Mark Moss

The problem with price controls is we have a thousand cases of it not working.

And just from a philosophical level, you can understand why.

So for example, credit cards, banks is a very competitive industry.

Credit cards are very competitive and they're trying to get as many customers as they can.

And they're constantly trying to

undercut each other in order to get more customers who cares what credit card you have you think about the rate and so it's very very competitive and so they want to get as many customers they can without blowing themselves up and so they're already trying to get rates down as low as possible they understand that people can just change balances from one card to the next and so if they could lower rates they certainly would the problem is when you cap it at 10 first of all

He said it's illegal.

So there are already caps, right?

There are usury laws.

So there are already caps.

But he wants to lower it to 10%.

I was a California finance lender, I should know.

Mark, finish your thought, I just wanna- So what I was saying is that it's already competitive.

Credit card companies are already competing to bring the rates as low as possible.

And what happens is if you cut the rate to 10% or 8% or 18%, whatever that number is, everybody that wouldn't qualify for that rate is then left without credit.

And that will then drive people either to the BNPL or drive them to their back alley neighborhood loan shark.

And so people need money, especially, like I said, with this fiat system as we have today, people are falling further behind.

They're using credit to augment their lifestyle.

And yeah, if you cut them off at 18% or 15% or 10% as Trump is floating out, it just cuts off a huge segment of the population that needs it.

Usury laws don't apply to credit cards is what it says.