LOL, Bernie knows that’s never going to happen. He’s just reminding the world of an empty promise that trump made, and openly offering his help so that Trump can’t say the Democrats blocked him. He’ll still say it, but there will be readily available evidence to the contrary, not that that’s ever mattered before.
Trump Admin: Cap interest rates at 10%, but also we repeal the thirteenth amendment.
Democrats: No! What is wrong with you?!
Republicans: DEMONRATS WON’T WORK WITH US TO CAP INTEREST RATES AND ALSO THEY DRINK SMOOTHIES MADE OF BABIES!
Republican Voting Base: [Thunderous applause. 90% voter turnout. 99% voter loyalty.]
Everyone Else: I dunno, both parties seem the same. [Sub-50% voter turnout. Interfactional backstabbing intensifies.]
Somehow I don’t think Mr “Pro-Business” will hamper banks’ efforts to fleece us.
I know Bernie is being polite and playing politics, but let’s be honest: Trump keeping this promise is about as likely as Hell freezing over.
It’s not polite, it’s calling him out. Trump will say/lie about anything. At one point Trump said exactly this. He didn’t mean it, he just said some shit.
Bernie is repeating his own words because occasionally Trump says something good without any intent to follow up.
So Bernie is taking him at his word. He knows Trump will never do it, but if he can call the hypocrite out and trick him into agreeing, why not?
To want to talk about 4D Chess? There it is.
I guess we’ll see, but I think we can all appreciate his willingness to go straight to brass tacks and hold Trump’s feet to the flame while the entire Democrat Party leadership is still busy clutching their pearls.
That’s Bernie for ya!
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I hope you’re right, but even if you are, the words “I look forward to working with the Donald Trump administration” coming from Bernie of all people is just all kinds of wrong.
He should know that fascists never negotiate in good faith. This feels less 4d chess and more “peace in our time”…
If you somehow failed to detect the sarcasm that comment was absolutely dripping with, that’s on you.
Might be my background - lived half my life in a country where credit cards are interest-free for religious purposes - but 10% still seems insane.
Compare that to the ~30% I’ve seen, that’s sadly an amazing shift (lol, which won’t ever happen with the fascist caucus), but I commend Bernie for trying.
Which country has interest free credit cards due to religious purposes? I googled it but did not find anything.
I know that is how Saudi Arabia works. Other sharia countries do the same too, from what I am to understand.
Malaysia and Indonesia come to mind.
Usury is forbidden (haram) in Islam, so many Muslim majority countries do in fact do this.
I’d never heard of this, how do the banks make any money on the card, annual fees or something?
Processing or transaction fees. Anytime you use your card for a purchase the bank gets a cut of that. This fee can range from .1% to 4%, depending on the credit card processor.
They already make 3% on every purchase
That’s a good point - there are transaction fees that could support the business. And we even inflate those with cash back and other rewards
Which is an insane return by itself if people use their cards for everything, as they do in the US.
No, we had a flat annual fee for usage. There was a fee for withdrawing cash but no making purchases.
Credit cards companies have a merchant fee, ussually around 2%.
It was illegal for vendors to charge a fee for card purchases, so if that was the case then they maybe just raised their prices.
Iirc, surcharging is only illegal in 4 states. However, theres a loop hole in thise states, giving a discount on cash purchases arent considered a surcharge…
The merchant is charged the fee, not you directly as the cardholder. It’s already figured into the price if they accept cards.
Yes, we had a flat annual fee for use.
Theres about 0% chance of this happening without something totally catastrophic being bundled alongside it, like allowing creditors to come into debtors homes and beat them with sticks.
I’m thinking they want to put discharging debt on the chopping block.
I’d consider taking one beating vs 25% interest forever.
Bernie calling out bullshit yet again.
Say goodbye to rewards cards if this happens.
They shouldn’t exist in the first place.
The space for them exists within the monology over transactions that shouldn’t generate margins that high.
If the mechanism by which I get 1% cash back is that it directly comes from the poor…good. this is a good thing. You are a bad person if you think it’s not.
Technically, the cashback they pay you likely comes directly out of the transaction fees they collect, which means that after expenses (for running the infrastructure etc.), they make little to no profit on swipes. Which means they have to make profit somewhere else, which, you guessed it, is fleecing those who don’t pay their balance off every month for as much as they can get away with.
Goodbye. Now give me the 10%.
Do you realize that you can pay 0% if you pay a card in full, and still get the reward?
Why are you trying to take something away from me just because you’re terrible with money?
Come on, not OP but we both know credit cards disproportionately fuck over the poor. Sometimes necessary expenses surprise you and you don’t have any other choice. Personally I have great credit and 1 continually paid-off credit card but I’m not gonna pretend it’s a moral failing if you don’t. I know of a card that has a 40.99% interest rate here in Canada because it’s marketed towards poor people with bad credit.
As someone who has never paid a dime in interest on any card I’ve ever had, and shops around for the best reward options… Yeah, give us the 10%!
Nah. Rewards cards live and die on transaction fees. They generally go to people with credit knowledge that know to pay off the card at the end of the month.
Transaction AND interchange++ fees.
This is why many shops won’t take AMEX cards: 3.95% transaction fee! GTFO
Bernie should run for president one of these days…
Is Burnie trying to duck season rabbit season Trump? I’m actually curious to see if this works
No. He’s calling trump out.
Yeah. One never can tell which way old men with possible dementia will twitch.
Hell, maybe he’ll have a stroke and wake up with integrity and a conscience. Weirder things have happened to nicer people, after all.
What good things that Trump did promise? I am surprised that he promised this even though we know that it won’t happen.
I work blue collar, and lots of us are hopeful he will do the tax free overtime. I think he was just saying that, and I didn’t vote for him, but that would be game changer.
Would it be a game changer? It means you can do overtime without being taxed for it, right? Or maybe less taxed.
That sounds like a quick and dirty way to exhaust the population even more in order to keep the bread and circus going on.
So you got the folks working 60-100 hours a week then because it makes them a lot more money, so they are just slaving their life away. Wouldn’t a better fix be raising minimum wages?
I’m not the person you’re replying to, but though I agree that raising the minimum wage would be helpful, plenty of people are working overtime as is, even if they make more than 15/hr just to make ends meet. Plenty of people are working overtime for 20-30/hr. Would their wages go up if minimum wage went up? Maybe, but likely not and there’s certainly no guarantee. Plus, several states already have 15 as the minimum so it wouldn’t really matter to them.
I’m a dem voter, and obviously there are much better ways to help people than tax free overtime, but I understand why that would be appealing.
it’s been long enough that minimum wage should be $25/hr anyways
Smart workers then get contracts that specify anything over two hours a week is overtime.
not how that works
What’ll actually happen under the Trump administration is that companies will be allowed to force mandatory overtime during the times they want it, and then cut your hours through the rest of the month so that your average hours are still less than 40.
What I’d like is some changes in loopholes. I worked 60-100 weeks at a movie theater as a young adult, and didn’t get overtime pay because it was the “entertainment industry.”
That’s what capitalists want, workers racing each other to the bottom.
What people misunderstand about the tax brackets is that your entire income doesn’t get moved to a higher bracket. It’s only the income in excess of it.
So for example, let’s say you had $50,000 of taxable income in 2024 as a single filer, you’d pay 10% on that first $11,600 and 12% on the chunk of income between $11,601 and $47,150. Then you’d pay 22% on the remaining $2,850 that falls into the next tax bracket. The total bill would be about $6,053 — about 12% of your taxable income — even though your highest bracket is 22%. And this example doesn’t take into account the standard deduction.
Bottom line, this won’t save people as much as they think it will. Usually the person in the example simply complains “I’m paying 22%” because it always feels like the paycheck isn’t enough.
Populists promise lots of good things; it’s just that most ring-wing populists tend to have their fingers crossed behind their back.
How anyone could trust a man that cant even pay his contractors is beyond me.
According to their fucked-up logic, not paying his bills makes him smart because he’s saving money!
Never mind that the types of people he refuses to pay tend to be working stiffs. 🤦🏻♂️
It’s not about right wing or left wing populists. All populists lie because the only thing they want is to see their face on TV and to be in power.
What good things that Trump did promise?
Flying cars.
I’m not joking.
Even 10% is absolutely insane, especially with the ability to directly syphon their income.
Imagine that, scooping up cold butter on a spatula and slapping it indiscriminately on your partner’s exposed butt.
Room temperature butter is superior in both sound and splatter.
Agreed.
You don’t?
I’m not sure I want to imagine that in this context. Other contexts, no problemo. Just not this one.
Go on…
Next the step involves a little setup before hand. You use microwaved butter and a funnel, then drizzle it while its hot.
( ͡° ͜ʖ ͡°)
I don’t understand, why use credit cards if 25% interest rate is charged?
I use my credit card all the time, and it’s set to auto pay off all of it every month, so there is never any interest charged. It basically delays the time my money leaves my bank account from the time of purchase to up to a month later, with no downside, while building credit history. The interest may be 300%, I don’t care because I’m never charged it.
Why even have it then, and not just direct debit? Or is that something American banks don’t offer?
I am not in the US. But the purpose is gaining credit score and rewards, at no cost.
Increasing one’s credit [score] is helpful for when citizens want to make large purchases/transactions, such as getting a homeowner’s loan and car, in the US. Having lower credit is an indicator to banks that one is not “trustworthy” with their (bank’s) money. And with property prices soaring and most salaries stuck in the 60s (I may be exaggerating a little, haven’t checked exact numbers lately), it’s hard not to NEED a loan for those. Direct debit is nice to have, but there are advantages to credit cards if the user is wise with their money/credit knowledgeable. It’s systemic.
I do the same, but I think they were asking for people who can’t pay it off. Those are absurd rates.
The interest rate is charged if you don’t make your payments. Otherwise, you get rewards each time you spend which makes things a little cheaper.
The “rewards” come off the backs of poor people paying these usurious interest rates.
They actually cone from the charges they push onto businesses to process the payments. The interest rates are just profit
You’re both right. The rewards are indeed mostly covered by the processing fees, but that means after covering infrastructure expenses etc., the banks are operating at a net loss (or breakeven at best), meaning they still have to fleece someone on their interest payments.
Plus those businesses pass the cost on to consumers like they do with any expense.
So ultimately, end consumers who are already being fleeced by a combination of wage theft, low wages, and high prices, are the ones who pay for everything.
Starve now, or later?
I don’t understand, why don’t they just eat cake?
Because it’s very difficult to live in our society without a credit history.
Hey biscuit
You forgot the butter.
Trying to get that from the userer-in-chief is gonna be a nogo
I agree with you, but I can’t stop the mental image of Trump pacing back and forth worrying about his credit card debt only to concoct a scheme to become president to lower his own debts interest rate. Obviously, that’s not what happened but the thought is just so funny to me in the moment.
