Any input or details, besides the US Debt Clock Posts on X?
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Sometimes when you are out of options for very decent reasons, the last option is debt with unreasonable interest rates from banks that were bailed out by our tax dollars. Wrong me once shame on you. Wrong me twice, shame on me--so you betcha that a lot of people will walk away from credit card debts if the banks keep sticking it to them, and then get another bailout.
Now we are getting somewhere! So its not just the banks… we sign contracts with them willfully and in many cases under financial duress. So the boogie man is really the enablers that allow them to operate in such fashion. Please don’t think that I am standing up for the Banksters in any way, I am not. My point is simply Integrity, honoring agreements. The same men that allow the banks to take advantage of us (our leaders) and the men buying and yielding that power (Bankers) are driven with greed that has eroded or dissolved their integrity. In my eyes, this is where trouble begins and the first steps that lead men to where we are. Which leads me back to my original response.
I support what our man is trying to do to the financial system and the many other challenges we all face together. If it winds up being a bailout or debt forgiveness so be it and thanks to those that make it happen. But I don't see any way of separating that cost from the populations pocket book, just as the college loan bailout would have ended up on our backs…. To me the end of this vicious cycle were in starts with integrity.
I see your point. I don't disagree. But, there is something wrong with exceedingly high interest rates... similar to gouging when there is a crisis and a store jacks its prices for a gallon of bottled water. Its immoral. But some people under duress (or possibly without understanding--there's a lot f that) sign up for the agreement. That's not right.
Agree 💯%
It could be argued that a large chunk of the population lacks the foresight to make sound financial decisions. The average IQ has been dropping for decades.
Banks prey on stupidity. Money changers have caused societal problems since antiquity.
This sector doesn't actually produce anything like food you can touch. They prey on others labor. Its sleazy.
Ideally we'd move to something like some Muslim countries have where they ban earning interest. I'm not well versed on this but I think the Saudis have this system in place.
Cash is the way! I recently saw a good explanation on this. If you pay your Barber $30, then they pay their grocer the same, and grocer pays their lawn service etc,etc,etc all in cash. That $30 always stays $30…. . If the same transactions are done with credit, every transaction takes 3-5% fee, therefore, after 30-50 transactions the same 30 dollars reduces to -0- in the consumers hand while the financial services gain $30. Before interest or membership fee’s. Brought to you by whom? Legislation.
Surcharging fee’s were a burden of the seller or the financial institution by law for the convenience prior to 2013. The changes created a whole new industry of processing. Think about this every time you swipe. It is not theft if you participate.