Economy JPow responds to Orange's threats

[syct23]

not really, he ragequit for 4 years when biden won...

That’s what they do,

Do you remember how long he quit when the tea baggers lost all of their elections..

 

[curryjunkie]

That’s what they do,

Do you remember how long he quit when the tea baggers lost all of their elections..

i remember his exact words...after ranting he declared "sierra six, going dark" like a fuckin moron..

 

[syct23]

i remember his exact words...after ranting he declared "sierra six, going dark" like a fuckin moron..

Bro got treaded on…

 

[WalkenWouldOwn]

That book is complete bullshit.

It's to economics what this is to history:

My wife would sometimes put that fucking show on (not because she believes any of it, she was just a huge X-Files fan so she is into that sort of thing for entertainment purposes) and not only do I hate it, but my 10 year old son started asking questions about it. Thankfully even at 10 he has enough critical thinking skills to understand its not reality.

 

[HOLA]

P.S. this quote that conspiracy theorists like to pass around to criticize the Fed, and which I've seen posted here from people, and which possibly will end up in this thread, which G Edward Griffin popularized with The Creature From Jekyll Island, is fake. It's not real.

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson

 

[Hellowhosthat]

Attacking banks predatory inflation rates and the Central Bank in the same week would have been a LEFTIST position years ago.

Now the blind hatred of Trump colors everything.

Tbf cutting rates is more likely to cause inflation.

 

[TankAbbott4Eva]

I don’t even think it’s ultimately about Epstein, I think it’s about seizing resources and commodities that they can use to enrich themselves.

I agree with this, was explaining this to my wife who said "what the hell is Trump doing, he's gone crazy right?" It's actually grounded completely in economics, as cold and calculating as it is.

 

[Mr Holmes]

Big surprise that the man suggesting 50 year mortgages and 15 year auto loans is now demanding a cap on credit card rates while threatening the Fed.

People should really look at these statements and completely unwind any image they might have had of “genius business man.”.

Why are you against a CC interest cap?

 

[Michaelangelo]

Trump is still salty from being embarrassed on camera

 

[Mr Holmes]

Tbf cutting rates is more likely to cause inflation.

I agree. However, this is also one of those rare times Trump and Liz Warren are in favor of the same thing. https://www.wcvb.com/article/move-m...d-chair-powell-to-cut-interest-rates/63760042

I want to say AOC also tried to push for fed rate cuts but I'm too lazy to look for a source.

 

[Substance Abuse]

Why are you against a CC interest cap?

It's typical of “shoot first and ask questions later.". It's an amazing thought that was said out loud with no understanding of actual ramifications.

Credit card rewards go bye bye immediately.

Additionally, there will be a credit freeze. While it’s true that credit cards are generally one of the most profitable products for a company, a 10% cap would mean that people with limited or terrible credit, just won’t have access to credit.

It’s not a collateral backed loan. You’re charging a higher rate and betting that you get a lot more people paying their monthly payment than those that aren’t, and when you can’t collect and go to charge it off, it’s a 100% loss. There’s no vehicle to repo, or house to foreclose to recoup losses.

The result is that 10% across the board won’t be enough to cover losses and maintain profitability that makes it worth while for lenders to continue to offer to anyone that isn’t A+ credit.

The result will be that instead of protecting consumers from predatory lending (which I do support), you’re actually getting them cut off from credit altogether.

Overall, I tend to think this is more of a maneuver for him to score political points.

His bid to kick Powell out and insert someone who will drop Prime rate is more self serving. It would have more of an impact on his personal real estate venture than the 10% credit card rate cap.

It’s a way to smoosh Prime Rate and refinance the National (and personal) debt.

“I want to stop those bad lenders from overcharging people by lowering credit card rates to 10%,” is something you say to appeal to the every man because it comes off as “I’m looking out for you,” knowing that Americans are crushing themselves with revolving debt. It doesn’t matter that it’s impractical or would have some very serious ramifications. When it doesn’t happen, Trump will look like he was stomped by the swamp but had the best intentions. Most people aren’t going to put two and two together that it would make many forms of credit inaccessible to them.

It would also negatively impact auto rates. How do I charge you 14% on auto when I can only charge you 10% on an unsecured loan?

As usual, a shit show.

 

[Mr Holmes]

It's typical of “shoot first and ask questions later.". It's an amazing thought that was said out loud with no understanding of actual ramifications.

Credit card rewards go bye bye immediately.

Additionally, there will be a credit freeze. While it’s true that credit cards are generally one of the most profitable products for a company, a 10% cap would mean that people with limited or terrible credit, just won’t have access to credit.

It’s not a collateral backed loan. You’re charging a higher rate and betting that you get a lot more people paying their monthly payment than those that aren’t, and when you can’t collect and go to charge it off, it’s a 100% loss. There’s no vehicle to repo, or house to foreclose to recoup losses.

The result is that 10% across the board won’t be enough to cover losses and maintain profitability that makes it worth while for lenders to continue to offer to anyone that isn’t A+ credit.

The result will be that instead of protecting consumers from predatory lending (which I do support), you’re actually getting them cut off from credit altogether.

Overall, I tend to think this is more of a maneuver for him to score political points.

His bid to kick Powell out and insert someone who will drop Prime rate is more self serving. It would have more of an impact on his personal real estate venture than the 10% credit card rate cap.

It’s a way to smoosh Prime Rate and refinance the National (and personal) debt.

“I want to stop those bad lenders from overcharging people by lowering credit card rates to 10%,” is something you say to appeal to the every man because it comes off as “I’m looking out for you,” knowing that Americans are crushing themselves with revolving debt. It doesn’t matter that it’s impractical or would have some very serious ramifications. When it doesn’t happen, Trump will look like he was stomped by the swamp but had the best intentions. Most people aren’t going to put two and two together that it would make many forms of credit inaccessible to them.

It would also negatively impact auto rates. How do I charge you 14% on auto when I can only charge you 10% on an unsecured loan?

As usual, a shit show.

I have mixed feelings on it. I'm also a big points guy, but the banks and CC companies are scumbags that prey on poor people. A lot of people are buried in CC debt right now (also with the whole pay over time stuff). It would go a long way to helping them out.

 

[Substance Abuse]

I have mixed feelings on it. I'm also a big points guy, but the banks and CC companies are scumbags that prey on poor people. A lot of people are buried in CC debt right now (also with the whole pay over time stuff). It would go a long way to helping them out.

It would drive a lot of people to have to pay up front rather than utilizing credit, freezing even more people out. I know some Trumpers in some fly over states probably think the people getting crushed by revolving credit didn't go to school, learn a trade or are working the system, but a lot of smart and educated people live in areas where there's more to do than fuck your cousin, kill animals and live in the run down trailer your family gave you, who are struggling mightily.

Overall, the whole system is shit. Credit reform and non profit Healthcare would go a long way to fixing a lot of issues in the states. But that's another story altogether.

 

[gentel]

Now we have the left cheering for The Fed.

This timeline is fucking bonkers.

I'm on the left and never had a problem with the Fed, why should we?

Maybe the big banks have a bit too much access and sway but overall the Fed has been responsible and apolitical - and it should stay that way

 

[wlu.29]

I mean, I figured J6 alone would be a good indicator to not re-elect this guy or any GOP who refused to hold him accountable for his role in it, but hey, here we are.

His cult just care about the following:

Kicking out immigrants
Stopping lgbtq
No abortions


They are willing to accept and even celebrate everything else.

 

[Substance Abuse]

His cult just care about the following:

Kicking out immigrants
Stopping lgbtq
No abortions


They are willing to accept and even celebrate everything else.

Close. You forgot 'owning the libs'.

 

[Substance Abuse]

I'm on the left and never had a problem with the Fed, why should we?

Maybe the big banks have a bit too much access and sway but overall the Fed has been responsible and apolitical - and it should stay that way

Trump is the same guy that helped big banks get rid of over draft restrictions and caps. He really cares about the every man.

 

[wlu.29]

Close. You forgot 'owning the libs'.

I thought the first 2 = owning the libs?

 

[Substance Abuse]

I thought the first 2 = owning the libs?

 

[Anung Un Rama]

I thought the first 2 = owning the libs?

They're racists and bigots to begin with so they want to do #1 and #2, owning the libs is just gravy.
Destroying the social safety net, science, education, our economic stability, global security, and democracy? Now that negatively effects them, but the lib ownage makes it totally worth it *high fives in moron*