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AOC And Bernie Join Forces To Take Down Greedy Wall Street Banks - YouTube
Channel: The Ring of Fire
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On Thursday it was announced that representative
Alexandria Ocasio-Cortez and Senator Bernie
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Sanders had teamed up basically forming a,
you know, this political superstar team.
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They've teamed up and come up with legislation
to take down Wall Street greed.
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Specifically.
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This legislation is going to cap credit card
interest rates at 15% and among other things
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it would also help lay the foundation to create
postal banking here in the United States.
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And it's that second part actually the postal
banking thing that is drawing a lot of criticism
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from Republicans.
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Now I'm going to get to that in just a moment,
but let's talk about the credit card interest
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rate problem we have in the United States
today.
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Currently there is $1 trillion in credit card
debt held among American citizens.
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You have a, we actually, the banking industry
brought in 113 billion in interest and fees
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from credit cards just last year, which is
up 35% from 2012 the 15% cap would actually
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be the same as the one congress imposed on
credit unions in 1980 so this is not without
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precedent.
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It is something Congress has done before and
can do again.
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But when we have banks lending out, credit
cards are these financial institutions, capital
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one chase, Bank of America, Mastercard, whoever
they are, they're making over a hundred billion
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dollars a year just on the interest, then
yes, something's wrong.
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And I know that's a huge source of profits
for them.
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And banks have to make money to stay in business,
but consider this rates have been rising fastest
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for those with lowest credit scores here in
the United States.
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Right now, the median interest rate is currently
21.36% as of last week.
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Um, but for borrowers with high credit scores,
the average rate is 17.73% but a year ago
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that was actually 16.71% so we've gone up
a full percentage point for people with great
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credit in the last 12 months.
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For those with poor credit scores, the average
is now 24.99% whereas it was 23.77% just one
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year ago.
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Interest rates are climbing astronomically
even for people with good credit, and they
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want to cap this at 15% which is actually
well below the average interest rate for people
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with awesome credit.
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So this is something it's actually going to
help everybody.
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You know, even people with a lot of money,
people who make decent money.
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This isn't just all we're giving a handout
to the port.
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No, this is, we're going to help everyone
across the board because that's what we do
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as a country.
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Yes, it's going to benefit low income people,
people with bad credit scores a little bit
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more.
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But everybody deserves this.
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And you know why Bernie Sanders pointed this
out because just a years ago, we handed those
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banks billions upon billions of our tax dollars
to help them stay afloat.
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And now it's time that they help us average
American citizens stay afloat.
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That's what needs to happen.
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It's time for them to reciprocate.
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Oh, we did everything they wanted for so long.
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Well, guess what?
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Time to pay up and you're going to pay up
in the form of reducing how much we pay.
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You're still going to make billions upon billions
of dollars in interest.
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It's just not going to be as much as you were
used to.
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Now onto the postal banking thing, as I mentioned,
that is the one where a lot of conservatives
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who don't know any better had been lashing
out and they're not lashing out at Bernie
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there.
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Instead choosing to go after AOC because I
think going after her, you know, is low hanging
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fruit.
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You've got Dinesh D'Souza out there.
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The a former felon by the way, who says typical
stupidity from AOC.
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Dinesh D'Souza, by the way, is one of the
dumbest human beings that anybody could ever
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encounter in life.
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AOC is not a stupid person.
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She is incredibly intelligent and I'm actually
sick and tired of seeing Republicans try to
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tear her down by saying she's stupid.
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She frightens them.
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She terrifies them because she is intelligent
and on the issue of postal banking, we actually
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had it in the United States for roughly 50
years.
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Starting towards the beginning of the 20th
century.
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Just fell out of favor wasn't actually necessary
as more bank spread a cost or across the country.
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But now that banks are consolidating, you
know you got bigger banks gobbling up these
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smaller banks.
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Now it is necessary.
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You have every checking account under the
sun.
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Now the charges you a monthly fee, low income
Americans can't afford that just to have a
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checking account.
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So they go without, if they want to send somebody
a check or write a check, they've got to take
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their money to some kind of place where they
can get a money order, a cashier's check because
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they can't afford checking.
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And so AOC and Bernie wrote into this legislation,
let's do postal banking like we used to in
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this country.
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And more importantly, like a lot of western
countries already do.
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But no Republicans would rather insult AOC
call her names than actually address the problem
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because that is what is happening on social
media right now.
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They have no actual argument.
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So instead they result to childish name calling,
much like the president himself.
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There is nothing bad about this legislation
that they put forward yesterday.
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And the biggest problem is that Republicans
in Congress are going to vote it down just
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because they don't like Bernie and AOC and
of course, because they still want that money
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coming from the big banks.
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