Tucker Carlson says Sanders, Ocasio-Cortez are 'indisputably right' on Loan Shark Prevention Act

Fox News host Tucker CarlsonTucker CarlsonIs the coronavirus igniting a war of all against all? 74 journalism professors accuse Fox News of spreading coronavirus misinformation Wake up, America, it's profits over people to some MORE on Friday night issued rare praise for Sen. Bernie SandersBernie SandersWisconsin Supreme Court blocks governor's effort to delay election The Hill's Campaign Report: Biden, Trump discuss coronavirus response; Wisconsin postpones elections Wisconsin governor postpones Tuesday's election over coronavirus MORE (I-Vt.) and Rep. Alexandria Ocasio-CortezAlexandria Ocasio-CortezWhat the coronavirus reveals about the race grievance industry Democrats struggle to keep up with Trump messaging on coronavirus Overnight Health Care: Global coronavirus cases top 1M | Cities across country in danger of becoming new hotspots | Trump to recommend certain Americans wear masks | Record 6.6M file jobless claims MORE (D-N.Y.), saying the progressive lawmakers were “absolutely, indisputably right” to tackle the payday loan industry.

Carlson, a frequent critic of both lawmakers, momentarily praised Sanders and Ocasio-Cortez on the Loan Shark Prevention Act, which proposes new restraints on predatory lenders.

“No doubt many Republicans in Congress will oppose this bill, if only because of who sponsored it. Bernie Sanders and Ocasio-Cortez are obviously demagogues,” Carlson said of the 2020 presidential candidate and first-term congresswoman.

“They don’t mean half of what they say. The other half they don’t really understand. They’re not impressive. But on this one issue, they are absolutely, indisputably right.”

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Ocasio-Cortez and Sanders on Thursday unveiled the measure, which would cap credit card interest rates at 15 percent, a notable reduction from current levels. 

Carlson noted that the act would dramatically help a significant number of people since the median interest rate on credit cards is 21.36 percent. According to CreditCards.com, the median interest rate a decade ago was 12.62 percent.

“Banks, meanwhile, can borrow money from the Federal Reserve at 3 percent interest,” Carlson said. “Do the math. It’s a very good business.”

The bill would also place the same 15 percent limit on consumer loans, effectively banning payday loans.

“There’s a reason why the world’s great religions condemn usury and why societies have restricted it for thousands of years,” Carlson said. “High interest rates exploit the weak. Credit card debt destroys people — not just chronically irresponsible people but good people, decent people.”

Carlson denounced bank operations as “disgusting” and “wrong.”

“So the real question is why did it fall to a couple of childish socialists to point this out?” Carlson asked, taking a dig at the two lawmakers.

The Fox News host went on to criticize Republicans in Congress for remaining on "autopilot, still siding with the big banks over their own voters" despite having supported similar legislation in the past. 

“It's a lunatic strategy. It won’t end well,” Tucker said. “What happens when you refuse to give people what they desperately need? They go elsewhere. Republicans should not be surprised when that happens.”