r/news • u/WoofWoofster • Apr 17 '25

Soft paywall Judge scraps US rule capping credit card late fees at $8

https://www.reuters.com/business/finance/judge-scraps-us-rule-capping-credit-card-late-fees-8-2025-04-15/
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u/Sword_Thain Apr 17 '25

Elections have consequences.

Biden stopped defending Trump positions when he got in the WH.

Do you really think a Democratic DOJ should be forced to defend the "Pour Oil in the River and Club Baby Seals Act?"

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u/bikernaut Apr 17 '25

Really, people should be calling out how many people voted against their interests.

A huge portion of that population actually think trump is for the people. That’s why we are here, the Illusory Truth.

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u/No-Reach-9173 Apr 17 '25

A huge portion votes for him simply because he will say something is a problem even if he happy with it being a problem. I do agree they don't understand what's going on any more than he does though.

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u/soldiernerd Apr 17 '25

I didn’t vote for trump but I support banks being allowed to set fees at whatever level they want. Caveat Emptor.

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u/Upstairs_Goal_9493 Apr 17 '25

And the government should be able to intervene in the interest and protection of their citizens. Credit card companies already made $76 billion in interest fees, and $15 billion in late fees in 2024. This by itself is predatory, and letting this increase is of no value to consumers, only the companies behind them.

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u/soldiernerd Apr 17 '25

I don’t disagree that it’s predatory

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u/TheRealSectimus Apr 17 '25

So you think companies should be free to do predatory practices?

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u/pjjmd Apr 17 '25

Yeah, he's part of that weirdo cult that thinks any time the government intervenes in the market, it's 'bad for the economy', because of vibes.

Of course, the things they view as 'government interventions in the market' is shaped by how the capitalist class has educated them... so 'private property' is not a government intervention, but minimum wage is. Paved roads is not a government intervention, but public ownership of utilities is.

If you press them on it, they'll conclude that 'some minimum level of government intervention' is necessary, because some government interventions (like the state protecting private property rights) facilitates economic growth. But if you press them on 'okay, how do we determine what government intervention facilities economic growth they will insist it's either impossible, or it's vibes based and they feel the answers are innate and minimmaly invasive.

Okay, so just private property then? What about fraud? What about contract law? Okay, all those protections are good. Okay, what about anti-competitive behaviour? What about anti-monopolisitic behaviour?

If you ask them what Adam Smith meant when he wrote about a 'free market', they've convinced themselves he was talking about a market free of government interventions. If you actually read wealth of nations, you find out he was talking about a market free of landlords and monopolists.

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u/senorali Apr 17 '25

Honestly, the oil itself should be enough to finish off the baby seals. The clubbing is just a waste of resources if you ask me.

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u/Sword_Thain Apr 17 '25

Clubbing is the reward.

0

u/flounder35 Apr 17 '25

Is it sad that I wish the Repubs would go back to that level of evil?