It will offer some banking services, only taxpayers will be on the hook when things go wrong. It’s aimed at putting some capitalists out of business and putting the government in their place.
The communistas will cap credit card interest rates at 15%. While it might sound good at first blush, it’s not.
The two self-identified democratic-socialists are set to propose legislation on Thursday capping rates on credit card and other consumer loans and letting post offices offer low-cost basic financial services, such as loans and checking and savings accounts.
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Post offices are in the red — big time and all the time. Under their plan, the poorly-managed [Congress manages it] postal service would compete with private industry and when deadbeats, grifters, and frauds don’t pay off the loans, the taxpayer will be on the hook. The post office won’t be able to weed out the tricksters as well as the credit card companies and banks do.
That isn’t to say there aren’t problems. There is too much credit card debt in this country, but they aren’t coming up with a solution, they are just redistributing the problem.
HERE’S A REAL BAD PROPOSAL
The duo’s proposal would also let more than 30,000 post offices provide banking services for low-income Americans who currently don’t have ready access to banks.
That’s great we say dripping with sarcasm. Those are the people who can’t afford to pay back loans. It will leave taxpayers on the hook.
This proposal won’t pass now but as soon as the communistic bosses are in power, it will pass. Say goodbye to capitalism and hello to ‘poverty for all’, aka socialism.
These two bosses, Sanders and Cortez hate capitalism. They hope to bring it down, yet capitalism has given the greatest amount of wealth to the greatest number of people in the world in all of history.
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