posted on Mar, 26 2012 @ 06:07 PM
Originally posted by OutKast Searcher
reply to post by LittleBlackEagle
Why would anyone loan out any money if there is no interest?
Good, don't lend out any money, won't bother me. You and the banks can sit on the money and choke, for all I care. The fact is banks aren't even
lending out THEIR money for interest, they lend out OTHER PEOPLES money.
That is the greatest scam of all, they take other peoples money and hold it; promising to keep it safe, then they turn around and lend out most of the
money they are suppose to be holding safely and collect interest off of it.
I say the banking system should be reworked, they charge a flat fee to hold peoples money and then instead of loaning out the money they actually have
to sit on it and hold it safely and if bankers don't like that system fine, they can quit banking and get real jobs.
Originally posted by samkent
Most student debt is privately held. It's between the bank and student. You try loaning 50K to some random 20 year old with no repayment for 4-8
years. I don't begrudge the banks getting interest.
Actually your wrong it's not really "privately" held it's "corporately" held and their is a difference.
The fact is in almost all of the states in the US a private loan from a citizen is capped at ten percent interest and if you knowingly charge more
then that you forfeit the interest and in some states you may end up forfeiting the capital; ie the loan as well. Banks and credit card companies,
through corporate loop holes are allowed to charge as much interest as they want.
I would say even if we don't get rid of usury all together which we should in my opinion, then at the very least, banks and credit card companies
should be held to the same standard as private citizens and their interest should be capped at a max of ten percent interest. And frankly if the
bankers and credit card companies complain about it, I say fine, once again, let them get out of the usury business and get real jobs, like the rest
edit on 26-3-2012 by prisoneronashipoffools because: typos
edit on 26-3-2012 by prisoneronashipoffools because: quote