"If banks can borrow money from the federal reserve at 3%, why cant we? Why do we have to go through a money changer to get access to capital? In all honesty for profit banking should be outlawed like for profit hospitals were before Nixon. Usury is the problem in our society. Not capitalism."

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[–]worm 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (4 children)

And knowing all of that, you would still support a ban on usury? For that matter, you have not given any definition on what you would consider an overly-high interest rate to begin with. Would your definition perhaps be softened now that you've actually thought about what it would entail?

[–]magnora7 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (3 children)

There's already a ban on usury, I'd just advocate bringing the max interest rate allowed down gradually over time. I wouldn't just pull the rug out from under the existing system, it would have a 50-year wind-down plan if I were in control. And small interest rates would still be allowed.

[–][deleted] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (2 children)

should have 4% or around there be max interest for all loans

I get that bankers need something for overhead but they don't need to be getting rich off this idea. Let them be middle class guys, make like 80k a year max.

[–]magnora7 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Yeah, especially when the loans are essentially government-backed anyway if they fail. (Aka Too big to fail bailouts). That really takes the risk out of the equation for the insurance companies. So the high interest rates seem especially inhumane.

[–][deleted] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

yeah after the bailouts for the rich we need to get off the high horse bootstraps capitalism bs, either socialism for no one, or for all