President Biden: The NEW one and only politics thread

Brooklyn Bridge · May 22, 2024

If you can’t afford an attorney, one will be appointed for you. LOL. These idiots.

Republicans charged in fake electors plot can't afford lawyers

kickoff-time · May 22, 2024

The Big Ragu said: ↑

Of course. Monetize debt so that politicians can do populist crap that borrows from the future to wastefully piss away that future growth today. ... and what you need to do is price fix the most important price there is -- the cost of money -- to make it so people can borrow way beyond what they would if they were bearing the cost because an actual market wasn't allowing that borrowing so cheaply. When you price fix rates. ... everyone avails themselves to the "free money" to one degree or another, whether it is Elizabth Warren, or Delta Airlines putting itself into massive debt to buy back stock to drive up its stock price or Joe Palooka driving a $55,000 truck he shouldn't have ever been put near. All of that is misallocation of capital that actually makes our economy fragile. It creates a house of cards where you need to keep enabling escalating mounts of debt.

Think about ALL of the consequences of having done that for so long (with alot of what we are facing today, being due to the radical debt monetization that was the response to the financial crisis rather than allowing the excesses they had caused in the first place by selling this fantasy, to correct themselves). So now, the central bank is backed into a corner. "Inflation" as people perceive it, is killing people, so they have to make a show of dealing with it, and they raised short-term interest rates (even as they use things like reverse repos -- things that 99 percent of people don't understand, and still have a huge balance sheet of debt securities they bought, to counteract the effects of their "inflation fighting" because it would absolutely crash our economy if they did what they need to do). ... As a result of that, we went from a 3 percent 30 year mortgage that put people into homes they couldn't have afforded to a 7.5 percent 30 year mortgage rate. And millions of people are now effectively locked into those homes they never would have been able to afford and our housing market is locked up (keeping prices through themoon ) and a new generation of people trying to start their lives have no chance of ever affording a home. I can go on and on. At the end of the day, though, THOSE people get that phone call from a pollster. ... and they are borrowing against a credit card to buy groceries, they can't buy a home, they are working an extra job. ... and so yeah, they say we are in a recession or that GDP is negative or whatever people on here are fixated on. But those people aren't nuts. What is crazier to me is the people who are convinced that everyone else is an idiot who doesn't understand how great everything is. ... when it clearly is not.
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Ragu, I refinanced at 3.75% a couple of years ago but my monthly payment went up by about $250 per month because real estate taxes continue to be out of control. Equity is great and we have thought about moving, but anywhere near us is outrageously expensive even if we downsize. Plus, as you note, the rates are now double. It is tough even though my wife and I both got raises. I really don't expect to retire until I'm almost 70.

matt_garth · May 22, 2024

Inky_Wretch · May 22, 2024

Which of his beach neighbors did something to piss off his wife and make her order an obscure flag embraced by Christian Nationalists?

melock · May 22, 2024

Deskgrunt50 · May 22, 2024

melock said: ↑

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Least surprising news ever. She's always been awful and has never actually stood for anything.

DanielSimpsonDay · May 22, 2024

melock said: ↑

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it's exciting she's excited to vote for donald trump

Dog8Cats · May 22, 2024

The Big Ragu said: ↑

The bottom line is, we have gone from a fantasy of an economy to the absurd, because that game of running up debt and a central bank monetizing it for as long as we can be reckless by "printing money" was pushed to the limit with the pandemic as an excuse. The result was that asset bubble prices as the "inflation" the debt monetization was causing, spilled over into the prices of just about everything taking off, and the central bank felt pressured to raise their overnight borrowing rate, which now has our government borrowing. ... and twice as much money as a year ago, going to paying interest on our debt (which also gets passed off as positive GDP but isn't a measure of the economy as people perceive it -- they are focused on their own well being).
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I'd be more than happy with 1950s-era tax rates. Would that help the debt?

garrow · May 22, 2024

Haley, what an invertebrate creature

Deskgrunt50 · May 22, 2024

garrow said: ↑

Haley, what an invertebrate creature
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Also describes 99 percent of elected republicans since 2016. They need daddy to tell them what to do at every turn since they tossed all of their principles in the trash.

Inky_Wretch · May 22, 2024

Haley posted a bunch of tweets about how the US needs to stand up to Putin - to justify endorsing a man who will appease him.

HanSenSE · May 22, 2024

Brooklyn Bridge said: ↑

If you can’t afford an attorney, one will be appointed for you. LOL. These idiots.

Republicans charged in fake electors plot can't afford lawyers
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Wonder how much AZGQP money is going to defend not only Trump, but Lake?

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President Biden: The NEW one and only politics thread

Brooklyn Bridge Well-Known Member

kickoff-time Well-Known Member

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Inky_Wretch Well-Known Member

melock Well-Known Member

Deskgrunt50 Well-Known Member

DanielSimpsonDay Well-Known Member

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President Biden: The NEW one and only politics thread

Brooklyn Bridge Well-Known Member

kickoff-time Well-Known Member

matt_garth Well-Known Member

Inky_Wretch Well-Known Member

melock Well-Known Member

Deskgrunt50 Well-Known Member

DanielSimpsonDay Well-Known Member

Dog8Cats Well-Known Member

garrow Well-Known Member

Deskgrunt50 Well-Known Member

Inky_Wretch Well-Known Member

HanSenSE Well-Known Member

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