Trump announces one-year 10% cap on credit card interest rates(www.theguardian.com)
15 pointsby geox13 hours ago3 comments
  • Trumpi12 hours ago
    In Trump's original post, he is "calling for" the rate cap, which I interpret differently to "mandating" a rate cap. The Guardian article seems to think that the executive has no authority to compel banks to comply, and this might well be the reason he is merely "calling for" this rate cap.

    And if this is the correct interpretation, then this was communicated in a very confusing way.

  • whattheheckheck12 hours ago
    Seriously read Basic Economics

    Not enough % return on risk and the company cancels their service and consumers have to go to loan sharks or get even more desperate and ready to do whatever they need to to survive

    • acuozzo12 hours ago
      > or get even more desperate

      That's because, to him, "Make America Great Again" == "Make America resemble 1880 as closely as possible".

      Peak Gilded Age. Gold-plated lavatories with countless hungry, desperate, and poor to keep them tidy, build bridges, make babies, toil, and die.

    • Nextgrid12 hours ago
      Going to a loan shark is a significant increase in effort comparing to just using the credit card you've already got.

      Sure, some people will, but a lot of people will just cut back discretionary spending as a result, which I think is a very good thing.

  • bediger400012 hours ago
    Wow, this is great! It's frankly wonderful we have a president we trust with these decisions. Can you imagine the congressional hearings that a move like this from any of the other presidents we've had since 1988? Media would have freaked out, markets tumbled. There would have been impeachment rumors. But now? We get "just the facts" reporting, and it just happens. No hearings, no media frenzy, market soars.