Montana

Montana Viewpoint: Money for nothing

Published

2 months ago

December 2, 2025

Jim Elliott

Just before the official days of excessive purchasing named Black Friday, and Cyber Monday which follow immediately on the heels of the National Day of Gluttony, Turkey Thursday, I received a new credit card.

Just for giggles, I thought I’d read the fine print. The rate of interest would be 14.99 percent. “Didn’t Jesus throw the money lenders out of the Temple?” I thought. The late fee would be 29.99 percent and would apply to future purchasers at the discretion of the bank. I then thought of a friendly fellow I knew who was originally from Chicago. “What did you do there?” I asked him once. He smiled, and said, “I was in collections.” I wondered if he had worked for a bank or some other organization.

Where did these high credit card rates come from? Long ago there were state laws that prohibited usury, which is the charging of excessive interest on loans. When did that all change?

In the United State that date would be February 6, 1980, when a bill to abolish the South Dakota usury laws passed that state’s legislature. In the 1970s inflation was running at about 20 percent and to tame the trend, Paul Volker, the Chairman of the Federal Reserve Bank had allowed the rate at which the Fed loaned money to banks to rise to 20 percent. In South Dakota and elsewhere in the 1970s farmers were having a very hard time of it for many reasons and needed to borrow money from banks just to survive. But South Dakota banks were not about to lend out money at the legal maximum rate of 12 percent when they had to pay 20 percent interest just to borrow the money from the Federal Reserve.

In a related issue, in 1978 Marquette Bank of Minneapolis was having their credit card business undermined by First National Bank of Omaha, which was issuing credit cards to Minnesota residents at 18 percent interest which was the top usury rate in Nebraska but with no annual fee. Marquette was issuing credit cards at the 12 percent maximum interest rate imposed by Minnesota, but they did charge an annual fee. They were losing business to the Nebraska bank. Marquette went to court, arguing that Nebraska banks could not charge a rate of interest in Minnesota that was higher than Minnesota banks could charge in their own state. Marquette lost. In a unanimous opinion the Supreme Court ruled that the usury law of the issuing state held, no matter where the cardholder lived.

In a second related issue, Citibank of New York was bound to the New York usury law of 13 percent and was losing money. After the Marquette decision, Citibank began looking for a new state to do its credit card business in. Under federal banking law a bank could not move to a state without an invitation to relocate, which was conveniently provided by (usury free) South Dakota on the last day of its legislative session in 1980. Citibank relocated its credit card operations to Sioux Falls, S.D. as soon as it could, bringing with it 500 new jobs, a new building, and as a special gift to its cardholders, a higher interest rate.

That’s the history of the beginning of high rates. The morality of charging high rates on loans goes back at least—as I have said—to Jesus throwing the money lenders out of the Temple when he said, “It is written, My house shall be called the house of prayer; but ye have made it a den of thieves.” (Matthew 21:13 KJV).

People who loan money will tell you that the rate they charge reflects the risk they take that the loan won’t be repaid. The higher the risk, the higher the interest charged. It used to be that bankers didn’t like to take risks. They loaned money, sure. They made money on the interest charged, sure. But they also wanted the borrower to have a solid reason for borrowing money and to be successful in the business the customer was borrowing the money for. If it was a mortgage, they wanted you to be able to afford the loan. They did not loan money for toys or vacations. They looked out for themselves by looking out for their customers.

Now, it seems, all they want to do is make money off their customers, and the faster the better. Bankers used to educate their customers because success was a two-way street. Today, people are drowning in credit card debt, and nobody seems to care. Well, someone might, but it’s not the banks.

Have fun, but don’t go broke doing it.

Montana Viewpoint has appeared in weekly and online newspapers across Montana for over 30 years. Jim Elliott served sixteen years in the Montana Legislature as a state representative and state senator. He lives on his ranch in Trout Creek.

Source link

Click to comment

Montana

Brickner leads Idaho against Montana State

Published

8 hours ago

February 4, 2026

Press Room

Brickner leads Idaho against Montana State

Idaho Vandals (13-9, 5-4 Big Sky) at Montana State Bobcats (13-10, 7-3 Big Sky)

Bozeman, Montana; Thursday, 9 p.m. EST

BOTTOM LINE: Idaho plays Montana State after Isaiah Brickner scored 31 points in Idaho’s 79-62 win against the Northern Arizona Lumberjacks.

The Bobcats have gone 8-1 in home games. Montana State ranks second in the Big Sky at limiting opponent scoring, giving up 70.9 points while holding opponents to 44.4% shooting.

The Vandals are 5-4 in Big Sky play. Idaho is seventh in the Big Sky with 13.2 assists per game led by Kolton Mitchell averaging 3.7.

Montana State makes 46.3% of its shots from the field this season, which is 2.6 percentage points higher than Idaho has allowed to its opponents (43.7%). Idaho has shot at a 45.2% clip from the field this season, 0.8 percentage points above the 44.4% shooting opponents of Montana State have averaged.

The Bobcats and Vandals meet Thursday for the first time in Big Sky play this season.

TOP PERFORMERS: Jed Miller is averaging 14.4 points, 5.6 rebounds and 1.8 steals for the Bobcats. Christian King is averaging 2.2 made 3-pointers over the last 10 games.

Mitchell is shooting 38.2% from beyond the arc with 2.5 made 3-pointers per game for the Vandals, while averaging 14.1 points and 3.7 assists. Biko Johnson is averaging 14.8 points over the past 10 games.

LAST 10 GAMES: Bobcats: 7-3, averaging 77.1 points, 30.7 rebounds, 10.2 assists, 6.7 steals and 2.9 blocks per game while shooting 45.7% from the field. Their opponents have averaged 73.0 points per game.

Vandals: 5-5, averaging 76.9 points, 30.6 rebounds, 10.1 assists, 6.5 steals and 2.3 blocks per game while shooting 44.5% from the field. Their opponents have averaged 75.4 points.

___

The Associated Press created this story using technology provided by Data Skrive and data from Sportradar.

Source link

Montana

Montana DEQ adopts new rules for alternative burns after incinerator malfunction

Published

20 hours ago

February 3, 2026

Press Room

Montana DEQ adopts new rules for alternative burns after incinerator malfunction

BILLINGS — The Montana Department of Environmental Quality has implemented new regulations for all incinerator permit holders in Yellowstone County following a September incinerator malfunction at the Yellowstone Valley Animal Shelter facility.

Billings Animal Control was burning methamphetamine, and YVAS workers reported meth-laced smoke filled their building during the incident.

Under the new regulations, all incinerator permit holders must now request approval for alternative burns directly from the DEQ. Previously, RiverStone Health was responsible for approving alternative burns.

The DEQ said an agreement renewal reflecting this change will be sent to all permit holders in the next few months.

The City of Billings faces additional scrutiny as the DEQ has referred the September methamphetamine burn to their enforcement program. The program is reviewing alleged violations of the Montana Clean Air Act for formal enforcement consideration.

Drug incineration mishap sickens Yellowstone Valley Animal Shelter employees
City planning restoration of Yellowstone Valley Animal Shelter building
Yellowstone Valley Animal Shelter searching for homes for strays following meth malfunction

Source link

Montana

Is This The Best Breakfast Spot In Montana?

Published

1 day ago

February 3, 2026

Press Room

Is This The Best Breakfast Spot In Montana?

One of my favorite food activities is to go out for breakfast.

Here in Montana we have all kinds of wonderful spots to grab breakfast, in fact a few are very well known. There’s Paul’s Pancake Parlor in Missoula, Shellie’s Country Cafe in Helena, Stella’s Kitchen and Bakery in Billings, and of course the legendary Western Cafe here in Bozeman.

We all have our favorite breakfast foods.

Me, well I’m a biscuits and gravy type of guy. It’s one of my favorite meals and my go to when it comes to trying out a new place. I figure if you’re biscuits and gravy pass the test, than everything else is probably good to go.

However, there is a one breakfast spot here in Montana that’s receiving lots of attention and many claim it might be the best breakfast in the state. So, where is this place that’s getting rave reviews?

The restaurant is actually located in a hotel in Billings.

Bernie’s Diner is located in the Northern Hotel and has a fun, nostalgic feel to it. One look at the menu and you know that that Bernie’s means business. They have all of your favorite breakfast favorites like biscuits and gravy, corned beef hash, eggs with your choice of breakfast meat, but they also have some one-of-a-kind dishes as well.

Things like Captain Crunch French toast, chicken and waffles, elk sausage, and the “Vacation Breakfast” are all on the menu. Oh, and in case you were curious as to what the Vacation Breakfast is, you get a big piece of chocolate cake along with a chocolate shake.

What is the average price for breakfast?

The other impressive part are the prices. They start at around 10 dollars and nothing on the menu cost more than 18 bucks. So, the next time you’re in Billings, you might want to give them a shot and see if you agree that it’s one of the best breakfast spots in Montana.

Where is your favorite spot to grab breakfast? Let us know by sending us a message on our app.

15 Awesome Breakfast Spots You Need to Try in Montana

Craving a good breakfast? Here are a few of the best breakfast options you’ll find in Montana.

Gallery Credit: jessejames

Every Montana Restaurant That Has Been Featured on Food Network

It’s always awesome to see something from your hometown or state on TV. When Food Network comes to town, Montanans are ready. These restaurants have been featured.

Gallery Credit: Jesse James

Source link