73 Reds Posted January 12 Posted January 12 Just now, dwy000 said: Okay. So do you support Bidens $8 cap on overdraft fees? Or do you support Trump removing the cap, which will punish exactly the same people as the cc rates. Is that the best you've got? Overdraft fees? Insignificant.
dwy000 Posted January 12 Posted January 12 10 minutes ago, 73 Reds said: Is that the best you've got? Overdraft fees? Insignificant. So you wont answer?
73 Reds Posted January 12 Posted January 12 3 minutes ago, dwy000 said: So you wont answer? LOL, what part of "insignificant" don't you understand? I could care less about overdraft fees either way.
dwy000 Posted January 12 Posted January 12 Just now, 73 Reds said: LOL, what part of "insignificant" don't you understand? I could care less about overdraft fees either way. So you wont answer! This is the parallel bars of mental gymnastics. If u care so much about cc interest rates, overdraft fees are not insignificant. They are punishing exactly the same people for exactly the same reason This should be the simplest answer all day. The fact you are refusing because it means going against Trump is the most cult like response I've seen.
73 Reds Posted January 12 Posted January 12 1 minute ago, dwy000 said: So you wont answer! This is the parallel bars of mental gymnastics. If u care so much about cc interest rates, overdraft fees are not insignificant. They are punishing exactly the same people for exactly the same reason This should be the simplest answer all day. The fact you are refusing because it means going against Trump is the most cult like response I've seen. What the hell are you talking about? That is the problem - you don't like the answer and can't get over it.
dwy000 Posted January 12 Posted January 12 6 minutes ago, 73 Reds said: What the hell are you talking about? That is the problem - you don't like the answer and can't get over it. You didnt answer. And continue to avoid answering because it means either going against your argument today or against your Dear Leader.
cubsfan Posted January 12 Posted January 12 What I love about @dwy000 - if you don't agree with him - you're part of a cult.....Jesus
73 Reds Posted January 12 Posted January 12 37 minutes ago, cubsfan said: What I love about @dwy000 - if you don't agree with him - you're part of a cult.....Jesus How hard is it to understand the simple concept that you can't go broke paying overdraft fees, so why should anyone care? The reality is we must have a sheltered group here. Evidently no one knows or has experienced anyone in dire financial circumstances due to overwhelming and ballooning debt. Spiraling balances they have no legal means of paying. Must be nice. No one cares about coming up with solutions, which are plentiful and not that difficult. But heaven forbid someone suggest some restraint on a distorted, free-wheeling excuse for capitalism.
dwy000 Posted January 13 Posted January 13 8 minutes ago, 73 Reds said: How hard is it to understand the simple concept that you can't go broke paying overdraft fees, so why should anyone care? The reality is we must have a sheltered group here. Evidently no one knows or has experienced anyone in dire financial circumstances due to overwhelming and ballooning debt. Spiraling balances they have no legal means of paying. Must be nice. No one cares about coming up with solutions, which are plentiful and not that difficult. But heaven forbid someone suggest some restraint on a distorted, free-wheeling excuse for capitalism. So you wont answer the question.
cubsfan Posted January 13 Posted January 13 3 minutes ago, dwy000 said: So you wont answer the question. Which means he's a cult member! Right? You never change
changegonnacome Posted January 13 Posted January 13 1 hour ago, 73 Reds said: Spiraling balances they have no legal means of paying. Must be nice. No one cares about coming up with solutions Eh...cough...bankruptcy....folks can literally burn the CC companies....your a hard money, hard collateral guy....think you forget the CC guys are writing loans underpinnned by thin air....totally unsecured.....you can go chapter 7 and have all your unsecured debt torched in 16 weeks, hardly a no way out proposition....hell even in States like Florida you've got big homestead expemptions where you could be sitting in a $1m home 100% equity go chapter 7 and keep your equity and your house and literally wipe your CC debt to zero in four short months!
LC Posted January 13 Posted January 13 3 hours ago, Parsad said: It's almost unbelievable that people who define themselves as capitalists want to restrict free markets! The world has gone bananas! Cheers! Trump makes people do crazy things!
Mephistopheles Posted January 13 Posted January 13 7 hours ago, Parsad said: What do you consider usurious? Usury rates in North America are defined as 60% annualized or greater. Do you think it should be 10% as Trump does? Do you think it should be 15%? How about 20%? I mean let the market decide the rates! It's almost unbelievable that people who define themselves as capitalists want to restrict free markets! The world has gone bananas! Cheers! There’s an incredible opportunity for the Dems here to embrace free markets and business, and have the 2 parties switch like they did during civil rights. Would be great if they took that opportunity. Hell even the oil companies hate Trump now. But of course one of the front runners for the Dem ticket in 2028 is doing his damnest to destroy his state by driving all the wealth away. The only people dumber than the maga cult are the Dem lawmakers imo. Stupid useless idiots
John Hjorth Posted January 13 Posted January 13 12 minutes ago, Mephistopheles said: There’s an incredible opportunity for the Dems here to embrace free markets and business, and have the 2 parties switch like they did during civil rights. Would be great if they took that opportunity. Hell even the oil companies hate Trump now. ... Not that @Mephistopheles is wrong here, but just the thought of such a switch is in its nature so absurd, that it makes me squint-eyed, crosseyed. I've just got out of bed at 7 AM, I think I'll switch to reading the days newspapers in stead, this is just too demanding, too early for me. [<-]
73 Reds Posted January 13 Posted January 13 11 hours ago, changegonnacome said: Eh...cough...bankruptcy....folks can literally burn the CC companies....your a hard money, hard collateral guy....think you forget the CC guys are writing loans underpinnned by thin air....totally unsecured.....you can go chapter 7 and have all your unsecured debt torched in 16 weeks, hardly a no way out proposition....hell even in States like Florida you've got big homestead expemptions where you could be sitting in a $1m home 100% equity go chapter 7 and keep your equity and your house and literally wipe your CC debt to zero in four short months! Bankruptcy laws have become more stringent than they used to be. Not an ideal solution and no one wants the stigma attached to bankruptcy. And good luck finding credit for anything, which is the silly point those against the proposal are trying to make.
Sweet Posted January 13 Posted January 13 13 hours ago, Blake Hampton said: The meme itself is a stupid generalisation.
gfp Posted January 13 Posted January 13 18 minutes ago, 73 Reds said: Bankruptcy laws have become more stringent than they used to be. Not an ideal solution and no one wants the stigma attached to bankruptcy. And good luck finding credit for anything, which is the silly point those against the proposal are trying to make. Yeah we adopted a punk teenager who is now 25 and he got himself into $6k of CC debt some years ago and was paying 30% or something like that to JPM. He finally called me up to see what his best path out of this running in place purgatory was, where he paid hundreds of dollars out of his paycheck every month and the balance stayed pinned at $6k. I looked into ways he could get the debt charged off or negotiate a discount to settle the balance and finally just gave up and sent him $10k. (more specifically I went to a JPM branch and zeroed out his CC balance and sent him the remainder) Bad precedent and bad life lesson but I didn't see an easy solution for him and JPM is tougher than some of the other issuers. His credit score immediately jumped and he will have continuing access to credit for auto loan or whatever comes around in life. I don't like the precedent but it is more a reflection of my laziness and tendency to just throw some money at a problem and hope it goes away. weak!
73 Reds Posted January 13 Posted January 13 (edited) 13 minutes ago, gfp said: Yeah we adopted a punk teenager who is now 25 and he got himself into $6k of CC debt some years ago and was paying 30% or something like that to JPM. He finally called me up to see what his best path out of this running in place purgatory was, where he paid hundreds of dollars out of his paycheck every month and the balance stayed pinned at $6k. I looked into ways he could get the debt charged off or negotiate a discount to settle the balance and finally just gave up and sent him $10k. (more specifically I went to a JPM branch and zeroed out his CC balance and sent him the remainder) Bad precedent and bad life lesson but I didn't see an easy solution for him and JPM is tougher than some of the other issuers. His credit score immediately jumped and he will have continuing access to credit for auto loan or whatever comes around in life. I don't like the precedent but it is more a reflection of my laziness and tendency to just throw some money at a problem and hope it goes away. weak! @gfp I did a similar thing for a family member when he was in his early 20s but made him promise to never to carry a cc balance again. He lived up to his promise and now has a near C-suite position with a major financial institution. Edited January 13 by 73 Reds word
dealraker Posted January 13 Posted January 13 12 hours ago, LC said: Trump makes people do crazy things! Mini man Rick on CNBC this morning called the investigation of Powell "perfect" while frat boy Joe as usual railed against his Fed prosecution interviewee stating while throwing his arms up that "the market is going up." The market is going up. Trump walks on water. 18 minutes ago, Sweet said: The meme itself is a stupid generalisation. Actually it is not.
Sweet Posted January 13 Posted January 13 1 minute ago, dealraker said: Mini man Rick on CNBC this morning called the investigation of Powell "perfect" while frat boy Joe as usual railed against his Fed prosecution interviewee stating while throwing his arms up that "the market is going up." The market is going up. Trump walks on water. Actually it is not. Well, I am a scientist of 20 years... so it's OK that you disagree.
Spooky Posted January 13 Posted January 13 16 hours ago, cubsfan said: Yup, all systems are go. Economy, stock market, employment numbers, trade deficit. US economy - best economy in the world. Just think, all that crying, hysteria and whining about tariffs, economic destruction and recession. All bullshit! It's a beautiful thing. Employment numbers flatlined in 2025. Hard to trust the numbers going forward now with the changes at the BLS.
73 Reds Posted January 13 Posted January 13 18 minutes ago, dealraker said: Mini man Rick on CNBC this morning called the investigation of Powell "perfect" while frat boy Joe as usual railed against his Fed prosecution interviewee stating while throwing his arms up that "the market is going up." The market is going up. Trump walks on water. Actually it is not. The Federal Reserve, for whatever it is worth which is debatable, should remain independent and free of political influence - period.
cubsfan Posted January 13 Posted January 13 1 hour ago, Spooky said: Employment numbers flatlined in 2025. Hard to trust the numbers going forward now with the changes at the BLS. https://wolfstreet.com/2026/01/09/job-growth-in-the-private-sector-massive-job-losses-at-federal-state-governments-in-h2-2025/ You can make statistics lie anyway you like. It's extremely gratifying to see those useless government jobs take the bulk of the hit - which has always been part of the plan: Job Growth in the Private-Sector, Massive Job Losses at Federal & State Governments in H2 2025 by Wolf Richter • Jan 9, 2026 • 62 Comments The Fed should look at private-sector employment. Layoffs at the government are a political decision, not the result of economic weakness.
changegonnacome Posted January 13 Posted January 13 2 hours ago, 73 Reds said: And good luck finding credit for anything, which is the silly point those against the proposal are trying to make Well for the vast majority of credit card users its an excellent option which allows them in a cash flow pinch to access 45 day interest free credit, beyond 45 days your paying high rates but the 'loan' is fully pre-payable at anytime.........now a small portion of those same group of people turn out to be credit alcoholics that get into payment/cash flow trouble such that they end up in bankruptcy and unable to access credit....you might not like it but its a darwinian process that weeds them out and correctly excludes them from accessing credit again (recidivism is one of the great heuristics in life).....given you dont know ex-ante who those credit alcoholics are you need to charge high headline rates to compensate for future losses. That credit degens end up getting burned by CC's (but even then they've got the bankruptcy route) is kind of like saying we should close all the bars because 2% of the population can't handle alcohol...what about the 98% who can and enjoy it???!?!?!?!??!...credit cards are the same deal.....I thought the GOP was about keeping the nanny state out of people's lives.....the credit card system works great for the vast majority of its customers, it works great for retailers and economy and you want to torch it to protect what 2-3% of the credit card customer pool who are morons. Yeah thats not how things should work.
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