Thanks for the info Al, I love your willingness to share your experience and wisdom with us not so savvy investors. My past pattern has been to buy high and sell low, so I need all the help I can get.
I agree that banks can be outrageous regarding fees and interest, but Trymp setting an arbitrary 10% max would be harmful. Defaults are increasing, interest rates have been increasing (think that has stopped for the moment), and inflation is still high. The banks have to charge enough to not only cover basic expenses and some profit, but also bring in enough to cover defaults and to not be totally upside down in purchasing power when they are paid back . I don't like banks either, but we won't be helped if credit dries up and banks start failing.
Ha - buying high and selling low is how I learned what I know about investing today - it's called the school of hard knocks - an excellent teacher.
Thanks for the info Al, I love your willingness to share your experience and wisdom with us not so savvy investors. My past pattern has been to buy high and sell low, so I need all the help I can get.
Others will understand this better than I did.
I might write a more philosophical, less technical view of the whole thing today, for those who aren't investors, which you might like.
I agree that banks can be outrageous regarding fees and interest, but Trymp setting an arbitrary 10% max would be harmful. Defaults are increasing, interest rates have been increasing (think that has stopped for the moment), and inflation is still high. The banks have to charge enough to not only cover basic expenses and some profit, but also bring in enough to cover defaults and to not be totally upside down in purchasing power when they are paid back . I don't like banks either, but we won't be helped if credit dries up and banks start failing.
Price controls always end up hurting those it is supposed to help and a max interest rate is a price control just like a price controls on goods.