Biden: People make money “clipping coupons on the street”

Hot Air ^ | January 22, 2020 | Karen Townsend

[kevcol]

Joe Biden often says odd things, sometimes daily, out on the campaign trail. It’s hard to understand exactly what is going through his mind as he speaks to his supporters. Tuesday in Iowa, Biden brought up a reference to clipping coupons as a way to make money. That would have been enough to make a person question his statement but then he topped it – he said that people are making money “clipping coupons on the street.”
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There was another gem from Tuesday in Iowa – this time during an event in Fort Dodge. Joe Biden claimed that “we don’t need standing armies” while talking about cyberwar. “The idea that we are going to cut the defense budget, we can cut it some. We don’t need standing armies.

[frank ballenger]

Biden with chocolate and vanilla soft serve cone....

Rapper:
Black and white don’t got to fight fight fight
Joe’s da man who got it right

To prove he really in the zone,
just take a look—a two tone cone

[Rashputin]

LOL, we must be the old timers who remember such things.

[Secret Agent Man]

Hes puzzled because he can’t quite figure out how to sexually harass it.

[palmer]

Wall Street.

He thinks it is not taxed enough.

[Sacajaweau]

They make money when they use their welfare cards at the Casinos, too.

[Sir Napsalot]

Biden’s info on “people on the street” is solely from his son Hunter as a druggie. Joe personally doesn’t have any contact with ‘people on the street”.

[Captain Peter Blood]

Please have this man committed to an hospital or nursing home.

[Steely Tom]

The astonishing thing is, democrats have him as their front runner. Although he appears to be losing ground.

Yeah, but he seems to be able to walk unassisted.

That's a pretty big improvement over last time.

[Blood of Tyrants]

Doesn’t everyone get their relatives and close friends rich by getting them on the boards of foreign corporations?

[Luke21]

This ancient fool is a first class lunatic.

[ETCM]

“Coupon clipping” was a thing for The Greatest Generation, including many Boomers Parents and Grand Parents on a fixed income. Middle Class retirees back then didn’t have 401K’s, but many of them bought bonds for retirement income, and they clipped and remitted those coupons to supplement their income. For some, including widows and orphans, those coupons were all they had. Of course, Joe only knows rich folks, so he assumes they are the only ones that “clip coupons”. Sorry Joe, but the folks you hung around didn’t clip anything, they hired people that took care of that for them.

[relictele]

They played one of his sound bites today.

I literally could not make head or tail of it and I was giving him the benefit of the doubt and attempting to predict what he was really trying to say.

[combat_boots]

retail me not?

[rightwingcrazy]

So by “on the Street”, he’s referring to Wall Street. That’s the ticket.

[blackdog]

Citizens in regular America make money clipping coupons on the street. The children of Joe Biden make money clipping our federal withholding, laundering It thru state department appropriations managed by foreign embassies, and putting it into their bank accounts cleaner than a baby's bottom.

What's to misunderstand?

[ProtectOurFreedom]

Does NOBODY here know what a “Bearer Bond” is? We aren’t talking about clipping newspaper coupons to save a buck on Bounty paper towels.

A bearer bond, also referred to as a coupon bond, is a debt obligation with coupons attached that represent semiannual interest payments. With bearer bonds, there are no records of the purchaser kept by the issuer; the purchaser's name is also not printed on any kind of certificate. Bondholders receive these coupons during the period between the issuance of the bond and the maturity of the bond.

For the investor to claim his interest on the bond, he simply takes the corresponding coupon from the provided bond certificate and gives it to an agent of the issuing institution. Anyone who provides the necessary coupons to the issuer can receive the interest payment regardless of whether that person is the actual owner of the bond. For this reason, coupon bonds present a lot of opportunities for tax evasion and other fraudulent acts.

U.S. Treasury Bonds helped finance deficit spending throughout the century, along the way becoming the world's most important financial instrument next to the U.S. dollar itself.

The year 1982 was the beginning of the end of paper Treasury securities. Bearer and registered bonds were to be phased out due to security, custodial, and market considerations. Of the $22 trillion in national debt, only $125 million in marketable Treasuries remains outstanding as matured securities. The overwhelming majority of this unredeemed paper is not, however, in investor or collector hands, having been accidentally lost, destroyed, or forgotten in the course of time.

Redeeming the paper coupon, which was attached to the bond, was known as “coupon cutting.” These were large denomination government and corporate bonds that were affordable only by the well-to-do and the wealthy. “Coupon cutting” became a pejorative for the idle rich making money the easy way — by “cutting the coupon” and redeeming it.

It has been almost FORTY years since the U.S. Government began to phase out paper bearer bonds. One would think that would be enough time for Ole Slow Joe to have caught on to the fact that modern bonds are all electronic and nobody clips coupons anymore. This little anachronism of his just shows how truly out of touch he is and that his brain has been stuck in neutral since he went to the senate.

Here are two example bearer bonds:

[blackdog]

I still have a few dozen S&H Greenbooks, full of stamps from my grandmother. We used to spend time together when I was five-ish by her swimming pool sipping her iced tea, pasting the stamps in the books.

I am certain she had Southern Comfort in her iced tea as my appreciation for life has grown. Good times.

[bigbob]

This comment is not about the coupons you use to get a reduced price at the store.

They are bond coupons. Anyone who wants to know what the term actually means can go here and read:

https://www.quora.com/What-does-clipping-coupons-in-the-stock-market-mean

Bottom line for those who won’t: A person making a living by “clipping coupons” was considered very wealthy: they were living off the interest earned on their portfolio of bonds.

[dynachrome]

Maybe he meant green stamps? (Yes, I am old enuff to remember those booklets.)

[Texas Eagle]

I think I figured it out.

He's part of the Impractical Jokers team. One of his hair plugs is actually an earpiece and Barry, Michael and Reggie are hiding in an unmarked van telling what to say and do.