What if their probability of defaulting on the debt is higher than 15% a year? Should they not be permitted to borrow money at all?https://twitter.com/AOC/status/1126499462107607040 …
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I learned this from an SNL skit in the 80's and it seemed obvious to me. Unfortunately, it doesn't translate into the real world. Humans in general lack impulse control and banks take advantage. It's the definition of a predatory loan.
You think government should intervene whenever people lack 'impulse control'? Interesting.
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At the moment, it seems obvious that the answer is yes. I, however, reserve the right to be corrected on the topic.
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