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We should never manipulate markets that are very competitive and have been functioning so well for so long. The truth is about credit cards, every time there's a new entrant, it's so competitive. They offer 0% financing for six months. Now as a result of this jawboning, it'd be... show more
38,788 görüntüleme • 8 ay önce •via X (Twitter)
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This is exactly right. Credit cards are competitive because they’re competitive, not because Washington micromanages them. Once government starts jawboning prices, availability drops and costs creep back in anyway. Markets adjust. Mandates distort. That lesson never changes.

Functioning well for who??? Certainly not the consumers. Credit card debt is a viscous cycle once your in its hard to get out for the common person.

Please, go on.

Words of wisdom! Keep up the awsome posts Mr. Wonderful!

Ok Kevin…let’s talk about the silver and gold market manipulation and of course revisit nickel on the lbma…all manipulation has been to the benefit of the too big to fail crowd…

This is a great big nothing burger. Its impossible to implement in such a short time.

It’s not really a free market when the Fed sets the rates.

Are you saying the massively high regulatory barriers to entry, structured by bank lobbyists, does not incentivize price fixing? And therefore anyone who could theoretically reach the bar to compete would not instead be crushed like a cockroach?

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Whoa

I'm going to just keep paying my full credit card balance off each month, and continue not knowing or caring what the rate is.

Should only be 5%. If you make 5% on your investments it's very good.

...kinda sad you make no mention of the predatory lending that pervades the market? Much like pharma and food have manipulated the public with zero accountability - now the president takes aim on other culprits. If anything, it is overdue.

Wrong question. Not whether credit card markets are competitive—they are. The issue is regulatory uncertainty creating investment freeze. When rules might change tomorrow, capital sits idle today.

Kevin Oleary..... STFU!

So why not allow credit cards to charge 80% interest or 100%? Why are they capped?

I agree. Nobody is forced to get a new phone every 2 years, or a 6 year car loan. Everyone laughs if I say stop paying $6 for a coffee but it all adds up. Control your spending then interest rates won’t matter

You cannot legislate away risk. You just push it underground or make it more expensive somewhere else.

Yeah like Fed intentionally crashing housing, letting most Americans lose all networth, then TARP, Bailouts etc to prevent 1% from losing networth! End the privately owned for profit Federal Reserve Bank! @POTUS
