Bernie Sanders is Probably Not the Marketplace Lending Candidate of Choice

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Bernie Sanders 2016Perhaps the fastest way for Americans to become deBanked is to elect Bernie Sanders as President. In a proposal he laid out on Tuesday, Sanders pledged to break up commercial banks, shadow banks and insurance companies that he believes are “Too-Big-to-Fail.” While not everyone would be especially sad to see something like that happen, there’s a whole bunch of other reasons Sanders might not be the marketplace lending candidate of choice.

Here’s a summary of what he said:

  • The Business Model on Wall Street is Fraud.
  • All consumer loans should have an interest rate cap of 15%.
  • Lenders who charge more than 15% are awaited in the Seventh Circle of Hell.
  • Quote: “Today, we don’t need the hellfire and the pitch forks, we don’t need the rivers of boiling blood, but we do need a national usury law.”
  • Big banks need to stop acting like loan sharks and start acting like responsible lenders.
  • Post offices should become government banks so that free market lenders will go out of business.

While Sanders admittedly said we don’t need the rivers of boiling blood, a large portion of lenders, marketplace lenders included, apparently have a special place in hell reserved for them. His over the top statements come on the heels of a gaffe, in which he revealed very publicly on twitter his ignorance over how loan underwriting actually works.

Will you be voting for Bernie Sanders this primary season?

Last modified: January 6, 2016
Sean Murray

Category: Business Lending

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