-sighted to know what it's costing them, so they keep carrying balances.
If interest rates were capped (I'd propose a spread over prime rate, rather than a hard cap), it would force the banks to be more careful about their credit limits, and many people who can't handle credit would be denied this. This would be a good thing, but of course, the politicians like Dodd who play to nitwits would howl about this result. Be careful what you wish for.
Who cares about interest rates? They could be 100% as far as I care. I prefer the other method, generate income, convert to gold or silver, save it up and cash in when you want to buy. For other items just save a few months and spend. Simple and stress-free. There should be the freedom to increase interest rates on any unsecured debt as long as the borrower has the freedom to simply stop paying. If the borrower is forced to pay then interest rates should be regulated.
I say we should just make credit cards illegal along with the other loan sharks, like pay day lenders. If we want to go around kicking the poor, we should just all wear steel toed shoes.
when will the banks be held accountable for their own behavior? taxpayers are still tied into risk bank practices and there has been NOTHING to stop that behavior.
as the stimulus gets withdrawn, this should get interesting.
as the stimulus gets withdrawn, this should get interesting.
LOL...Good one!....LOL!
Stimulus withdrawn...LOL!
Anyone who thinks they're going to withdraw the stimulus and just let things crash out is nuttier than the stimulators themselves. Mark my words, the stimulus has zero chance of being withdrawn too early and 100% chance of being withdrawn too late if Berneke is in the picture.
He may be the only person to ever suffer PTSD from an event he didn't even personally experience.
i don't think that bernanke has any interest in withdrawing the stimulus (even with the lies about our great economic recovery) but who said that the united states is in the position to call all the shots?
There are tons of ways to work around the problems with the banks and the US gov't has absolute power to do whatever they want in that respect. Don't be fooled. Giving the banks money, changing accounting rules, whatever it takes, the message is loud and clear that those deemed to big to fail will be protected no matter what.
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