America will be the Bitcoin superpower of the world.
— The White House (@WhiteHouse) March 8, 2025
The Golden Age of America has BEGUN! pic.twitter.com/HUQsNYfUiP
America will be the Bitcoin superpower of the world.
— The White House (@WhiteHouse) March 8, 2025
The Golden Age of America has BEGUN! pic.twitter.com/HUQsNYfUiP
You keep referring to "Economics 101". Well let me move you to Advanced Economics. Blanket tariffs are a flawed economic policy that impose broad costs while delivering limited benefits. They are inefficient and costly, raising prices for domestic manufacturers and consumers while inviting retaliatory tariffs from trade partners as we're seeing. History has shown that tariffs often backfire, as seen in the 2002 steel tariffs under President Bush, which led to an estimated 200,000 job losses in steel industries, and the Smoot Hawley Tariff Act, which worsened the Great Depression by shrinking international trade. Similarly, Trump's 2018 steel and aluminum tariffs increased costs for domestic industries and resulted in job losses in sectors reliant on affordable steel.whiterock said:For example: Europe has no significant competitive advantage over us in automobile manufacturing. It uses tariffs to protect its market, and subsidies to promote its exports. And we never challenged them on it, for a number of reasons most of which involve national security.ATL Bear said:The model isn't working. Why do you think Europe has been stagnating under higher prices, low wage growth, and reduced outputs for years?whiterock said:LOL those other countries do not agree that tariffs punish their citizens. The model works for them. Why should it not work for us?ATL Bear said:What's not imaginary is the ability to negotiate trade deals. You want lower tariffs on your goods in another market? Ask for it. Don't punish your citizens for it. And why do we want to be more like Europe? Do we not understand that model doesn't work? The facts and numbers don't lie. But lying about imaginary manufacturing jobs so you can raise prices on your citizens is an unfortunate reality.Oldbear83 said:Nope. Imaginary like ignoring tariffs and just hoping other countries stop using them on us, like we have seen the last several decades.ATL Bear said:Like the imaginary new manufacturing jobs that tariffs create?Oldbear83 said:
You use the tools available to you, not imaginary things .
Perplexed that you cannot see that imbalanced trade is bad for us.
Faulty premise alert - trade is neither the only nor the most significant policy lever available to address macroeconomic problems
I want to attack the real reasons behind the trade imbalances, which is sustainable and puts us back at a competitive advantage. Not proven ineffective government tax gimmicks hoping it's some magical fix.
Trade 101: the primary reason for the trade imbalance is the non-market support for the value of the USD (i.e. its use as a reserve currency, which insulates the USD from supply/demand pressures that drive pricing).
Pure Free Trade arguments ALWAYS presume that only wealth creation matters. In the real world, it doesn't matter how much wealth you generate......if you cannot defend it. And automobile manufacturing involves skills and assets which a state must have if it has any hope of outfitting armies & navies that can fight & win wars. EU protects its automakers not just to protect jobs, but to protect the ability to have machinists with machines to make ordnance. So if we are allied with EU (via Nato), it is indeed in our interest not to have our ally totally dependent upon our merchant marine to carry US-made ordnance over the Atlantic. It is a good thing that they can much and possibly all of their own supply. such will free our industry up to focus on China, who unfortunately now has 12x the steel production capability we have. We promoted free trade with China based on the classical liberal belief that trade brings peace. Well, it can. But not always. We helped China enter the WTO. They used free trade to build up steel mills. and we bought the cheap steel. And 60 years later, China is no more of a partner in peace than they were before Nixon went to Beijing, only they have 12x the steel production capability we do. (and are now building assault barges to retake Taiwan in an open challenge to the USA.)
We COULD have protected our steel industries (more than we did). Yes, we would have paid more for steel . But we would have the ability to make enough steel to replenish our armies & navies. Now we don't, at least with respect to China. But the free traders keep banging the table about wealth creation, as though it's all that matters.
the model of a structural trade deficit offset by capital account surplus is the business model of a Switzerland or Holland or Singapore or......a state which does not have the resources to become a more balanced economy. We are not that kind of state, and it would be foolish for us to continue to act like it.
Again, free trade does not exist. Never has. Never will. Free trade agreements are not negotiated by markets. They are negotiated by political elites who have existential interest to protect their industries. We never played hardball. There was a valid argument for doing so in the Cold War. But the Cold War is over....
We built the post-WWII global order. And because of it, we won the Cold War. It was in our interest to let market forces whittle away our manufacturing base, because doing so strengthened our allies, whom we needed very badly. Now, it is no longer in our interest to do so. We have a manufacturing base to rebuild. Trump is going about it cleverly. He's put every CEO in the position of having to calculate potential US tariffs into how they build supply chains. Many are concluding its wise to invest in manufacturing capacity here, rather than abroad, for fear of getting locked out of the US market altogether.
Trump using the bully pulpit to drive trillions of dollars of investment to the US. And yet, you complain.....
Its completely coincidental his relationship with crypto promoters and has his own coin…. Cmon, at some point this has to concern some of you guys.boognish_bear said:America will be the Bitcoin superpower of the world.
— The White House (@WhiteHouse) March 8, 2025
The Golden Age of America has BEGUN! pic.twitter.com/HUQsNYfUiP
nein51 said:
Beware the law of unintended consequences.
The result of this will be anyone without a 700+ credit score just won't get a credit card. The risk would outweigh the reward.
The people with excellent credit basically don't pay interest regardless of the rate and the people without excellent credit aren't profitable at 10%.
This is a prime example of something that SEEMS good but probably ends badly.
ATL Bear said:Its completely coincidental his relationship with crypto promoters and has his own coin…. Cmon, at some point this has to concern some of you guys.boognish_bear said:America will be the Bitcoin superpower of the world.
— The White House (@WhiteHouse) March 8, 2025
The Golden Age of America has BEGUN! pic.twitter.com/HUQsNYfUiP
cowboycwr said:historian said:
What a combo!
On the one hand cc interest rates are outrageous and intolerable. On the other hand, it's idiotic for the govt to arbitrarily cap anything. Price ceilings & floors ALWAYS do more harm than good. They distort the markets and harm the people they supposedly are trying to help. Examples include rent control & minimum wage.
Regarding minimum wage it's quite simple: does the worker want a job at $10 per hour or no job at $15 or $20 per hour. That's the inevitable result. The same reasoning can be applied to every other use.
If there is a cap on cc interest I would imagine that most cards would become hard to get or only have low balances.
Which means many of the people that rely on credit cards would probably not be able to get them anymore.
Do you have any idea what the elimination of unsecured debt would do to the economy?The_barBEARian said:So it would force people to live within their means... why is this a bad thing?cowboycwr said:If there is a cap on cc interest I would imagine that most cards would become hard to get or only have low balances.historian said:
What a combo!
On the one hand cc interest rates are outrageous and intolerable. On the other hand, it's idiotic for the govt to arbitrarily cap anything. Price ceilings & floors ALWAYS do more harm than good. They distort the markets and harm the people they supposedly are trying to help. Examples include rent control & minimum wage.
Regarding minimum wage it's quite simple: does the worker want a job at $10 per hour or no job at $15 or $20 per hour. That's the inevitable result. The same reasoning can be applied to every other use.
Which means many of the people that rely on credit cards would probably not be able to get them anymore.
The_barBEARian said:nein51 said:
Beware the law of unintended consequences.
The result of this will be anyone without a 700+ credit score just won't get a credit card. The risk would outweigh the reward.
The people with excellent credit basically don't pay interest regardless of the rate and the people without excellent credit aren't profitable at 10%.
This is a prime example of something that SEEMS good but probably ends badly.
Disagree.
Debt cards exist.
Basically, because someone will always find a way to offer credit to people who don't understand the commitment they are making.The_barBEARian said:cowboycwr said:historian said:
What a combo!
On the one hand cc interest rates are outrageous and intolerable. On the other hand, it's idiotic for the govt to arbitrarily cap anything. Price ceilings & floors ALWAYS do more harm than good. They distort the markets and harm the people they supposedly are trying to help. Examples include rent control & minimum wage.
Regarding minimum wage it's quite simple: does the worker want a job at $10 per hour or no job at $15 or $20 per hour. That's the inevitable result. The same reasoning can be applied to every other use.
If there is a cap on cc interest I would imagine that most cards would become hard to get or only have low balances.
Which means many of the people that rely on credit cards would probably not be able to get them anymore.
So it would force people to live within their means... why is this a bad thing?
Oldbear83 said:Basically, because someone will always find a way to offer credit to people who don't understand the commitment they are making.The_barBEARian said:cowboycwr said:historian said:
What a combo!
On the one hand cc interest rates are outrageous and intolerable. On the other hand, it's idiotic for the govt to arbitrarily cap anything. Price ceilings & floors ALWAYS do more harm than good. They distort the markets and harm the people they supposedly are trying to help. Examples include rent control & minimum wage.
Regarding minimum wage it's quite simple: does the worker want a job at $10 per hour or no job at $15 or $20 per hour. That's the inevitable result. The same reasoning can be applied to every other use.
If there is a cap on cc interest I would imagine that most cards would become hard to get or only have low balances.
Which means many of the people that rely on credit cards would probably not be able to get them anymore.
So it would force people to live within their means... why is this a bad thing?
Making it harder to get bank-supported credit cards would cause people with cash problems to take out more payday loans and other riskier options.
This is Congress. Image is 95% of what they do, not who they help/hurt.nein51 said:Oldbear83 said:Basically, because someone will always find a way to offer credit to people who don't understand the commitment they are making.The_barBEARian said:cowboycwr said:historian said:
What a combo!
On the one hand cc interest rates are outrageous and intolerable. On the other hand, it's idiotic for the govt to arbitrarily cap anything. Price ceilings & floors ALWAYS do more harm than good. They distort the markets and harm the people they supposedly are trying to help. Examples include rent control & minimum wage.
Regarding minimum wage it's quite simple: does the worker want a job at $10 per hour or no job at $15 or $20 per hour. That's the inevitable result. The same reasoning can be applied to every other use.
If there is a cap on cc interest I would imagine that most cards would become hard to get or only have low balances.
Which means many of the people that rely on credit cards would probably not be able to get them anymore.
So it would force people to live within their means... why is this a bad thing?
Making it harder to get bank-supported credit cards would cause people with cash problems to take out more payday loans and other riskier options.
There's no way they go after the payment card industry with interest rate caps and don't go after payday loans.
Oldbear83 said:This is Congress. Image is 95% of what they do, not who they help/hurt.nein51 said:Oldbear83 said:Basically, because someone will always find a way to offer credit to people who don't understand the commitment they are making.The_barBEARian said:cowboycwr said:historian said:
What a combo!
On the one hand cc interest rates are outrageous and intolerable. On the other hand, it's idiotic for the govt to arbitrarily cap anything. Price ceilings & floors ALWAYS do more harm than good. They distort the markets and harm the people they supposedly are trying to help. Examples include rent control & minimum wage.
Regarding minimum wage it's quite simple: does the worker want a job at $10 per hour or no job at $15 or $20 per hour. That's the inevitable result. The same reasoning can be applied to every other use.
If there is a cap on cc interest I would imagine that most cards would become hard to get or only have low balances.
Which means many of the people that rely on credit cards would probably not be able to get them anymore.
So it would force people to live within their means... why is this a bad thing?
Making it harder to get bank-supported credit cards would cause people with cash problems to take out more payday loans and other riskier options.
There's no way they go after the payment card industry with interest rate caps and don't go after payday loans.
Justin Trudeau has said to Canadians: "not go on their USA vacations... forgo American products... keep boo-ing the American National Anthem" pic.twitter.com/9bu1RIHU9E
— unusual_whales (@unusual_whales) March 9, 2025
banks make 3% or so on every transaction from the vendor that swiped the card. Household income averages 60k and household credit card debt is 37knein51 said:cowboycwr said:historian said:
What a combo!
On the one hand cc interest rates are outrageous and intolerable. On the other hand, it's idiotic for the govt to arbitrarily cap anything. Price ceilings & floors ALWAYS do more harm than good. They distort the markets and harm the people they supposedly are trying to help. Examples include rent control & minimum wage.
Regarding minimum wage it's quite simple: does the worker want a job at $10 per hour or no job at $15 or $20 per hour. That's the inevitable result. The same reasoning can be applied to every other use.
If there is a cap on cc interest I would imagine that most cards would become hard to get or only have low balances.
Which means many of the people that rely on credit cards would probably not be able to get them anymore.
If it's a true cap it means a 10% default rate which is insane. Won't bankrupt Visa, MC or Amex. Will likely bankrupt smaller card issuers of which there are many.
There's also the very real problem of what to do with the rest of the rates. So if default is capped at 10% and high risk is capped at 10% what do you do with an 810 credit score? You will have to go to a variable rate tied to the federal funds rate. At that point you will lose the majority of those customers and you're just left with a high risk portfolio which is unsustainable.
boognish_bear said:Justin Trudeau has said to Canadians: "not go on their USA vacations... forgo American products... keep boo-ing the American National Anthem" pic.twitter.com/9bu1RIHU9E
— unusual_whales (@unusual_whales) March 9, 2025
4th and Inches said:banks make 3% or so on every transaction from the vendor that swiped the card. Household income averages 60k and household credit card debt is 37knein51 said:cowboycwr said:historian said:
What a combo!
On the one hand cc interest rates are outrageous and intolerable. On the other hand, it's idiotic for the govt to arbitrarily cap anything. Price ceilings & floors ALWAYS do more harm than good. They distort the markets and harm the people they supposedly are trying to help. Examples include rent control & minimum wage.
Regarding minimum wage it's quite simple: does the worker want a job at $10 per hour or no job at $15 or $20 per hour. That's the inevitable result. The same reasoning can be applied to every other use.
If there is a cap on cc interest I would imagine that most cards would become hard to get or only have low balances.
Which means many of the people that rely on credit cards would probably not be able to get them anymore.
If it's a true cap it means a 10% default rate which is insane. Won't bankrupt Visa, MC or Amex. Will likely bankrupt smaller card issuers of which there are many.
There's also the very real problem of what to do with the rest of the rates. So if default is capped at 10% and high risk is capped at 10% what do you do with an 810 credit score? You will have to go to a variable rate tied to the federal funds rate. At that point you will lose the majority of those customers and you're just left with a high risk portfolio which is unsustainable.
The average house doesnt need 37k credit limit, they need 5k maybe 10k.
boognish_bear said:Justin Trudeau has said to Canadians: "not go on their USA vacations... forgo American products... keep boo-ing the American National Anthem" pic.twitter.com/9bu1RIHU9E
— unusual_whales (@unusual_whales) March 9, 2025
How long until Trump revives War Plan Red? Or at least tweets about it pic.twitter.com/GJKZ5LmTgB
— Эррол Хан (@ErrolTostigson) February 16, 2025
no arguement.. americans live beyond their means and its about caught up with them..nein51 said:4th and Inches said:banks make 3% or so on every transaction from the vendor that swiped the card. Household income averages 60k and household credit card debt is 37knein51 said:cowboycwr said:historian said:
What a combo!
On the one hand cc interest rates are outrageous and intolerable. On the other hand, it's idiotic for the govt to arbitrarily cap anything. Price ceilings & floors ALWAYS do more harm than good. They distort the markets and harm the people they supposedly are trying to help. Examples include rent control & minimum wage.
Regarding minimum wage it's quite simple: does the worker want a job at $10 per hour or no job at $15 or $20 per hour. That's the inevitable result. The same reasoning can be applied to every other use.
If there is a cap on cc interest I would imagine that most cards would become hard to get or only have low balances.
Which means many of the people that rely on credit cards would probably not be able to get them anymore.
If it's a true cap it means a 10% default rate which is insane. Won't bankrupt Visa, MC or Amex. Will likely bankrupt smaller card issuers of which there are many.
There's also the very real problem of what to do with the rest of the rates. So if default is capped at 10% and high risk is capped at 10% what do you do with an 810 credit score? You will have to go to a variable rate tied to the federal funds rate. At that point you will lose the majority of those customers and you're just left with a high risk portfolio which is unsustainable.
The average house doesnt need 37k credit limit, they need 5k maybe 10k.
The discount rate is closer to 1.9% than 3.0%. Amex has the highest discount rate but also pays the fastest (in our experience). That charge is also being passed to the consumer these days in most instances. I refuse to do that so we paid about $18,000 in CC fees last year.
I agree with your premise that people have too much debt. I would argue that for a large portion of Americans they are making up the gap in their income via CC.
I would also argue that there is a financial reckoning coming in the not so distant future.
We don't want Canadians. They're mostly progressive and have lived off entitlements. They can't imagine a world without insanely high taxes and entitlements.Redbrickbear said:boognish_bear said:Justin Trudeau has said to Canadians: "not go on their USA vacations... forgo American products... keep boo-ing the American National Anthem" pic.twitter.com/9bu1RIHU9E
— unusual_whales (@unusual_whales) March 9, 2025
This little doofus shrimp is about to make war plan Red a realityHow long until Trump revives War Plan Red? Or at least tweets about it pic.twitter.com/GJKZ5LmTgB
— Эррол Хан (@ErrolTostigson) February 16, 2025
Assassin said:Elon Musk is sending DJ Daniel a Cybertruck. pic.twitter.com/E875leDCFc
— Charlie Kirk (@charliekirk11) March 7, 2025
boognish_bear said:🚨 Congresswoman Anna Paulina Luna (R-FL) is working with Congresswoman Alexandria Ocasio-Cortez (D-NY) to cap credit card interest rates at 10%.
— Eric Daugherty (@EricLDaugh) March 8, 2025
This is a good thing. pic.twitter.com/VyzsMUmesv
4th and Inches said:no arguement.. americans live beyond their means and its about caught up with them..nein51 said:4th and Inches said:banks make 3% or so on every transaction from the vendor that swiped the card. Household income averages 60k and household credit card debt is 37knein51 said:cowboycwr said:historian said:
What a combo!
On the one hand cc interest rates are outrageous and intolerable. On the other hand, it's idiotic for the govt to arbitrarily cap anything. Price ceilings & floors ALWAYS do more harm than good. They distort the markets and harm the people they supposedly are trying to help. Examples include rent control & minimum wage.
Regarding minimum wage it's quite simple: does the worker want a job at $10 per hour or no job at $15 or $20 per hour. That's the inevitable result. The same reasoning can be applied to every other use.
If there is a cap on cc interest I would imagine that most cards would become hard to get or only have low balances.
Which means many of the people that rely on credit cards would probably not be able to get them anymore.
If it's a true cap it means a 10% default rate which is insane. Won't bankrupt Visa, MC or Amex. Will likely bankrupt smaller card issuers of which there are many.
There's also the very real problem of what to do with the rest of the rates. So if default is capped at 10% and high risk is capped at 10% what do you do with an 810 credit score? You will have to go to a variable rate tied to the federal funds rate. At that point you will lose the majority of those customers and you're just left with a high risk portfolio which is unsustainable.
The average house doesnt need 37k credit limit, they need 5k maybe 10k.
The discount rate is closer to 1.9% than 3.0%. Amex has the highest discount rate but also pays the fastest (in our experience). That charge is also being passed to the consumer these days in most instances. I refuse to do that so we paid about $18,000 in CC fees last year.
I agree with your premise that people have too much debt. I would argue that for a large portion of Americans they are making up the gap in their income via CC.
I would also argue that there is a financial reckoning coming in the not so distant future.
Exactly. Trudeaux never understood politics. Thats why he is such a failureTinFoilHatPreacherBear said:boognish_bear said:Justin Trudeau has said to Canadians: "not go on their USA vacations... forgo American products... keep boo-ing the American National Anthem" pic.twitter.com/9bu1RIHU9E
— unusual_whales (@unusual_whales) March 9, 2025
Yes, please keep booing the anthem. That is a sure way to get Americans on your side. Little Castro is just a theatre actor playing a role for his progressive puppet masters. Trump is working him over because he doesn't like him at all, and wants him to either lose or wallow.
TinFoilHatPreacherBear said:We don't want Canadians. They're mostly progressive and have lived off entitlements. They can't imagine a world without insanely high taxes and entitlements.Redbrickbear said:boognish_bear said:Justin Trudeau has said to Canadians: "not go on their USA vacations... forgo American products... keep boo-ing the American National Anthem" pic.twitter.com/9bu1RIHU9E
— unusual_whales (@unusual_whales) March 9, 2025
This little doofus shrimp is about to make war plan Red a realityHow long until Trump revives War Plan Red? Or at least tweets about it pic.twitter.com/GJKZ5LmTgB
— Эррол Хан (@ErrolTostigson) February 16, 2025
This is what the full map of American Canada looks like, every province except Alberta and Saskatchewan is pretty reliably blue. pic.twitter.com/YAkwWTIo0P
— Irish Patriot 🇮🇪 (@IrishPatri0t) January 15, 2025
The_barBEARian said:cowboycwr said:historian said:
What a combo!
On the one hand cc interest rates are outrageous and intolerable. On the other hand, it's idiotic for the govt to arbitrarily cap anything. Price ceilings & floors ALWAYS do more harm than good. They distort the markets and harm the people they supposedly are trying to help. Examples include rent control & minimum wage.
Regarding minimum wage it's quite simple: does the worker want a job at $10 per hour or no job at $15 or $20 per hour. That's the inevitable result. The same reasoning can be applied to every other use.
If there is a cap on cc interest I would imagine that most cards would become hard to get or only have low balances.
Which means many of the people that rely on credit cards would probably not be able to get them anymore.
So it would force people to live within their means... why is this a bad thing?
BREAKING: Trump has reportedly told Canada’s Trudeau that "he did not believe that the treaty that demarcates the border between the two countries was valid and that he wants to revise the boundary," per NYT
— unusual_whales (@unusual_whales) March 7, 2025
Redbrickbear said:TinFoilHatPreacherBear said:We don't want Canadians. They're mostly progressive and have lived off entitlements. They can't imagine a world without insanely high taxes and entitlements.Redbrickbear said:boognish_bear said:Justin Trudeau has said to Canadians: "not go on their USA vacations... forgo American products... keep boo-ing the American National Anthem" pic.twitter.com/9bu1RIHU9E
— unusual_whales (@unusual_whales) March 9, 2025
This little doofus shrimp is about to make war plan Red a realityHow long until Trump revives War Plan Red? Or at least tweets about it pic.twitter.com/GJKZ5LmTgB
— Эррол Хан (@ErrolTostigson) February 16, 2025
The middle prairie providences would joinThis is what the full map of American Canada looks like, every province except Alberta and Saskatchewan is pretty reliably blue. pic.twitter.com/YAkwWTIo0P
— Irish Patriot 🇮🇪 (@IrishPatri0t) January 15, 2025
WATCH: This Arab businessman understands Trump better than every world leader.
— George (@BehizyTweets) March 7, 2025
"For Trump, he is looking for fair trade. Fair trade, not free trade... He said many times that if the American market is open, then he expects other countries to open their market."
"He's a… pic.twitter.com/9oT25qOUPA
Leaked audio from days after the 2016 election, before Trump’s inauguration—Biden calls Poroshenko, then head of state of Ukraine, and threatens him with assassination if he cooperates with the incoming Trump administration. pic.twitter.com/e7EDnc2oNX
— Johnny Midnight ⚡️ (@its_The_Dr) March 8, 2025
$5 TRILLION Untraceable is Gone From the US Treasury.
— DOGE NEWS- Department of Government Efficiency (@realdogeusa) March 9, 2025
Was this an error or intentional? pic.twitter.com/z3KafsxYXZ