AOC Comes Out Against UsuryChris Menahan
May. 09, 2019
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New York Democratic Rep Alexandria Ocasio-Cortez on Thursday called for an end to usurious high interest credit cards and said the usury laws of the 1970's (where usury ceilings were generally around 8 to 10 percent) were "common sense."
Alexandria Ocasio-Cortez tweeted: "There is no reason a person should pay more than 15% interest in the United States. It's common sense - in fact, we had these Usury laws until the 70s."
Democratic presidential candidate Bernie Sanders and Representative Alexandria Ocasio-Cortez accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit card interest rates.Indeed, the GOPe just want to give our banker overlords giant tax cuts.
You have to applaud anytime politicians are criticizing usury.
This was solid rhetoric:
This was not quite as good:
Forcing banks to give loans to people who can't pay the loans back was the main cause of the 2007 crash. That said, taking our money back from the banks that we gave trillion dollar bailouts to is a great idea, especially when compared to giving them huge tax cuts!
Let's start tomorrow!
[Header image by Stale Grut /NRKbeta, CC BY-SA 2.0]
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