Letter: Credit-card stocks

I called two nationwide investment firms and posed this question. Can I put a stock purchase on my credit card? Neither said no. That is insane. At 12% average interest and 5% in commissions and fees it would take a 17% gain just to break even. In 1999, during the Clinton administration, Glass-Steagall was repealed, allowing commercial banks to invest in securities. That mistake caused the 2008 crash due to the banks borrowing the money to invest, and using depositors' money, creating a fear of runs on the banks. Allowing stocks to be purchased on credit cards could cause a mini-2008 as the ‘investors’ would not be able to keep up with the high payments for the purchase. And there will be no government bail-out to save them. Big mistake.