Conversation

Alexandria Ocasio-Cortez
@AOC
55 signatories just came out in favor of
@BernieSanders
’ & my joint call to cap ALL interest at 15%. Supporters include the fmr Chief Economist of the World Bank, private equity CEOs, leading economists, fmr members of Congress, and more.
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Robert Hockett
@rch371
Tweet 1/2: “.@AOC 's and @BernieSanders 's Loan Shark Prevention Act could not be more timely. With gaping inequality come extractive and exploitative lending practices. And with those practices come (1) profound injustice (2) even worse inequality, & (3) financial instability.”
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Matt Soleyn
@MattSoleyn
Replying to
@AOC
and
@BernieSanders
What will happen if you do that is the people who are the most economically disadvantaged are simply going to be unable to get loans/credit. A cap on interest rates must also be met with a requirement for banks to extend a minimum level of credit to people.
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REL@1213Robert
@1213treboR
Replying to
@AOC
and
@BernieSanders
Banks will find other ways to get back their money like yearly cost or less services or a double interest charge on certain goods. Just because you see lower interest on purchases doesn't mean you win for saving money.
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“and that’s the way it is”
@rpmpa
Replying to
@AOC
and
@BernieSanders
There will be consequences many will not like: 1 - More people denied credit, as 15% does not cover the risk and transaction costs in their case. Those with low incomes hurt most 2 - Real Loan sharks trap more people 3 - Pawn shops thrive 4 - More family conflicts & violence
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georgeforbis
@georgeforbis
Replying to
@AOC
and
@BernieSanders
here's what's gonna happen, if this passes ( and it won't) companies will then reduce the amount of people they allow to have credit, raise their standards etc.. then these clowns will be complaining that people don't have access to credit because of a problem they created