Layton/NDP open to reopening constitution with Quebec

[TimG]

The "no loan more then 5%" over prime would apply to money mart, and banks will loan out until they reach the point where the loan no longer makes them money.

Even worse. You are basically telling the poor that they have to get credit from a loan shark because no one else will lend to them.

One of the revolutions in banking over the last 100 years is it made credit available to everyone. Many people abuse it but many others used it to improve their lot in life. You are basically saying you want to see that end so a few middle class people can get better rates on their credit cards. Disgusting.

Edited April 27, 2011 by TimG

[Rovik]

Some. But the difference abortion and gay marriage don't affect most people. The economy affects everyone. That is why the NDP is so bloody dangerous.

The horrible policy. It will simply ensure that banks do not lend to people unless they have good credit. The poor will be reduced to using loan sharks and services like Money Mart. I am sure the average joe will thank Jack when knees het broken by a mob enforcer.

Let's see; I'll follow your example (you used in a previous post) and use provincial govts to make a point. Both Manitoba and Sask. have had NDP govts that were fiscally responsible (their economies never imploded..shocking stuff). The NDP would obviously have different goals then the Conservatives but they would have to be fiscally responsible if they want to continue to retain power.

Some of the worst fiscally fiancial provincial govts recently have either been Liberal or Conservative. Ontario, and New Brunswick are not in the best of shape financially for example.

It's not horrible policy at all and if the banks start to discriminate in who to lend their money, then they should be accountable for and should be penaltized because of it. I'm not saying that all people with bad or no credit should be giving credit but one would have to look at each one case by case.

[punked]

Even worse. You are basically telling the poor that they have to get credit from a loan shark because no one else will lend to them.

One of the revolutions in banking over the last 100 years is it made credit available to everyone. Many people abuse it but many others used it to improve their lot in life. You are basically saying you want to see that end so a few middle class people can get better rates on their credit cards. Disgusting.

No I am basically telling people who can't pay back a loan they shouldn't be taking them out. I would think the Conservatives would be all over that. Last time I heard weren't you telling me credit for everyone was the cause of the global recession. Christ you guys need to get your story straight.

[TimG]

No I am basically telling people who can't pay back a loan they shouldn't be taking them out.

Wake up! The only people paying these credit card rates are people that are desperate for money and have trouble paying it back. They are the ones who will be hurt by these rules and they are the ones that won't be able to get credit and be forced to turn to loan sharks.

And last time I said government mandates that forced banks to loan to people they did not want to loan is what created the CDO market and set the stage for subsequence crash. This credit card thing is more of the same.

Edited April 27, 2011 by TimG

[cybercoma]

The only people paying these credit card rates are people that are desperate for money and have trouble paying it back.

Prove it.

[punked]

Wake up! The only people paying these credit card rates are people that are desperate for money and have trouble paying it back. They are the ones who will be hurt by these rules and they are the ones that won't be able to get credit and be forced to turn to loan sharks.

And last time I said government mandates that forced banks to loan to people they did not want to loan is what created the CDO market and set the stage for subsequence crash. This credit card thing is more of the same.

What are you talking about they already turn to loan Sharks. Just because they are government regulated loan sharks.

Gotcha loaning poor people money a good thing. Loaning poor people money caused the recession. Your messaging is way off here. Your problem is that you are trying to scare NDP voters and in doing so you look like a fool. I can't believe the same guy who said loaning to the poor caused the global melt down is now arguing for loaning the poor money. You are loco.

[TimG]

What are you talking about they already turn to loan Sharks. Just because they are government regulated loan sharks.

You don't get you knees broken when you can't pay.

Gotcha loaning poor people money a good thing. Loaning poor people money caused the recession.

You really clueless are you? The CDO market was created because banks were forced to take on high risk housing loans. Credit cards loans are orders of magnitude smaller and do not require the same level of credit. In both cases you have the government messing with the system and there will be unintended consequences. In the case of credit card loans the unintended consequence will be a boom in the loan sharking businees.

My arguments that the poor should have access to credit does NOT imply that the government should interfer in the market to make it happen.

Edited April 27, 2011 by TimG

[TimG]

Prove it.

Who pays 29% interest on the credit card if they don't have to? You would have to be a complete idiot to do it voluntarily.

[cybercoma]

Ok. I'm not disputing it. I want you to show me that the claim you made is true.