Posted on 08/09/2023 4:23:14 AM PDT by Kaiser8408a
One of the themesongs of Biden’s Bidenomics should be Credit Card (CC) Rider, since consumers are turning to credit cards to cope with high inflation (Bidenomics).
US credit card debt oustanding just passed the $1 trillion mark as consumers continue to struggle with effects of inflation. Caused by The Federal Reserve and insame Federal spending. Note that sticky core inflation is still at 5.63%.
If we look at credit card debt compare to The Fed’s balance sheet, we see the relationship.
Credit cards + auto loan balances are now over $1.6 trillion.
Biden is currently out west trying to sell Bidenomics while announcing prohibitions on uranium m
(Excerpt) Read more at confoundedinterest.net ...
You load sixteen tons, what do you get?
Bidenomics misery index = Inflation rate + Unemployment rate
Sixteen trips to Disney and what do you get? Another day dumber and deeper in debt.
CLEARLY the solution to this problem is to forgive all credit card debt and car loans.
SURELY that’ll fix the problem!
“the Consumer Financial Protection Bureau (CFPB) is proposing a rule that would slash excessive credit card late fees, pursuant to its authority under the bipartisan Credit CARD Act of 2009. The rule is projected to reduce typical late fees from roughly $30 to $8, saving consumers as much as $9 billion a year in late fees.”
“the President is calling on Congress to pass a Junk Fee Prevention Act that cracks down on four types of junk fees that cost American consumers billions of dollars a year.
“Specifically, the President is urging Democrats and Republicans in Congress to come together to:
“Crack down on excessive online concert, sporting event, and other entertainment ticket fees.”
“Ban airline fees for family members to sit with young children.”
“Eliminate exorbitant early termination fees for TV, phone, and internet service....these providers often charge people when they’re most vulnerable—people who are forced to move because of a job loss or other financial downturn, for example, may be slammed with hundreds of dollars in early termination fees.”
“Ban surprise resort and destination fees.”
“In the coming weeks and months, the Biden-Harris Administration looks forward to working with Congress to crack down not only on these fees, but also other junk fees that take cash out of Americans’ pockets and hide the true cost of products.”
I can almost guarantee that. I am going to buy a car for cash after several months more of saving. It seems that when you do the right thing these days, government finds a way to screw that up and make you regret it.
The answer is so simple. But those making fiat currency don't want us to twig onto that. They dream of "perpetual debt." AKA the perpetual bond.
Consider the concise Wiki: "A perpetual bond, also known colloquially as a perpetual or perp, is a bond with no maturity date, therefore allowing it to be treated as equity, not as debt. Issuers pay coupons on perpetual bonds forever, and they do not have to redeem the principal. Perpetual bond cash flows are, therefore, those of a perpetuity."
Note the game in the phrase -- "...therefore allowing it to be treated as equity, not as debt."
This simple answer is to "jubilee" the Fed and its "debt" holdings, by nationalizing what the definition therefore calls "equity, not debt." Abrogating in one fell swoop the Fed's holdings would be disruptive in the short term but massively stabilizing in the long term. It will happen by default in time, anyway, based on Stein's law.
“He cast key votes that deregulated the banking industry, made it harder for individuals to escape their credit card debts and student loans, and protected his state’s status as a corporate bankruptcy hub.”
“While other states were setting caps on usury rates, Delaware told banks they could charge whatever they wanted in annual interest and late fees”
“By the late ’90s, four of the five largest credit card firms in the country had set up in Wilmington”
“In 1991, to the horror of Delaware companies, he supported amending a banking regulation bill to impose a nationwide cap on credit card interest rates. He explained that he had voted for the amendment only because he considered it a poison pill that would force the Senate to pass much narrower legislation. It worked.”
“MNBA...the company hired Biden’s youngest son, Hunter”
“because MBNA’S business model was based on delinquent customers, it lobbied to block reforms meant to help cash-strapped consumers, such as crediting bill payments to the day they are mailed rather than the day they are received. But what it was really after was bankruptcy reform.”
“’His energetic work on behalf of the credit card companies has earned him the affection of the banking industry and protected him from any well-funded challengers for his Senate seat,’ [Elizabeth] Warren wrote in the Harvard Women’s Law Journal.”
“Biden: Maybe we should talk about usury rates, then.”
https://www.motherjones.com/politics/2019/11/biden-bankruptcy-president/
“analyses by Federal Reserve Bank researchers reported that the 2005 bill worsened the foreclosure crisis, by compelling debtors to pay unsecured debts like credit cards instead of paying down their mortgages.”
BTTT!
People are sooooo stupid about credit cards. 20-25% interest? Insanity.
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