Elizabeth Warren Interviewed By Bill Maher On Credit Card Legislation, Usury (VIDEO)

TARP watchdog Elizabeth Warren sat down for an interview with Bill Maher on last night's episode of "Real Time." One of the topics she and Maher discussed was the current credit card legislation and how usury has regained a place within our society. Warren stated that this is the reason we needed a credit card bill of rights, to prevent companies from arbitrarily raising interest rates and burying people in a mountain of debt. Maher took another angle, saying it proved that we really just don't treat each other very well.

Watch a clip of the interview below.

Comments

[PhilipTaylor]

Mr. Obama: Why has Regulatory Reform been delegated to the FED and Treasury who put us in this CRISIS?

New and Improved Model of Capitalism: Move from Leveraged Capitalism to Meritorious Capitalism!

Stop Current Leveraging Capitalism=Rewards Wrongdoing=Apocalypse in Two Decades
Create Meritorious Capitalism=Sustainable+Profit Oriented+Clean Environment+Prosperity
Best Model of Capitalism=formulated to resistant elite manipulation+injustice+foster tranquility
Reward Individuals for Income Appreciation=Profits+Public Good as proper model of capitalism
Where are True Reformers=Intellectual honesty demands redesign of Corporations
Redesign of Corporations=facilitate broad populace participation fairly+sustainably in profitability

Truly fair system=leaders drawn from new soil=People without obligations to WS but knowledgeable

Warren+Krugman+Stiglitz and others with extensive knowledge!

[23000Days]

Are you a calculus teacher= by chance?

[Tulka2]

(Proof of computer consciousness? )

[Reighben Labilles]

What an interesting way of stating the truth. The statements (in the form of equations) show what any economy should be doing to revitalize and reform their industries so that it'll be more beneficial to the people. The question is, would any politician or social movement have enough guts to go against powerful, selfish, and entrenched interests in the economy and government?

[Rmath]

Usury laws are worthless as long as certain entities are exempted. Anti-trust laws are worthless as long as certain companies are exempted.

Is this the so-called "free market"? Lawmakers paid handsome by lobbyists leave the door open a crack for their friends. The "free market" cowboys have the nerve to say that everything would be fine if we "just let the free market do its magic". But the so-called free market is a total illusion.

[olmossy]

wanna know how letting free market do it's magic works? Read The Shock Doctrine by N Klien.
Check out what the free market and the WTO and the IMF did for the people of Chile, Venezeualla. Bolivia, Argentina. NO middle class only serfs, country ruled by Wealthy Oligarchy of Big Business/bought Politicians with Brutal repression of all rights. Sound familier?

[rf-hawaii]

That was practice. America is for real.

[Tulka2]

We don't have credit cards. We do not believe in credit cards. We carry a plastic debit card. Long ago we arranged a credit line based on the house's worth for if we ever suddenly needed money. That money would be instantly lent to us at a fixed rate.

My husband was laid off last September. He was laid off because the economy tanked and we are old enough that our health insurance premiums were a severe strain on a little company where everyone else was under age forty.

We have a little house well within our means... which means a rental would be more expensive.

No one is hiring either one of us. We are old.

I write this because it is so wearing to hear if we somehow put our heads straight, all will be well.

Truth is, no laid off boomer will ever work again until there is single-payer, universal health care completely divorced from work. Then the boomers' experience might be valued, but till then, we are the doomed.

[23000Days]

AMEN to that!

[wdw505]

ok.......so you want others to pay your way.......wow

[Tulka2]

No, i want to work.

[Acidic]

open eyes

[golferman]

This thing of someone paying someone else way. Boy it sure sounds good. I'm 59 years old and everyone I know never wanted anybody to pay their way. That's all you have to say. I don't want to pay for you. We got the message now get lost. We all know how you feel now go back to your lonely little world you live in.

[Dingoangst]

I have impure thoughts about Ms. Warren.

[23000Days]

Oy got impure thoughts about yer avitar, mate.

[SiberianRat]

Me too--truth and intelligence turn me on.

[totalliberal]

We have real-estate laws ( regulators) that make sure people sell us properties that are free and clear of all leans. For some reason the Repubs think the people (banks/insurance co.) who handle our money don't need those regulators and should be trusted on their own. They have certainly been proven wrong. The problem is not the government (to paraphrase Reagan), it is the criminals who squandered our money for greed.

[LCLA]

Ben Franklin, one of our founding fathers, said in his Poor Richard's Almanac, "Neither a lender nor a borrow be."
There have been huge abuses by banks and the credit card industry. Some form of credit card bill of rights legislation needs to be passed.
But the other side of the equation is that many of us as consumers have also been greedy and unwilling to say no to virtually any buying impulse. We consumers must also shoulder our share of the burdens of change. Our financial gluttony must subside.
I charge a lot every month but pay it all off every month, rarely carrying a balance. The credit card industry does not call this responsible, They call it being a "deadbeat," because they don't get to collect fees from me. At the same time, the industry has made it almost impossible to live on cash alone.
I know many who will say, "That's all well and good for you, but I can't afford to do that." I say you can't afford NOT to do it. We have to learn to live within our means, however meager that may seem. I believe the government has a huge role to play in managing our economy, but personal responsibility must play an even larger role.

[LittlePurpleUSA]

"Neither a lender nor a borrow be."

I could have sworn that was Laertes to his son Horatio.

[Biffmeister]

Mr. Ed to Wilbur. Good advice regardless.

[Bush-Rolled]

Polonius advice to Laertes.

[navalvet]

Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine own self be true,
And it must follow, as the night the day,
Thou canst not then be false to any man.

[Tulka2]

When payday lenders charge 39% interest in Washington state whilst they prey upon the least of us....? It's kind of rough to blame the victims when there's that level of thuggish state legislature control. I think you will agree.

There's an article in this month's "Atlantic Monthly" and one of the blurbs on the article is, "In this economy, consumers are looking at their stuff and wondering, 'Why did I think I needed that?'".

Amen to that.

[23000Days]

Amen again, but LCLA's right; we is the enemy of us.

[rf-hawaii]

No.

Person responsibility is important. But our legal system has a long history of helping to keep citizens from getting into trouble too. Those aspects of the system have also been subverted by the crooks to hide their schemes.

Things need to be put back the way they were and protected from incursions in the future. It used to be possible to get a credit card or a home loan without worrying that the fine print was going to ruin your life -- because we have rules. We need to have rules again.

[InTheSouth]

I've been screaming for years about the absence of the usery laws. I am old enough to remember them when we had them. I hope we can get them reinstated on a federal level. This is common decency folks.

[wdw505]

just payoff your cards each month and don't worry about it

[rfshunt]

They day might come when you lose your job and you need a new roof and furnace and water heater - all around the same time.

And when you find yourself in financial straits because of that, I hope some fool tell you. "Hey, just pay off your bills at the end of the month and don't worry about it"

[Guitarjelly]

Yeah...but isn't it kind of scary that there are only 3 (!) companies that manage the credit of all persons in the U.S.? How are three companies free market? Its an oligopoly. Personal responsibility plays a huge part, but all the responsibility shouldn't be solely on the consumer. The responsibility that should be on the consumer is living within your means. I think we can all agree to that. And I think the responsibility on the credit card companies should be a fair rate and persons not subject to being screwed on their interest rate via "trick and trap". I think that seems like a fairly decent compromise.

[23000Days]

You're too young to know, or too republican to care. Which is it?

[rf-hawaii]

Many people had credit cards before the rules were changed. And now because of the unfair new rules these people will never be able to pay their cards off.

Sounds good to say don't get into trouble in the first place. In this case it was a trap. And many still think credit cards are safe, like they were 30 years ago. They're no longer safe.

As Elizabeth Warren just said, they are a trap set for the consumer.

[fscuttle]

The fact they didnt cover is that usery is illegal for everyone but the credit card companys.
If your aquaintence lends you some money and charges you 16 percent interest he can be sued for usery.A rate that would be considered low by credit card standards .

[wdw505]

21% is the limit in ohio

[bccmeteorites]

The credit card companies with their lobbyists and politicians in hand are GREEDY RACIST CHRONIC UNDERACHIEVING FRAUDS.

[dearl]

i think america need to re evaluate itself as a whole we are sound country but we we need to pull together as a team as an example putting a track in the middle of road with two buss bars one positive and negative and design this to recharge battery vehicles vehicles as we travel the roads.refit all vehicles wit batteries enough to travel 100 miles if we fit this in the road we can charge $ .10 a mile this eqauls to $2.00 a gallon and electrical motors are more efficient this would eliminate buying foreign oil saving $770 a billion a year.
this $.10 a dime is broke down in cost. $.02 or 2 cents to produce enough electrcity to operate a car one mile and recharge existing batteries. $.03 cents or 3 cents needed for upgrade and new construction $.05 or five cents for paying on social security and national dept.
a electrica motor 30 hp is equivelent to 90 hp gas due to efficencies of gas engine .a pria by toyota has a 67 kvh motor now that can operate a car for 100 miles. if there is a electric car lane that is designed to travel at higher speeds cause the car controls it. cadillac has 40 gig hd in vehicles now the volvo proved you can avoid a collision. this eliminate wrecks from text messaging and human error this ideas has allots of benefits. daniel

[fscuttle]

What does that have to do with usery and credit cards?You must be heavily invested in electric cars!

[wdw505]

nothing

[aofh]

That was the first time I've seen or heard Warren. I think she was absolutely marvelous, especially in pointing out the quiet transformation of thinking about regulating usuary that occured in the 70s. I hope we see more of her; she seems so much like the President to me. Adding her voice to his is a good step in getting us to change how we see and think about things. When those change, so will Congress.

[maigesheng]

She had a great interview on the daily Show a week or two ago,

Watch:

http://www.thedailyshow.com/video/index.jhtml?videoId=224261&title=elizabeth-warren-pt.-1

and Part 2

http://www.thedailyshow.com/video/index.jhtml?videoId=224262&title=elizabeth-warren-pt.-2

[unbozo]

This woman is a blessing. She is a shining example of what integrity and common decency looks like.

[Tulka2]

That is so true. She is a grown-up.

[ssfahrer]

It's about time we admitted that Jesus Christ FULFILLED the LAW OF GOD (including the usury law) so that it doesn't apply anymore. It is MOOT!
Warren talks about "rules"; the rules have been FULFILLED. The game is over. Admit it!

[Diogenes08]

Tin-foil hat alert...

[Disuberence]

lol

[wadenelson1]

Does "Love thy neighbor" permit one to charge him 20% interest on money borrowed from TARP at 0%?

Jesus would be the first one screaming "foul" at the moneychangers of today.

[Bush-Rolled]

24%

[wdw505]

what does religion have to do with interest

[23000Days]

WTF?

Are you listenig to yourself?

[olmossy]

The game is not over. We are no worse off than Thomas Paine, and Ben Franklin was in the 1770s.
We just need the new versions of Jefferson , and George Washington to step forward.

[jillaineb]

I think the Fox Nation is missing one of their wingnuts!

[Diogenes08]

I posted this link a few hours ago, but I don't think it ever appeared. It is to a Frontline episode from 2004 called "Secret History of the Credit Card". It deserves a viewing!

http://www.pbs.org/wgbh/pages/frontline/shows/credit/view/

Call your Congressperson. Demand that states be given the power to re-enact usury laws. If your state doesn't...move!

[nowarpleez]

This was a good interview. She is very smart. I would love for her to have a more influential role in Obama's administration.

[Geovan]

I could have really enjoyed economics and finance at college if she was my professor. She brings explains economic and moral principles and how they work on real world problems so well.