Posted originally on Nov 20, 2024 by Martin Armstrong
Bernie Sanders chastised his own party for abandoning working-class Americans following Kamala’s defeat. Perhaps this is why Sanders is now open to reaching across the aisle and collaborating with the Trump Administration. Such an act would have been unfathomable to the Democratic Party mere weeks ago. The GOP was to be hated and demonized. Nothing positive could come of a Trump presidency as we would certainly all be living under a ruthless dictatorship. I may not agree with Bernie Sanders but I do admit he is consistent.
“Will the big money interests and well-paid consultants who control the Democratic Party learn any real lessons from this disastrous campaign? Will they understand the pain and political alienation that tens of millions of Americans are experiencing? Do they have any ideas as to how we can take on the increasingly powerful Oligarchy which has so much economic and political power? Probably not,” Sanders said.
Sanders is willing to work with Donald Trump to regulate banks by restricting credit card interest rates to 10%. “If Trump, for example, follows through on his proposal to limit interest rates on credit cards to 10%, which is what he campaigned on, absolutely I will be there,” Sanders said. Current APY exceeds 20% and often 30%. Trump proposed a temporary cap as people are working to recover financially.
Credit card interest rates have not been beneath 10% since the early 90s. Consumer debt has never been higher and countless households have fallen into a snowball situation where they simply accumulate more debt in a failed attempt to pay off the old. Donald Trump has offered the most extreme solution presented by a politician thus far – capping credit card interest fees at 10%.
Bernie Sanders once proposed a 15% cap to the shock of many. Biden attempted to implement an $8 cap on late fees alone but was prevented from doing so. Banks have continued raising their fees and interest rates as more households fall behind.
Credit card debt has never been higher, with over $1.14 trillion in debt as of Q2 of 2024, a $27 billion increase from Q1. Around 37% of credit card holders in the US admit to maxing out a credit card or coming close to doing so since the beginning of 2022. No one will profit if consumers default on their personal debts and they are sent to collectors never to be paid. This solution could give households adequate time to adjust their personal finance strategies.
Banks are naturally against this cap. Those in disagreement believe banks will be reluctant to lend and tighten their requirements. To some extent, that may not be a negative. Living within your means has completely changed under Bidenomics and the average household is still adjusting to inflation as the price on necessities have not gone down overall in a meaningful way.
Bernie Sanders’s willingness to work with Donald Trump is quite shocking. No one from the left would have given Trump the time of day a few weeks ago. This is how you get things done in Washington. Find a way to help the people and put petty politics aside. Bipartisanship is a winning ticket for both parties here and sets a positive tone for our divided nation.
Centinel2012 