Re: What you should know about the Dodd-Frank Act[ Edited ]
08-06-2010 02:26 PM - last edited on 08-06-2010 02:38 PM by Barry
What I'd like to see added would be verbage to the following effects:
- Interest rates for all consumer credit to be capped at 14.9%.
Credit companies complain they can't make a profit at that level which proves their corporations are nothing but bloated inefficient "burro-cracies" (bureaucracies) and need to be trimmed back to a level which better serves their stockholders, investors and debtors.
- Restoration of laws prohibiting usury
Ever since usury was repealed, the consumer credit user has been the proverbial "fish in the barrel": easy picking and ripe to be plucked.
- Restore the deductibility of interest on consumer credit. This must include auto loans, student loans and any loans extended to pay for healthcare expenses not covered by insurance.
This serves everyone's best interest, except, of course, the "gummint". It fixes the complaints that creditors can't live on less than 15%, it stimulates spending - and let's face it: this economy could do with a whole bunch of stimulating! - and makes credit affordable while making healthcare possible (currently, it's only barely possible).
Y'know, the (political reference removed by admin) fat-cats need to remember one thing: if they're going to eliminate the middle class, they had BLOODY well better make credit affordable to "the poor" (everyone other than themselves; i.e., the remaining 99% of the U.S. population) lest the remains of the economy collapse in a heap of dust on the floor.
ETA: Welcome to the FICO Forums, Beney! We appreciate your contributions to this discussion. As a new member, you're probably not aware that we have a strict policy about staying away from politics in order to respect all of our various points of view as much as possible. I understand that's not always easy to do with a topic like this, so one place we draw the line is when it becomes partisan. In this situation, let's assume that there are plenty of "fat cats" in both of the major parties to go around, so there's no need to single out one political party to make your point. Hope that makes sense. Thanks again for posting! -Barry