Bernie Sanders is Probably Not the Marketplace Lending Candidate of Choice
Perhaps 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 is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.