On credit card and food price gouging, Trump is carrying out Elizabeth Warren and AOC policy mandates. 
Credit Card Interest Rates by Command
Truth Social: Please be informed that we will no longer let the American Public be “ripped off” by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration. AFFORDABILITY! Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%. Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN! PRESIDENT DONALD J. TRUMP
Understanding Credit Card Risk
It is unclear whether credit card companies will comply. What is clear is Trump has no legal authority to make this demand.
But if credit companies comply with this illegal order, rates will drop, but so will availability of credit.
Credit is priced by risk. Credit card companies will not take losses just to please the would-be dictator making these economically-illiterate demands.
Banks Respond to Proposed Cap on Credit Card Interest Rates
The Bank Policy Institute writes Banks Respond to Proposed Cap on Credit Card Interest Rates
“We share the President’s goal of helping Americans access more affordable credit. At the same time, evidence shows that a 10% interest rate cap would reduce credit availability and be devastating for millions of American families and small business owners who rely on and value their credit cards, the very consumers this proposal intends to help. If enacted, this cap would only drive consumers toward less regulated, more costly alternatives. We look forward to working with the administration to ensure Americans have access to the credit they need.”
You might think that banks are operating in their own self interests. And you would be correct.
However, their response is accurate. Banks will curtail credit rather than take losses.
The credit card industry is very competitive. People can shop around for the best rates and transfer balances. That would end.
Trump Sounds Like Biden and Kamala Harris on Price Gouging
Mercy! Check This Out
Trump Truth Detail Link: I have asked the DOJ to immediately begin an investigation into the Meat Packing Companies who are driving up the price of Beef through Illicit Collusion, Price Fixing, and Price Manipulation. We will always protect our American Ranchers, and they are being blamed for what is being done by Majority Foreign Owned Meat Packers, who artificially inflate prices, and jeopardize the security of our Nation’s food supply. Action must be taken immediately to protect Consumers, combat Illegal Monopolies, and ensure these Corporations are not criminally profiting at the expense of the American People. I am asking the DOJ to act expeditiously. Thank you for your attention to this matter!
On November 8, 2025, I commented Hoot of the Day: Trump Sounds Like Biden and Kamala Harris on Price Gouging
Who Does Trump Sound like?
- Joe Biden – November 17, 2021: In a Hypocritical Letter to the FTC, Biden Accuses Oil Companies of Illegal Price Gouging
- Nancy Pelosi – May 12, 2022: House Speaker Pelosi Seeks Price Controls and a Ban on ‘Excessive’ Gasoline Prices
- Bernie Sanders, AOC, and Trump – September 23, 2024: Trump Proposes a Cap on Credit Card Interest, So Do AOC and Bernie
- Kamala Harris – September 27, 2024: Ridiculous Answers from Harris and Trump Regarding Food Costs
- Elizabeth Warren – April 15, 2025: Trump’s FTC Head Talks Just Like Elizabeth Warren
Communist Price Controls
Please recall my August 26, 2024 post The Ridiculous Grocery Gouging Discussion vs the One We Should Have
The Harris campaign’s proposal, unveiled as part of her first big economic policy speech, has become a focal point for her presidential rival, Donald Trump, and fellow Republicans, who claim she’s pushing “communist price controls.”
While much in Harris’ price gouging plan remains vague, a central piece is simply a call for Congress to pass the first-ever federal ban on price gouging in the food and grocery sectors, which largely mirrors legislation reintroduced by Sen. Elizabeth Warren (D-Mass.) earlier this year.
Understanding the Cult
Trump now is leading the pack on price gouging investigations and declaring interest rates by executive order.
MAGA was against these ideas when Warren and AOC wanted them. Now, like lemmings following Trump over a cliff, MAGA supports them.
At least Warren wanted to curtail credit card rates by passing a law. Trump wants to do it by communist mandate.
Trump was right to label these “communist price controls.” But now that he wants them, the cult is fully supportive.
What’s next? Rent control?
“Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%. …”
Sioux Falls will riot.
the only amerikan exceptionalism is the fact that the framers created an empire while permitting folks to vote in a democratic republic with a constitution. hasn’t stopped the original goal of imperial world wide plunder. the snatching of native lands and the concentration camps we call reservations. the war to steal on the cheap the mexican land. that was gangster price paid. trump is just the product of this……….and perhaps he’ll be our nero. the last before we bust up. i’m just always surprised and have to LOL for decades at how ignorant and arrogant amerikans are to this. the pearl clutching at trump or genocide joe is a special bonus for hilarity. why would anyone in amerika think our evil empire won’t end the way the many previous evil empires ended. bombs away with donald
What happened to removing regulations on businesses?
Now American business have to re-locate their factories home to a higher priced raw materials environment where labor, power and insurance is far more expensive.
Seems smarter for multi-nationals to forgo the US market and sell to the rest of the world like China is.
Who knows when Trump is going to nationalize corporate assets or mining interests for national insecurity.
Sheesh!
Almost forgot…. EPSTEIN FILES!
Why is congress conspiring to protect pedophiles?
very simple. because many of their members and the high command like bill clinton……. and their financial supporters are pedophiles who raped young people at epsteins island and manhattan and NM locations………..
Yes, that is the Faustian deal that he business class has been making with Trump’s populism. Once you accept arbitrary tariffs and taxation done without Congress, once you accept the executive power meddling on monetary policy, you need to accept where this road ultimately leads to: Assets nationalization.
Those who think popularism will play differently in the US than it did anywhere else, are in for a huge surprise. And to be clean, so far American populism has played exactly the same as anywhere else.
Excellent point
Thanks
It would be more helpful if he would adjust the attraction and acceleration of gravity.
Think of the energy savings, just for starters.
You can’t make this stuff up.
Mike right on about blind followers in maga AKA cult of personality
If you don’t like high interest rates don’t use credit cards
there is not a man alive who could pass a blind test on who controlled executive, and congress for the past 65 years. EXCEPT ABORTION RIGHTS. it’s impossible. it is one big uniparty. they just fight over the trough for the spoils.
Non-political aside – don’t imply falsehoods about lemmings. Going for a swim is self-preservation.
https://www.adfg.alaska.gov/index.cfm?adfg=wildlifenews.view_article&articles_id=56
Perhaps Trump is looking at the increase in consumer debt, now double what it was in 2008-10. (see here- https://fred.stlouisfed.org/series/TOTALSL/ )
Perhaps he realizes when the next recession hits, how many people will be bankrupted, homeless, and starving.
Currently banks are charging off 4.2% of credit card debt.
Yes, the way to control consumer debt is by pressuring the fed to lower interest rates further and capping interest rates on credit cards by decree.
That is exactly how it is done.
Been there. Done that.
https://www.oacp.ca/en/news/police-are-sounding-the-alarm-on-the-government-s-interest-rate-cap.aspx
The bigger news was Trump ordering Fannie/Freddie to purchase $200 billion in mortgage backed securities.
I didn’t realize he had that authority.
In response, mortgage rates dropped Friday to their lowest level in more than 3 years.
Agree. This is much more important. Simply put, Trump has added $200 billion to the public sector balance sheet. He really seems to be scared that the affordability crisis will end up with him being impeached a third time.
Now he just has to make home prices go down.
Stable genius
…President Donald Trump continued his threats towards Greenland on Friday, as he insisted that if the United States did not act Russia or China could occupy it in the future.
Trump said that if he is unable to make a deal to acquire the territory “the easy way,” then he will have to “do it the hard way.”
“We are going to do something in Greenland, whether they like it or not, because if we don’t do it, Russia or China will take over Greenland, and we’re not going to have Russia or China as a neighbor,” Trump told reporters at the White House….
and the effn’ pathetic GOP insists its all an effort at “humor”
What country does this senile brain dead moron think borders Alaska?
Make the interest rates negative and I might consider getting one.
If capping interest rates by decree is such a great idea, why do it for just one year? Why not 10? why not 100? And why cap it at 10%? even better, cap it at 1%.
This is stuff straight out of Maduro’s Venezuela.
Is it really any different to Biden’s student loan program?
In principle is the same, just a lot broader and even more consequential to the overall economy.
That is why I say that this view of “Left vs. Right” in the US is completely outdated.
left v right in pax dumbfuckistan is idiotic since at least nixon.
Orange Julius has now lost the few marbles he had left and is slipping into fantasland to protect his fragile ego.
Unfortunately America is losing much more economically, strategically, and morally.
Not much winning, but a-lot of losing
FYI, America has been ‘losing’ since the 1970s when other countries recovered from WW2 devastation and began to compete with the US. Maybe it was even earlier when Camelot died.
easy to peg the high. 1945 to 1965. taking silver out of the dollars, half dollars and quarters and dimes, was the obvious height. same as all other empires that devalue the coin of the realm.
Trump is right. Lower those rates. This is blatant theft.
When did you start thinking like Elizabeth Warren?
Why can’t you read what will happen?
If Trump told you to eat shit, would you do it?
Looking beyond the hyperbole, how does one bring down credit card interest rates when the risk of default is increasing?
Answer, you ration credit or have higher standards, or you have different rates based on risk level.
Or you subsidize bad credit with government welfare
they would of course. i always said in pax dumbfuckistan if the government told the middlebrows to eat their own feces for patriotic reasons, many of them would just say, “sir, yes, sir”. pathetic employee class of rubes a step up from the old czarist serfs.
I’m on the fence with Trump, I think he has done some good things but I also think he is like a Bull in a China shop with some of his Policies. I’m not American, I would be a Republican but I have also always said, WHY, WHY, did he come back!!
Anyways, I would chalk one of his latest idea’s as a Great policy, especially for this generation and that policy is get Wall Street out of the Single Family Housing purchasing business.
https://www.yahoo.com/news/articles/trump-calls-ban-wall-street-035751313.html
Trump might actually be doing those credit card users a favor.
I’ve never paid a penny in credit card interest charges, and only use them if there’s not other way to pay. If you need a loan, apply at your bank. If they say no, you need to ask yourself how wise it is to do an end run around their decision.
Rates of 29% exceed rates which historically were the threshold to charges of usury and loan-sharking. This only changed in the late seventies (in Delaware) and early eighties: Joe Biden was instrumental in carrying water for such financial trusts.
A desperate attempt to regain support after his gestopo storm troopers killed a citizen. Pathetic.
No fair copying off others on the previous comment thread.
No clue what you’re talking about. If my comment is the same as someone else’s in a previous comment thread then great minds think alike.
Yup – gotta distract the peasantry.
Seems that whatever il duce dislikes becomes outlawed.
I happen to agree that credit rates are ludicrous. I haven’t paid a nickel in interest since deductibility ended. And I’d add that avoiding debt is good self-discipline in principle. But–does il duce next decree that Americans shouldn’t succumb to consumer debt, and therefore cannot, because he maybe doesn’t like it?
This admin is off the deep end of self-indulgence. Worst of all, I voted for the c’sucker.
I used to think Cyrano’s reciting of court news was only satire. No longer. The makers of grape marmalade had better watch out.
honest sucker. good for you.
Trump knows that this is complete nonsense. But his base has become addicted to nonsense, and he needs to feed it with ever bigger doses of nonsense.
Donald Trump seems to want to be the new Nixon.
Out of all the presidential Halloween masks ever sold Nixon’s has always been the best seller, more than all of the others – combined.
Would you buy a used car from this mask?
A promise soon to be broken with all the others.
The.credit card monopoly needs to be broken up per antitrust laws already on the books for 100 years.
What credit card monopoly? Visa and Mastercard? Those are payment processors. The credit cards are offered by banks and finance companies and last I looked there are hundreds of them operating in the credit card space. There’s nowhere near a monopoly in credit cards.
The top 10 issuers have 80% of the market. They set the rates and the others can follow or not but if their market share is small, say a regional S&L with lower rates, it won’t matter at all. The top 10, if I believe their annual reports, are enjoying what we call “supernormal profits” in economic terms.
Super normal profits would tend to indicate a robust economy since people are serving their cards rather than defaulting which means they have solid income.
the banks that own the FEDERAL reserve of NY, also have the greatest scam. pedal to the metal and when they go teats up, get the amerikan taxpayer to bail them out. a great swindle.
It’s only working because minimum required payments are low.
Isn’t this going to make credit cards much harder to get?
The interest rate is ultimately driven by risk. The numbers he’s talking about means your credit rating is so high you don’t ‘need’ a credit card.
Can’t imagine banks are happy about this.
Short-term, politically motivated, market manipulation attempts by taco to save face and his plummeting ratings.
Command economy
Now Trump will have to tackle student debt. How, I have no idea. It started out as a noble idea I guess but turned into a monster. Reminds me of the various social programs.
Just let people discharge student loan debt in a bankruptcy.
Unfortunately that leaves the people who paid back the loans in a pickle and doesn’t mothing to prevent schools from charging ridiculous prices for tuition. I am open to ideas but I feel something must be done or maybe not.
1. Letting today’s borrowers write loans off shouldn’t affect former borrowers who paid their loans back. That logic reminds me of getting chastised as a kid for not eating all my supper because “there are starving kids in Africa.” Sure, it is “not fair,” but like with social security, we as citizens have to find a way out of the trap.
2. It absolutely will control tuition growth. If students can write off loans, banks will exercise more discretion in who gets loans, meaning less supply for schools, meaning they will have to lower price so students don’t have to borrow as much. And stupid degree programs for which there is little to no job market will go the way of the dodo bird.
Let the teachers union pension funds buy the loans.
I like that!
Let me know when that’s about to pass. I will quickly take out a multi million dollar student loan 🙂
big boy real estate investors live by the motto, heads i win, tails the bank loses.
My approach to student debt would be to prosecute the “educational institutions” for fraud, and recover the debt from them. They knew very well that they were teaching rubbish, and that the people they deceived would not benefit by believing their nonsense.
This fraud hits working-class people who are trying to better themselves the hardest. Middle-class people usually know enough to be able to steer their kids away from the worst nonsense. Working-class people have to trust to the good faith of the “educational institutions,” and it is too late by the time they find out that “educators” are largely just grifters.
If your parents didn’t go to college they aren’t much help in choosing what is a good major and which ones to avoid.
A big difference between Warren & Trump is that Warren wanted curbs on banks not only passed by law, but administered through the professional staff of the Consumer Financial Protection Agency, which could dig into the nuances of bank practices, give both sides a hearing, and be subject to legal challenge.
I would also observe that much of bank profits in the consumer space comes from taking advantage of consumer inertia and inattention (e.g. ~0.01% savings and CD rates from several money center banks, overdraft fees substantially exceeding processing fees, etc.) Curbing such practices without undermining the soundness of the banking system was a goal of Warren, but headlines are the goal of Trump.
As a working person I appreciate what Herr Trump and the National Socialist Workers’ Party is doing for me.
Es ist gute, ja? Where there is darkness, they bring light.
Question. Is it Herr Taco or Comrade Taco?
oligopoly/ŏl″ĭ-gŏp′ə-lē, ō″lĭ-/noun
trump is failing and he knows it. Desperate for anything to boost his approval rating.
Iran bombings and current uprising there, Venezuela arrrests and perfect execution, destruction of drug cartel boats, and successful boarding and seizure of sanctioned oil. Wildly unpopular…with a certain crowd.
Americans. Pigs aren’t Americans… Pigs are Nazis.
What does he need an approval rating for? He’s in his 2nd term and won’t be running again.
Sad to see it