Ridiculous scam?!?! It's PAR for the course in business today!
Any business must prove it has a product or service that benefits society. A business existing to buy food simply to consume it would never stay in business because it would not benefit anybody and is a ridiculous premise.
NOT! Bank costs don't contribute squat to mortgage interest rates, the cost and availability of money does. Most banks don't even hold them anymore, they're packaged and resold in blocks to investors.
Banks have a vested interest for mortgage interest rates because they make a profit from the rates! Banks have overhead as any other business. The reduction of compliance costs will be passed onto the consumer.
why do I have to pick up the slack?". I.e. why does the onus for supplying the government with revenue fall entirely upon the citizenry (apparently, through my reading of the thread)? You think they'll be able to sell that part to the libs???
A certain amount of money is needed to run the government. Citizens have always provided money to run the government. If citizens fail to provide any money then there will be no United States.
No, they aren't. This is supposed to be a Republic, not a direct democracy...
Wrong again. We live in a Democratic Republic. That means the people elect those they want to oversee the daily management of our country. The people can exert a tremendous amount of pressure on their elected officials to support an issue if they so desire. The grassroots movement giving the women the right to vote and resulting in the 19th Amendment is proof. Unfortunately you don't offer an alternative. I'm not putting words in your mouth. You did state in your previous post you don't trust politicians.
A business existing to buy food simply to consume it would never stay in business because it would not benefit anybody and is a ridiculous premise.
Are you dense??? I'm talking about foisting off personal expenses on a business account. People do it all the time. I know people who drive cars registered under their business', boats, computers, you name it...
Banks have a vested interest for mortgage interest rates because they make a profit from the rates! Banks have overhead as any other business. The reduction of compliance costs will be passed onto the consumer.
Time to go back to Mortgage Lending 101. In todays world, you originate the loan and sell it. The interest rate is irrelevant and if NRST folks think it will bring interest rates down (which are actually based on demand for a commodity, money, which we are profligately printing and therefore driving down the value of and increasing the interest rate people want in order to hold instruments denominated in it) they are in fantasy land...