Bernie Sanders Working with Trump on Something Really Stupid!

Bernie Sanders Working with Trump on Something Really Stupid! www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
So Bernie Sander Berry Sander wants to work with Donald
tubp on getting cappen credit card rates out there. Bernie
and Trump working together. Yeah, he wants to cap credit
card interest rates. Trump actually proposed implementing a ten percent
temporary cap on credit card rates, which is really really stupid,

(00:43):
and he knows it. Trump knows this is stupid. He
knows this is not going to fly. Here's the line here,
while working Americans catch up. We're going to put a
temporary cap on credit card interest rates. Said this back

(01:04):
it was on Long Island back in September. We're gonna
cap it around ten percent. We can't let them make
twenty five. Okay, be prepared to have your credit card
canceled unless you have really, really, really good credit, They're

(01:27):
just gonna cancel it again. Trump is aware of this.
Bernie Sanders has been playing this one for a long time.
Talk our mafia rates and you don't have to borrow.
You don't have to borrow money from a bank, uh
to buy a TV, to go out to dinner, and

(01:53):
not pay it off every single month. I I love
my credit cards. That's I love my credit cards. I
absolutely love them. They're great. Oh my god, if the
number gets stolen, a car gets stolen, nodded, make that charge, whoop,
it goes away. I collect two two points for every

(02:16):
dollar I spend, use it for hotels, flights, whatever it
may be. I just pay the freaking thing off every month,
and I don't pay any interest on it. Now, trust me,
I'm not stupid. I understand. I understand that. You know,
sometimes people have to go to their credit cards in
an emergency. An emergency, I get it. If you are

(02:39):
in let's say you are a you're a carpenter, and
you have your tools stolen and you need those tools
to work, and you know you have to go to
home depot. But even the case a home depot for
credit a lot I have as a bad example, they'll
probably give you interest free rates for a period of time. Anyway,

(03:00):
in the case of emergencies or something like that, whatever
it may be. Okay, the rates are high for a
reason the credit card companies can't come and repossess the
fancy dinner you had last week the vacation went on,
you went on. They're not going to repossess your your clothes,
your televisions, your computers, are not going to do any
that it's worthless. It's not. It is not like. It's

(03:25):
not like your house which they can foreclose on, or
they can repossess your car. This is why the rates
are so high. This is how the world works people.
And not to mention, I do you have any idea
how many people run up their credit cards and walk away?
Do you understand the type of losses that credit card

(03:46):
companies take when people just blow out their credit cards
and go into bankruptcy. For me, in your turnable or stealing,
No one is holding a gun to your head and
telling you to borrow money. At twenty five to thirty percent,
credit card companies make a decent chunk of change quite frankly,
on just the transaction charges. You don't have to do it,

(04:12):
but again you gotta go forward with this. I'll tell
you what's gonna happen. Many, many, many people are going
to have their cards canceled. Watchdog on wallstreet dot com,