Forum Post: Forget taxing the rich, lets make it a law, that the rich only get high interest loans and the poor get low interest.
Posted 12 years ago on March 9, 2012, 9:44 p.m. EST by freewriterguy
(882)
This content is user submitted and not an official statement
Forget taxing the rich, lets make it a law, that the rich only can get high interest loans, and the poor get the lowest interest loans. You see the way we have it now, is the banks are in favor of giving more money to the rich. this is the alignment of the elitists, bankers and corporatism that Thomas Jefferson warned us about that would result in us becoming homeless one day. Plus, It just is the right thing to do.
And why not use the high interest loans of the rich to pay for the default loans that the poor are more likely to default on. Why favor the rich, they can afford it. What kind of country is this that makes the poor pay higher interest, or witholds homes from them because of the interest rate, or witholds land from them because they can only afford to pay trailer space rent forever and ever.
Let's bring back anti-usury laws. They have existed for 1,000s of years. They were ended under Carter unfortunately.
Interest rates should top out at 15% maybe.
The rich do not need to get a loan, they are rich. you make a law that does as you say then the rich simply will not get any loans. That what i would do if i was rich. the only group that this would hurt are the small business that has less then 50 employees and need to get a loan. Most small business are owned by one person and they use their our taxes for the business. that are call rich because per the taxes they make 250K + a year and more. ( I choose 250K because we seem to think that is rich people today.)
No matter how much money you make that has nothing to do with your credit rating. Everyone is treated the same. you start out unknown and higher rates, when you keep making the payment on time you credit goes up and the rate to can get go down. Start missing the payment and "bam" the rates go up. I knew this wealthy man that had bad credit because he only pays cash for anything. He looked into a loan once but because he has no history the rate was very high. The interest rates has nothing to do with you wealth at all. I have very little money so i have to get loans to buy the big things, like a home, or a car. or using a credit card to buy the small things that are still out of my price range. but any loan I want or CC has very low interest rates because I have never missed a single payment.
Poor people have to pay higher interest rates because they usually have lower credit scores are more likely to go into default.
eggactly, why do you think they are "more likely to go into default" currently a person with poor credit, or poor in general would have to pay a thousand dolllars a month to buy a home like the one I bought, while a rich person only has to pay $600 a month, what the long term effect would be is that rich people buy up all the homes, and then rent them out to poor people for 1000 a month, and thus the corporatism is reinforced again. im telling you im getting sick of this shit.
Regardless of the reason, people who default more need to have higher interest rates to make up for the fact that a higher percentage of loans will be lost. If they didn't have higher interest rates, they wouldn't be getting loans in the first place.
well our government should offer these more likely to default poor people a no interest loan instead of giving billions and trillions to rich bankers. I mean if they really want to help our economy. You can justify it all you want with your reasoning , but the fact is if we continue to only allow the rich to hoard cash, and as the number of our poor grows which is already a majority, we will be at outright war and bloodshed one day.
We already did this. It was the sub prime loan for homes that started in the late 90's. It was mandated by the government so the poor could get into a house ( because it was the right thing to do). In the end they still could not make the payments and still defaulted and things went to shit.
it was a start, but the poor could have gotten bailed out, not the rich. But I do like how prices came down on homes an average of 60k.
The path to hell is paved with good intentions. It was stupid then it started, it was stupid when it was expanded, and in the end it was a great economic disaster for the nation. You tell that to all the home owners that now owe more then the house is worth.
it was a grand awakening, the poor were suffering then, and the banks still wont lend money to the poor to own a home. Who cares about those who owe more for their home, they sure didnt care about jacking up the price and sticking it to some other family to pay for their wealth. Let them lie in the beds that made for themselves I say. My hands and my entire family's hands are clean of this, as we chose to not buy a home until they became affordable thanks to the foreclosure tsunami.
This just shows you are what you claim you hate. I parasite looking out for you self and personal gain. Also the poor where NOT suffering then. But then maybe i do not know what you call poor. Why not enlighten me.
[Removed]
yessssssssssssssssssssssssssss......
be either a borrower or lender!
whatever can be done to be conducive to this type of more widely spread financial activity would be peaches!
you people have listened the the Great Ben Bernanke explaining how the American economy could be fixed if the debt cycle could be accelerated to obliterate the damages.... of course he's right, Honest Ben wouldn't lie!
He has no hidden motives, nope, that America owes his people large, the ones that own DC, is no secret