Credit Cards (update)
lots to understand
Tags: update, Credit, Cards, Credit Cards
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Nice snow ponies!
Re: strip clubs
You’re very conservative, TheAngryCanuck. Be a realist and have more faith in people. Society could handle cocaine if regulated as an addictive substance an regulated by prescription. No one’s talking free cocaine here.
50 per cent minus 1 is a minority.
My society, Canada, is a different society than the U.S. It’s more conservative and doesn’t have the same issues with credit cards as the U.S/
First of all, many community banks and credit unions do make small emergency personal loans to their customers. For those that don’t, they would do it if they weren’t allowed to reap huge usurious profits on credit cards. If necessary, incentives could be established in law that would induce banks to do so.
sorry but banks don’t work that way. you don’t get emergency loans that easily. i don’t even know if they do that. but i know that i tried to get a loan and i couldn’t get one any longer despite the fact that i already paid in full a loan i had with them
I think this may be your best video.
Ah, but are the credit card addicted the minority? I am not so sure.
. . . by whether or not they could handle the monthly payment(s). In this manner, people got in over their heads. Your analogy of the alcohol addiction was perfect. Credit (and it’s accompanying debt) became the drug of choice for the masses here.
At some point in the last 50 years or so, Americans quit striving to actually own things. An example of this would be the “drive new every two” slogan which became the mantra for many trading in their new car every two years for the next latest model — their payments transferring over to the new(er) vehicle.
Home ownership was often treated in the same manner. People judged whether they could afford a new purchase not by what it cost and their wages, but . . . con’t.
“The individual decides what they are willing to support.”
Well, if a certain individual decides slavery is OK, they don’t have the “freedom” to go ahead and start taking slaves. We’re living in a society here, you know.
“Collectively this manifests as acceptable social behavior.”
And most people think that usury and loansharking are parasitic, exploitative, unacceptable behaviors. So, what’s wrong with individuals collectively expressing our intolerance for such activity in law?
Let us also not forget the space program, which has developed innumerable altogether new technologies. The military has also done the same - for instance, check out Polywell nuclear fusion power, which will probably revolutionize energy supply, and which has been developed by Navy researchers for a cost of less than $1 for every American.
The point is that the mantra that “government can’t create wealth” is just utterly ridiculous and patently, demonstrably false.
Second thing is the interstate highway system, which enabled significant increases in economic productivity. Then we have the TVA, which not electrified a region previously stuck in 3rd-world conditions, but enabled large increases in agricultural productivity. Next is the system of public works from the New Deal, which still provide clean drinking water and sanitation to thousands of communities. Then there’s the Hill-Burton system of public hospitals, though that’s been looted (privatized).
“government did anything tangible other than punish the perpetrators?”
There are plenty of examples of this in fact, but in regards to the usury issue, I’m totally fine with the government just punishing the offenders.
Now, if - perhaps to help you rid yourself of belief in the laissez-faire delusion - you’d like other examples of constructive government action, let’s see… first thing that comes to mind is the transcontinental railroad, which opened up the West for development.
How simple and sane. You’re right. But the elites wanted Americans to buy all their crap. Americans didn’t make the kind of money to buy it all. So the banks came out with credit cards…. You’re absolutely right that Americans didn’t have to take “that first drink”- but the powers that be sure made it easy…..
Also, the bankers could make trillions more on those credit cards. The original Visa card used to be the “Bankamericard”, from guess who, Bank of America.
We can argue definitions, but tell me when the government did anything tangible other than punish the perpetrators? –if they were able to do anything at all in most cases.
The individual decides what they are willing to support. Collectively this manifests as acceptable social behavior.
It’s all well and good to make such arguments on paper, but this philosophy simply doesn’t work in reality. It fails to take account of the need for credit to flow to actually productive endeavors; if that doesn’t happen, the productive mechanisms which sustain life itself break down.
Another excellent video, Nick.
What do you call the legal prohibition of murder and rape? I agree that governments ought not regulate morality based solely in religious belief, but there are certain moral principles which transcend religious and other beliefs, and which should be “regulated” by government.
“To get rid of credit”
Nobody’s suggesting that we get rid of credit; that would be insane. What we’re suggesting is that we get rid of legalized loansharking and usury, and tightly restrict consumer credit. Credit should finance PRODUCTIVE INVESTMENT. There is ZERO productive value in unsecured consumer debt. At best, it’s a convenience for the rich and that’s what it ought to remain.
“slow down the economy”
WTF? Unmitigated proliferation of consumer credit has already destroyed the economy.
“CC aren’t making wealth. All its really doing is taking it out of the tangible economy and putting it in the finance sector.”
Exactly; it’s outright looting. We saw, and continue to see, the same swindle run by Enron, the HMO’s, the copyright cartel, and so on. That of course is the injecting of layers of needless overhead - useless, unproductive, white-collar make-work jobs - between the producer and the consumer.
Nick fantastic! I lived 10 years with out a Credit Card or a mortgage. Unfortunately, in the USA, that will give you a really bad Fica score. Even though I have a large savings in the bank. So, it is set up to place you in debt and punish you if you are not in debt. You have to be stronger than the social/economic peer pressure.
It is tough to be a saver in USA.
Government cannot regulate morality.
“Morality is the investment the individual makes for the betterment of society”
~~cc
That is what i post earlier. CC aren’t making wealth. All its really doing is taking it out of the tangible economy and putting it in the finance sector. If you had all the money that you pay on interest fees and other finance charges. You would be able to buy more things. Which would go to the sectors of the economy that actually produce something.
G,
The silly thing is that a CC only brings spending forward a little. Probably the same amount of sales, but just a few months earlier………….no real gain.
(or something like that)
Used to be a prohib against usury rates on all cc’s (18% tops) but that was lifted. I don’t think that cc troubles are hurting the economy near as much as other real estate/banking/investment troubles.
But it’s not just the cc industry that’s addicted to the cc juice-the whole US economy relies on a “buy lots of crap” engine! CC’s give the “buy lots of crap” motor a ton of horsepower. Jobs, wall street, industry, tax revenues…all nosedive the minute we slow down our spending.