Quote:
Originally posted by sgtclub
I'm too lazy to cut and paste between threads, so I'm just going to spew here. If I didn't respond to your post, feel free to let me know.
To Bilmore: I'm surprised at you - since when do you you look down from your high post and think of all the little people that need protection. It doesn't take a law school degree to be able to manage debt or to realize that a 30% interest rate is very high. Some of the best business people I know barely graduated high school. This isn't a question of brains. The "little people" are a lot smarter than you think. It's a question or responsibility.
I don't think there should be interest rate caps.
To Fringey: Of course they have to disclose interest rates. The interest rate is a material term, the absense of which would make the contract unenforceable.
To Wonk: I view the G's roll in banking much like I do in securities. It really is not necessary because a private entity could step in (see, e.g., Nasdaq and NYSE), but all in all, it probably makes the system more efficient, so I'm OK with it.
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So, do you believe that it should only be the peasants who should remain saddled with debt and bear responsibility, or would you agree that if bankruptcy is to be restricted for consumers, it should be similarly restricted for companies like Chrysler, WorldCom, Texaco, Enron, etc.?
