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View Diary: Obama vs. Usury?  Why Not? (Updated) (251 comments)

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  •  during editing (3+ / 0-)
    Recommended by:
    itsbenj, j1mmy, polar bear

    it changed and yes, it should have been worded better.  I've corrected it.

    But the lie is 'if you incur an unacceptable risk charging 5%, you take a lower, acceptable one when you demand loans with 20% interest or a balloon payment'.  That's the lie the securities folks told, sprinkled with greek letters and computer printouts to make it sound less obviously false.

    •  Imo, if the lender knows 5% is unacceptable risk. (4+ / 0-)
      Recommended by:
      Freiheit, j1mmy, The Jester, polar bear

      ...tho only logical things to do are either deny the loan or reduce the interest rate. By raising the rate to a greater unacceptable degree you're betting the transaction will fail which is worse than buying short, face to face.

      HR 676 - Health care reform we can believe in - national single-payer NOW.

      by kck on Sun Mar 29, 2009 at 03:57:56 PM PDT

      [ Parent ]

      •  and you're begging others to bet against that (0+ / 0-)

        "homeowner," or cardholder, as well.

        and now we pay those that bet against us.  

        •  I don't understand (0+ / 0-)

          I'm all for charity which happens as a human transaction in a personal sphere of values and concern.

          Credit is a business transaction in an impersonal  sphere of credit, debit, jail.

           

          HR 676 - Health care reform we can believe in - national single-payer NOW.

          by kck on Sun Mar 29, 2009 at 05:47:29 PM PDT

          [ Parent ]

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