The hypocrisy is stunning

[kallend 1,621]

https://www.washingtonpost.com/opinions/2022/03/25/republicans-anti-elite-hypocrisy-tom-cotton/

The following have all railed against the "elite" at some time (or many times), while they each have an ivy league background:

In office:

Cotton (R)

Cruz (R)

Kennedy (R)

Hawley (R)

DeSantis (R)

Candidates:

Laxalt (R)

McCormick (R)

Lamon (R)

Vance (R)

 

 

 

[JerryBaumchen 1,046]

14 minutes ago, kallend said:

https://www.washingtonpost.com/opinions/2022/03/25/republicans-anti-elite-hypocrisy-tom-cotton/

The following have all railed against the "elite" at some time (or many times), while they each have an ivy league background:

In office:

Cotton (R)

Cruz (R)

Kennedy (R)

Hawley (R)

DeSantis (R)

Candidates:

Laxalt (R)

McCormick (R)

Lamon (R)

Vance (R)

 

 

 

Hi John,

They are as phony as a $3.00 bill.

Jerry Baumchen

[Phil1111 908]

3 hours ago, JerryBaumchen said:

Hi John,

They are as phony as a $3.00 bill.

Jerry Baumchen

At the carnival they know what sells.

[Phil1111 908]

Some more stunning hypocrisy from the UK this time.

Boris Johnson had an ethics advisor!

Boris Johnson had his second ethics adviser in less than two years quit his post.

[JoeWeber 2,294]

2 minutes ago, Phil1111 said:

Some more stunning hypocrisy from the UK this time.

Boris Johnson had an ethics advisor!

Boris Johnson had his second ethics adviser in less than two years quit his post.

Yo, Brent, talk about a fit for you and the job is open!

[kallend 1,621]

 So the same libertarians who argue that student loan borrowers should have known what they were getting into when they took out their loans were able to overlook that Silicon Valley Bank depositors should have known that deposits beyond $250,000 are uninsured and therefore not guaranteed to be paid back.  The whining is deafening.

Trump raised the Dodd-Frank threshold in 2018. At the signing ceremony, Trump labeled the regulations “crushing.”   They may well have saved SVB had it not been for weakening the Dodd-Frank protections.

"The goal in business to privatize profits and socialize losses."

 

[brenthutch 383]

19 minutes ago, kallend said:

 So the same libertarians who argue that student loan borrowers should have known what they were getting into when they took out their loans were able to overlook that Silicon Valley Bank depositors should have known that deposits beyond $250,000 are uninsured and therefore not guaranteed to be paid back.  The whining is deafening.

Trump raised the Dodd-Frank threshold in 2018. At the signing ceremony, Trump labeled the regulations “crushing.”   They may well have saved SVB had it not been for weakening the Dodd-Frank protections.

"The goal in business to privatize profits and socialize losses."

 

I don’t hear whining from anyone but Ro Khanna.(D)

He wined so hard that Biden caved and is using taxpayer dollars to cover deposits >$250k

If SVB worked as hard to diversify its portfolio as it did its workforce they might still be solvent.

[SkyDekker 1,121]

1 hour ago, brenthutch said:

using taxpayer dollars to cover deposits >$250k

No he isn't.

[normiss 620]

49 minutes ago, SkyDekker said:

No he isn't.

Banks, not taxpayers, are funding the government's efforts to shore up depositors of the failed Silicon Valley Bank and Signature Bank.

The Biden administration will draw from the Deposit Insurance Fund to backfill customers' deposits, President Joe Biden said Monday, the Federal Reserve and the Federal Deposit Insurance Corporation that this relief plan would not be funded by American taxpayers.

"No losses will be — and this is an important point — no losses will be borne by the taxpayers; let me repeat that, no losses will be borne by the taxpayer," Biden said Monday in remarks delivered from the White House. "Instead the money will come from the fees that banks pay into the Deposit Insurance Fund."

The FDIC's Deposit Insurance Fund (DIF) is used to help pay for operating costs as well as to resolve failed banks. It's funded by quarterly fees collected from FDIC-insured banks as well as interest earned from its investments in Treasury securities. 

As of December 31, 2022, the DIF's fund balance was $128.2 billion, according to the FDIC.

Under requirements put in place by the Dodd-Frank Act, the FDIC has to have enough in the DIF coffers to cover 1.35% of insured deposits.

[Phil1111 908]

3 hours ago, brenthutch said:

...If SVB worked as hard to diversify its portfolio as it did its workforce they might still be solvent.

So stupid of them to buy US government bonds. So stupid of them to listen to Wharton MBA, president trump "Trump says Fed ‘boneheads’ should cut interest rates to zero ‘or less,’ US should refinance debt"  Which would have made interest rates negative.

[brenthutch 383]

Just now, Phil1111 said:

So stupid of them to buy US government bonds. So stupid of them to listen to Wharton MBA, president trump "Trump says Fed ‘boneheads’ should cut interest rates to zero ‘or less,’ US should refinance debt"  Which would have made interest rates negative.

Who could have possibly thought that the Fed would raise interest rates after the inflation caused by the Democrat’s money party?  

[SkyDekker 1,121]

18 minutes ago, brenthutch said:

Who could have possibly thought that the Fed would raise interest rates after the inflation caused by the Democrat’s money party?  

Why don't you point on the map when Biden was inaugurated.

 

[kallend 1,621]

2 hours ago, normiss said:

Banks, not taxpayers, are funding the government's efforts to shore up depositors of the failed Silicon Valley Bank and Signature Bank.

 

And where do these banks get their  fees from?  Oh, yes, the regular customers who don't get special favors.

 

In the end we will pay, the route may just be more circuitous than a direct bailout. 

[SkyDekker 1,121]

8 minutes ago, kallend said:

And where do these banks get their  fees from?  Oh, yes, the regular customers who don't get special favors.

 

In the end we will pay, the route may just be more circuitous than a direct bailout.

bank customers =/ tax payers

Some will be tax payers, some will not be.

[okalb 78]

3 hours ago, normiss said:

Banks, not taxpayers, are funding the government's efforts to shore up depositors of the failed Silicon Valley Bank and Signature Bank

My understanding is that in this case, if things work as they should, nobody will be funding the government's efforts long term.

SVB put most of money in long term bonds. The money is still in those long term bonds. The money needed to pay investors is not available until those investments mature. The government is essentially making the bank's investors a loan to get their money now and the government will repay the loans by collecting on the bond investments when they mature.

They need to do this because if the bank cashed the investments in before they mature, the amount of losses due to penalties and fees will cost so much that there would not be enough left to give the bank's investors their money back.

 

Edited March 13, 2023 by okalb

[wolfriverjoe 1,340]

8 hours ago, SkyDekker said:

No he isn't.

You expect Brent to post anything factually accurate?

You aren't that gullible, are you?

[NewGuy2005 51]

I, for one, am getting sick and tired of having my financial future repeatedly derailed by greed.

[NewGuy2005 51]

To be clear:  I am talking about other people's greed, not my own.

Edited March 14, 2023 by NewGuy2005

[wmw999 2,116]

11 hours ago, wolfriverjoe said:

You expect Brent to post anything factually accurate?

You aren't that gullible, are you?

He regularly posts facts. Cherry-picked, sometimes out of context, to prove a point. After all, murder and ice cream sales do, in fact, correlate -- coincidence? I'll let you draw the conclusion

Wendy P.

[airdvr 197]

Regardless of where the money comes from it's still a government bailout.  Once again these idiots are saved by Uncle Sam.

They should have learned a lesson from all of the grifters who went to jail after 2008.

Kareem Serageldin
Kareem Serageldin (/ˈsɛrəɡɛldɪn/) (born in 1973) is a former executive at Credit Suisse. He is notable for being the only banker in the United States to be sentenced to jail time as a result of the financial crisis of 2007–2008, a conviction resulting from mismarking bond prices to hide losses.

[wmw999 2,116]

8 minutes ago, airdvr said:

They should have learned a lesson from all of the grifters who went to jail after 2008.

We really need a sarcasm font here, don't we...

Wendy P.

[Phil1111 908]

2 hours ago, airdvr said:

Regardless of where the money comes from it's still a government bailout.  Once again these idiots are saved by Uncle Sam.

They should have learned a lesson from all of the grifters who went to jail after 2008.

Kareem Serageldin
Kareem Serageldin (/ˈsɛrəɡɛldɪn/) (born in 1973) is a former executive at Credit Suisse. He is notable for being the only banker in the United States to be sentenced to jail time as a result of the financial crisis of 2007–2008, a conviction resulting from mismarking bond prices to hide losses.

Hypocrisy and government bailouts. Yep!

The Shame of the Mortgage-Interest Deduction "It's a symbol of everything that’s wrong with the American tax code." From The Atlantic

"Half of all poor American families who rent spend more than 50 percent of their income on housing costs. In May, rental income as a share of GDP hit an all-time high. Meanwhile, in 2015, the federal government spent $71 billion on the MID, and households earning more than $100,000 receive almost 90 percent of the benefits. Since the value of the deduction rises as the cost of one’s mortgage increases, the policy essentially pays upper-middle-class and rich households to buy larger and more expensive homes. At the same time, because national housing policy’s benefits don’t accumulate as much to renters, it makes it harder for poor renters to join the class of homeowners."

Rich homeowners are encouraged to over consume housing. At the expense of the treasury, other taxpayers. Most importantly poor renters who can never afford home ownership.

"The U.S. Treasury Department estimates that the HMID will reduce federal revenue by $597.6 billion from 2019-2028"

Just another instance of the poor subsidizing the rich

 

 

[billvon 2,384]

10 minutes ago, Phil1111 said:

Meanwhile, in 2015, the federal government spent $71 billion on the MID

I have an issue with the claim that by not taxing something, the government is "spending money" on something.

I mean, by that logic, you could claim tht the government is spending hundreds of billions on not taxing washing machines.  It's an OUTRAGE!

[Phil1111 908]

21 minutes ago, billvon said:

I have an issue with the claim that by not taxing something, the government is "spending money" on something.

I mean, by that logic, you could claim tht the government is spending hundreds of billions on not taxing washing machines.  It's an OUTRAGE!

Spending money is a very poor description of what it is.  Its a taxable deduction. Income that would otherwise be taxed, isn't

The tax acts create tens of thousands of deductions in taxable income for individuals and corporations. If was a fair deduction it would include rents and mortgage interest up to the first $1000. Thus poor renters would get the same breaks that homeowners do. The problem arises when the poor can't directly benefit from that deduction. Because they have so little income or so many other deductions. i.e. children.

Or to be even more fair cap the deduction after the first $200k of mortgage. The current median house price is $428k

[billvon 2,384]

48 minutes ago, Phil1111 said:

Spending money is a very poor description of what it is.  Its a taxable deduction.

I agree.  That is a better way to describe it.

Quote

The tax acts create tens of thousands of deductions in taxable income for individuals and corporations. If was a fair deduction it would include rents and mortgage interest up to the first $1000. Thus poor renters would get the same breaks that homeowners do.

Also agreed.  The MID was intended to encourage home ownership, but I don't see a compelling reason to do that.