Bernie Sanders Working with Trump on Something Really Stupid!

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So Bernie Sanders, Bernie Sanders wants to work with Donald Trump on getting capping credit card rates out there. Bernie and Trump working together. Yeah, he wants to cap credit card interest rates. Trump actually proposed implementing a 10 % temporary cap on credit card rates, which is really, really stupid. And he knows it.

Trump knows this is stupid. He knows this is not going to fly. Here’s the line here. While working, Americans catch up. We’re going to put a temporary cap on credit card interest rates. Said this back, it was in Long Island back in September. We’re gonna cap it around 10%. We can’t let them make 25, 30%.

Okay.

Be prepared to have your credit card canceled unless you have really, really, really good credit. They’re just gonna cancel it.

Again, Trump is aware of this. Bernie Sanders has been playing this one for a long time. Talk mafia rates and usury. You don’t have to borrow. You don’t have to borrow money from a bank to buy a TV, to go out to dinner and not pay it off every single month. I am. I love my credit cards.

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That’s, I love my credit cards. I absolutely love them. They’re great. my God. If a number gets stolen, a card gets stolen, I didn’t make that charge. Woop, it goes away. I collect two, was it two points for every dollar I spend, use it for hotels, flights, whatever it may be. I just pay the freaking thing off every month and I don’t pay any interest on it.

Now, trust me, I’m not stupid, I understand. I understand that sometimes people have to go to their credit cards in an emergency. In an emergency, I get it. If you are in, let’s say you are a, you’re a carpenter and you have your tools stolen and you need those tools to work and you have to go to Home Depot. Why not even the case of Home Depot for crying out loud?

is a bad example. They’ll probably give you interest free rates for a period of time. Anyway, in the case of emergencies or something like that, whatever it may be, okay, the rates are high for a reason. The credit card companies can’t come and repossess the fancy dinner you had last week, the vacation you went on. They’re not going to repossess your clothes, your televisions, your computers, they’re not going to do anything. It’s worthless.

It’s not like your house, which they can foreclose on, or they can repossess your car. This is why the rates are so high. This is how the world works, people. And not to mention that, do you have any idea how many people run up their credit cards and walk away? Do you understand the type of losses that credit card companies take when people just blow out their credit cards and go into bankruptcy?

They’re mean, they’re terrible, they’re stealing. No one is holding a gun to your head and telling you to borrow money at 25 to 30%. Credit card companies make a decent chunk of change, quite frankly, on just transaction charges.

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You don’t have to do it. And again, you’re go forward with this. I tell you what’s gonna happen. Many, many, many people are going to have their cards canceled. Watchdogonwallstreet.com.