2009 November 25 Wednesday
Democrats Support Usury

The party of rich financiers defends usury.

WASHINGTON - Efforts in Congress to cap credit-card interest rates are faltering because of opposition from Democrats and a lack of specific support from the White House, despite growing consumer outrage over a rush by banks to impose rates as high as 30 percent.

Since the Democratic Party is clearly the party of Ivy League graduate financiers the less educated and lower status lower classes are going to have to take their complaints to the other political party which must be there to represent them. That's how it works in a 2 party system. One of the parties represents capital and the other represents labor. Surely both parties haven't been captured by rival upper class factions?

Let this be a lesson to the spendthrifts who voted for the Democrats in 2008. If you want to borrow lots of money and pay low interest rates before defaulting you are going to have to find another party to vote for.

Share |      By Randall Parker at 2009 November 25 01:23 PM  Economics Credit


Comments
Wolf-Dog said at November 26, 2009 1:08 AM:

It is not so clear how the Republican party represents the American labor... The Republicans favored the destruction of many jobs in the United States in favor of foreign imports.

not anon or anonymous said at November 26, 2009 3:06 AM:

Why exactly should credit card interest rates be capped? The market for credt is quite competitive, and a 30% yearly rate may well be entirely fair--say for a short-term loan to someone with a low credit score.

James Bowery said at November 26, 2009 11:20 PM:

The 2010 election cycle is rapidly approaching. It’s extremely important that each of us ‘register’ (Rep or Dem) and attend our local precinct caucus. Register as the party not currently in office with the US House of Representatives from your District. Contact your county recorder for a precinct map of your county. Find at least one person in each precinct in your county who supports the Laboratory of the States Platform and who is willing to lead that precinct.

Laboratory of the States Platform:

1) Bring all troops home and make the top priority of the Federal government to protect US territory from trespass.
2) Only one Federal tax: 5%/year on land value. No filing. Individuals own first $80,000 of land value tax-free.
3) Turn over all Federal programs to the States, with funds apportioned by number of adult citizens.

The objective is to control the US House of Representatives in the next election cycle.

Forward this to everyone you know.

http://laboratoryofthestates.org/call_to_action


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