End of usury laws was start of high-priced loans

End of usury laws was start of high-priced loans

www.poughkeepsiejournal.com

In 1980, Congress killed the usury laws.

The measure was called the Depository Institutions Deregulation and Monetary Control Act, and one of its many provisions was to outlaw any state's law that put a ceiling on home mortgage loan interest rates. "Usury" means excessively high charges for borrowing.

It was a time when there were no subprime mortgages, but these higher-priced loans became one of the fruits of that legislation as lenders saw that by using higher rates, they could market to a class of people whose creditworthiness was subpar and below the rates banks would give their prime customers. Hence, the term subprime.

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[edit on 4/27/0808 by jackinthebox]

[edit on 4/27/0808 by jackinthebox]

This has become the root of all evil in America today. Predatory lending. This has been done deliberately, and with the approval of Congress. This was not done in the interests of the people. It is just another example of scheming and profiteering by the elites who conspire with our own government to loot the worth of this nation.

www.poughkeepsiejournal.com
(visit the link for the full news article)

[edit on 4/27/0808 by jackinthebox]

Of course.

It may sound a bit absurd but it almost seems like the most revolutionary act a person can preform these days is to say screw my credit rating, run up as many debts as you can and then do your best to never pay them back.

The quicker we bring down this house of credit cards the better we all will be... I cut all of mine up years ago and if I can't pay cash, I don't buy.

I was inspired to post these articles by the member who posed the question..."Is it really that bad?"

High interest loans? Who does that remind you of?

Lets look at 1980 something! In LA it was about 1980 when the Goodyear Tire Factory shut down. Also at the same time the Big Three began to shut down the plants in LA. This was repeated time and again throughout North America. No money for the working class!

At this time deregulation took hold (AKA Reagen/Bush) and industry began to shake loose of Union and Workers and began to move in the direction that it is now....INTERNATIONAL.

I could never figure out why in the hell a standard blue collar person (like me) would go against the Union but it boiled down to feeding your children or being a scab so many became scabs. (I myself am very pro Union)

Ronald Reagen and George Bush ruled the roost and they did the bidding of big biz....destoying labour and allowing corporations to take advantage of this in order to bring in huge profits. Most of these profits belong to American and Canadian citizens...the people who worked to make this money...but the Elite took the money and reinvested it in other nations with the help of the CIA (and other agencies) to prop up international interests and our jobs began to go overseas. (can you imagine if they had reinvested the money back into America...we would still be proud and free)

So in LA in the 1980's the jobs were gone. All that was left was the service industry...and Bush needed money for the Contra's (congress had denied the money) so COCA began to make its ways into LALA land. Cash became king and the big profits went to buy guns in Iran and then the guns went to Central America.
Meanwhile..back at the ranch...
If you did'nt take up the goverments offer to become a crack dealer you ended up working at Wendy's and taking out pay day loans...except the pay day loans no longer came from your average GOOD GUY..it came from the corner store who had set up biz with the local Bank of America.

America was now on the take and our children will reap the result. The Elite have homes all over the world...they do'nt give a rats ass about America. America, as far as they are concerned is over.



[edit on 27-4-2008 by whiteraven]

The whole 'end usury' laws movement was a brilliant scam. It was the creation of a marvelous wealth teat on the American people and I'm sure someone was well rewarded for working out the details for the bankers. It was so effective in shifting wealth that it began appearing all over the world.

The intellectual scholars of our times capable of recognizing the concepts abusive intent were strangely silent on the matter though, weren't they? The media vilified anyone who tried to cry foul, calling them socialists (ooooh, yuk) and communists (the shame).

Has it ever occurred to anyone else that those people who became wealthy and well-regarded for their potential to 'understand' things never actually 'reveal' what they understand?

revoke all bank charters - reissue by public hearing - ONLY UNDER STATE AUTHORITY - NO FEDERAL BANKS
reissue American currency - eliminate 'reserve' nonsense
eliminate the federal bank structure

As simple as this truth is, I figured a lot of naysayers would jump on this. I suppose there is some hope after all, at least that ATS members are aware of this already.

Interest, in general, seems wrong, like it is creating something out of nothing, and only the people at the top of the pyramid really benefit.


Makes me mad, but don't know how to break the cycle!

The same was beginning to happen here in the UK at that time too, following the lassaiz-faire free-market economic model promoted by Maggie Thatcher

The thing is, during the '78-'79 oil crisis when the price of crude quadrupled and earned the OPEC nations massive profits, that money had to be invested somewhere, and what better vehicle for a high rate of return than to bankroll the boom in personal credit?

reply to post by keeb333


This might pique the interest (pun intended) of some:

Sharia law forbids usury and that includes interest at ANY level:

Shariah Law and Islamic Finance

The overarching principle of Islamic finance is that all forms of interest are forbidden. The Islamic financial model works on the basis of risk sharing. The customer and the bank share the risk of any investment on agreed terms, and divide any profits between them.

The main categories within Islamic finance are: Ijara, Ijara-wa-iqtina, Mudaraba, Murabaha and Musharaka.

* Ijara is a leasing agreement whereby the bank buys an item for a customer and then leases it back over a specific period.
* Ijara-wa-Iqtina is a similar arrangement, except that the customer is able to buy the item at the end of the contract.
* Mudaraba offers specialist investment by a financial expert in which the bank and the customer shares any profits. Customers risks losing their money if the investment is unsuccessful, although the bank will not charge a handling fee unless it turns a profit.
* Murabaha is a form of credit which enables customers to make a purchase without having to take out an interest bearing loan. The bank buys an item and then sells it on to the customer on a deferred basis.
* Musharaka is a investment partnership in which profit sharing terms are agreed in advance, and losses are pegged to the amount invested.

source

Maybe this is all part of the scam called "the war on terror" and the current rhetoric concerning Iran.

Follow the money, then follow the policies.

reply to post by budski


I think the same is present in Talmudic law, and for a time was part of the 'proto-Christian' doctrine as well (until they all learned how sweet it is to buy off guilt with wealth.)