Thursday, July 24, 2008
Congress repealed the law against usury. It was done in 1980 by a Democratic Congress, Democratic President.
Moyers: Usury? Greider: Usury, to be clear about it, is rich people taking advantage of poor people by lending them money on terms that are sure to make them fail. All three of the great religions, Judaism, Christianity, Islam, had a moral prohibition against usury because they recognized that society can't function like that. People of great wealth and their institutions like banks naturally have the power to overwhelm people of lesser means. And you can't allow that in a decent society. It won't survive. Moyers: Where were the gatekeepers? Where were the watchdogs? Why did it take the Fed so long to put an end to predatory practices? Greider: To make the story overly crude, Congress repealed the law against usury.