>>> TODAY SENATOR BERNIE SANDERS AND NEW YORK CONGRESSWOMAN
ALEXANDRIA OCASIO-CORTEZ ARE
INTRODUCING A NEW BILL TO HELP
AMERICANS DEAL WITH INCREASING
AMOUNTS OF DEBT.
ACCORDING TO THE FEDERAL
RESERVE, AS OF MARCH AMERICANS
HELD MORE THAN $1 TRILLION WORTH
OF CREDIT CARD DEBT, AND THE
AVERAGE INTEREST RATE ON THAT
DEBT IS 17.73%.
THAT’S ACCORDING TO
CREDITCARDS.com.
CREDITCARDS.com. THE BILL LOOKS TO CAP CREDIT
CARD INTEREST RATES AT 15%,
LAYING OUT HISTORICAL INTEREST
RATES AS A ROADMAP.
THEY ARE TAKING ON PAYDAY
LENDERS WHO CAN CHARGE -- READY
FOR THIS?
FOR THIS? BETWEEN 300% AND 900% INTEREST
RATES ON LOANS.
THE BILL CAPS THOSE AT 15% JUST
LIKE CREDIT CARDS.
IT ALSO ALLOWS LOW-INCOME
COMMUNITIES TO DO MUCH OF THEIR
BANKING AT THE POST OFFICE.
IT IS SOMETHING THAT MIGHT SOUND
A LITTLE STRANGE.
FROM THE EARLY 1900s UNTIL THE
EARLY 1960s, THAT’S EXACTLY WHAT
THE POST OFFICE DID.
SANDERS AND OCASIO-CORTEZ ARGUE
WOULD ALLOW LOW-INCOME ACCESS
AND PREVENT THEM FROM BECOMING
PREY.
PREY. >> JOINING US IS VERMONT SENATOR
AND 2020 DEMOCRATIC PRESIDENTIAL
CANDIDATE BERNIE SANDERS.
THANK YOU FOR BEING WITH US
AGAIN.
AGAIN. HERE IS A QUESTION STEPHANIE AND
I WERE TALKING ABOUT BEFORE WE
STARTED THE SEGMENT.
IF INTEREST RATES OTHERWISE ARE
SET BY THE MARKET, WHY HAVE YOU
DECIDED A 15% CAP IS WHERE TO
GO?
GO? WHAT HAPPENS IF WE GET INTO A
WORLD WHERE INTEREST RATES FOR
MORTGAGES AND OTHERWISE ARE
HIGHER?
HIGHER? SHOULDN’T IT BE SORT OF A RANGE
THAT’S RELATED TO SOMETHING LIKE
THE PRIME RATE?
>> WELL, FIRST OF ALL, ALI, WHAT
WE SHOULD UNDERSTAND AND WHAT
MAKES WHAT BANKS ARE DOING TODAY
SO OUTRAGEOUS IS THEY ARE
BORROWING MONEY AT 2.5% AND HALF
OF THE PEOPLE WHO ARE PAYING
INTEREST RATES ARE PAYING MORE
ON CREDIT CARDS, ARE PAYING MORE
THAN 21%.
THAN 21%. SO IF YOUR POINT IS THAT IF
INTEREST RATES GO UP, MIGHT THE
MAXIMUM GO UP?
THAT IS ALSO INCLUDED IN THE
LEGISLATION.
LEGISLATION. >> GOT IT.
OKAY.
OKAY. ALL RIGHT.
ALL RIGHT. SO WHAT THIS WOULD DO, AS YOU
JUST ARTICULATED, IS IT WOULD
CUT SHARPLY INTO PROFITS FOR
LENDERS, THE BANKS THAT MAKE
THESE LOANS AND ISSUE THESE
CREDIT CARDS.
CREDIT CARDS. DO YOU HAVE CONCERN THAT BECAUSE
OF THAT THE BANKING LOBBY IS
VERY, VERY STRONG AND THEY
INFLUENCE A LOT OF YOUR
COLLEAGUES, AS YOU HAVE KNOWN
FOR THE LAST FEW DECADES?
>> DO I HAVE CONCERNS ABOUT
THAT?
THAT? WELL, THAT’S KIND OF AN
UNDERSTATEMENT.
UNDERSTATEMENT. LOOK, YOU GOT WALL STREET AND
THE DRUG COMPANIES AND THE
INSURANCE COMPANIES BASICALLY
RUNNING THE UNITED STATES
CONGRESS.
CONGRESS. THAT’S WHY THE RICH ARE GETTING
RICHER AND SO MANY PEOPLE ARE
STRUGGLING.
STRUGGLING. BUT I THINK HERE -- AND I MEAN
THIS FROM THE BOTTOM OF MY
HEART, YOU HAVE A PROFOUND MORAL
ISSUE.
ISSUE. EVERY MAJOR RELIGION,
CHRISTIANITY, JUDAISM, ISLAM,
EVERY RELIGION UNDERSTANDS THAT
USURY AND LOAN SHARKING ARE
IMMORAL.
IMMORAL. LET’S CALL THIS WHAT IT IS.
THIS IS LOAN SHARKING.
NOW, I DON’T KNOW THAT THE
WELL-PAID EXECUTIVES ON WALL
STREET GO AROUND BREAKING
PEOPLE’S FINGERS OR THEIR
KNEECAPS, BUT WHAT THEY ARE
DOING -- AND THINK ABOUT THIS.
HALF OF THE AMERICAN PEOPLE
TODAY HAVE NO WEALTH AT ALL.
THEY’RE LIVING PAYCHECK TO
PAYCHECK.
PAYCHECK. YOU HAVE A MEDICAL EMERGENCY,
YOUR CAR BREAKS DOWN, THESE ARE
DESPERATE PEOPLE.
DESPERATE PEOPLE. AND THEN THEY GO TO WALL STREET
AND THEY’RE CHARGED OUTRAGEOUS
INTEREST RATES.
INTEREST RATES. WALL STREET PROFITS ARE SOARING.
PEOPLE GET FURTHER AND FURTHER
IN DEBT WHILE WAGES REMAIN
STAGNANT.
STAGNANT. THIS REALLY IS DISGUSTING AND IT
HAS TO -- WE HAVE TO STAND UP TO
THE GREED OF WALL STREET AND
CHANGE IT.
CHANGE IT. >> IS THERE ANY AVENUE TO WORK
IN A PRODUCTIVE WAY -- AND THE
REASON I SAY THIS IS BECAUSE
PAYDAY LENDING IS THE BEST
EXAMPLE.
EXAMPLE. WE SAW GREAT STRIDES TO PROTECT
OUR MOST VULNERABLE AMERICANS
AGAINST PAYDAY LENDERS IN THE
LAST FEW YEARS.
>> UNDER THE CONSUMER PROTECTION
BUREAU.
BUREAU. >> CORRECT.
>> CORRECT. AND NOW THE CONSUMER PROTECTION
BUREAU HAS HAD ITS LIGHTS
KNOCKED OUT.
KNOCKED OUT. >> RIGHT.
>> RIGHT. >> AND WE KNOW HOW POWERFUL AND
WELL ITTY THE
WEALTHY THE LOBBY OF IS PAYDAY
LENDERS.
LENDERS. OBVIOUSLY THE VULNERABLE
AMERICANS CAN’T GO UP AGAINST
THAT KIND OF LOBBY.
>> RIGHT.
>> RIGHT. >> SO IS THERE SOME SORT OF WAY
TO WORK WITH BANKS ON FINDING A
COMMON GROUND?
COMMON GROUND? BECAUSE THE RISK WE RUN IS
FLIP-FLOPPING ADMINISTRATIONS
FLIP-FLOPPING ADMINISTRATIONS JUST GOING ALL THE WAY ONE
DIRECTION OR THE OTHER.
BECAUSE FOR THOSE VULNERABLE
AMERICANS IT IS DEVASTATING THAT
WE’RE RIGHT BACK TO WHERE WE
WERE BEFORE 2008 AS FAR AS
REGULATION GOES.
REGULATION GOES. >> IT IS DEVASTATING AND IT
IS -- YOU KNOW, I CAN’T USE THE
WORD OUTRAGEOUS WHEN WE TALK
ABOUT THE TRUMP ADMINISTRATION.
I GUESS THAT’S BECOME A
HACKNEYED EXPRESSION.
HACKNEYED EXPRESSION. IT HAPPENS EVERY DAY.
BUT TO MAKE IT EASIER FOR PAYDAY
LENDERS TO GET BLOOD OUT OF A
STONE IS REALLY DISGRACEFUL.
CAN YOU WORK WITH THE BANKS?
MAYBE, BUT I HAVE MY DOUBTS.
LOOK, THIS IS WHAT I BELIEVE AND
I THINK MANY AMERICANS AGREE,
WHETHER IT IS WALL STREET,
WHETHER IT IS THE PHARMACEUTICAL
INDUSTRY WHERE THE TOP TEN
COMPANIES MADE 69 BILLION IN
PROFITS LAST YEAR WHILE CHARGING
US THE HIGHEST PRICES IN THE
WORLD.
WORLD. WHETHER IT IS THE INSURANCE
COMPANIES WHO ARE GOING TO END
UP SPENDING 100 MILLIONS OF
DOLLARS TRYING TO DEFEAT
MEDICARE FOR ALL.
WHETHER IT IS THE FOSSIL FUEL
INDUSTRY THAT’S DESTROYING THE
PLANET AND LYING ABOUT IT.
WE ARE TAKING ON AN INCREDIBLE
AMOUNT OF CORPORATE GREED,
UNLIMITED AMOUNTS OF MONEY,
LOBBYING POWER, CAMPAIGN
CONTRIBUTIONS.
CONTRIBUTIONS. WHAT THE AMERICAN PEOPLE REALLY
HAVE GOT TO DO -- THIS IS NOT
RHETORIC.
RHETORIC. THIS IS REALITY.
THEY HAVE TO STAND UP AND SAY
ENOUGH IS ENOUGH.
WE NEED AN ECONOMY THAT WORKS
FOR ALL PEOPLE, NOT JUST THE
PEOPLE ON TOP.
>> SENATOR, WE JUST TALKED TO
CONGRESSMAN MOLTON ABOUT HEALTH
CARE.
CARE. HE DOESN’T SUPPORT A MEDICARE
FOR ALL OR A VERSION OF A
SINGLE-PAYER SYSTEM.
SINGLE-PAYER SYSTEM. AS YOU AND I HAVE TALKED ABOUT
BEFORE, I GREW UP IN CANADA SO I
AM PARTIAL TO A SINGLE-PAYER
SYSTEM.
SYSTEM. BUT I WONDER WITH MEDICARE FOR
ALL, WHY DO YOU THINK IT
WOULDN’T HAVE BEEN MORE
REASONABLE TO RETOOL THE
AFFORDABLE ACT TO WORK AS IT WAS
INITIALLY CONCEIVED BUT NOT
EXECUTED, AS AN INSURANCE POOL
WHERE EVERYBODY IS IN IT, OLD
AND SICK, YOUNG AND HEALTHY,
WITH THE YOUNG AND HEALTHY
OFFSETTING THE COSTS FOR THE OLD
AND SICK?
AND SICK? TALK TO ME ABOUT THE THINKING
ABOUT WHY NOT RETOOL THAT BUT GO
TO A MEDICARE FOR ALL SYSTEM.
>> BECAUSE YOU HAVE A
DYSFUNCTIONAL SYSTEM.
DYSFUNCTIONAL SYSTEM. THAT’S ALL.
THAT’S ALL. IT IS A DISFINKSALYSFUNCTIONAL S
WHICH, YOU KNOW, TENS OF
MILLIONS ARE UNINSURED OR
UNDERINSURED.
UNDERINSURED. WE PAY THE HIGHEST PRICES IN THE
WORLD FOR PRESCRIPTION DRUGS AND
WE END UP SPENDING TWICE AS MUCH
PER CAPITA ON HEALTH CARE AS DO
THE PEOPLE OF CANADA OR ANY
OTHER NATION.
OTHER NATION. YOU HAVE TO GET TO THE ROOT OF
THAT.
THAT. THE ROOT OF THE CURRENT HEALTH
CARE SYSTEM IS THAT IT IS NOT
DESIGNED TO PROVIDE QUALITY CARE
TO ALL PEOPLE.
YOU CAN ARGUE ABOUT THE
STRENGTHS AND WEAKNESSES OF THE
CANADIAN SYSTEM OR EVERY OTHER
MAJOR COUNTRY ON EARTH’S
SYSTEMS, BUT THEY’RE ALL
DESIGNED TO PROVIDE QUALITY CARE
TO ALL PEOPLE.
OUR SYSTEM IS DESIGNED TO MAKE
HUGE PROFITS FOR THE INSURANCE
COMPANIES AND THE DRUG
COMPANIES.
COMPANIES. NOT ONLY IS THAT PROBLEMATIC, IT
CREATES AN UNBELIEVABLY
COMPLICATED BUREAUCRACY WHERE WE
SPEND HUNDREDS OF BILLIONS OF
DOLLARS ON ADMINISTRATION AND
BILLING AND DISTORTING HEALTH
CARE PRIORITIES, SUCH THAT WE
HAVE A VERY WEAK PRIMARY HEALTH
CARE SYSTEM WHICH NOT ONLY IS
ABSOLUTE IMPERATIVE, IT WASTES
ENORMOUS MONEY IF PEOPLE CAN’T
WALK IN A DOCTOR’S OFFICE WHEN
THEY SHOULD.
THEY SHOULD. THE PRIORITIES ARE DISTORTED.
MASSIVE AMOUNTS OF BUREAUCRACY,
MASSIVE AMOUNTS OF PROFIT
TAKING, AND THAT SYSTEM HAS TO
CHANGE.
CHANGE. BY THE WAY, I WOULD ADD TO IT.
MEDICARE TODAY FOR THE ELDERLY
IS THE MOST POPULAR HEALTH
INSURANCE PROGRAM IN AMERICA.
WHAT WE ARE PROPOSING IS OVER A