tag:blogger.com,1999:blog-9430835.post5614097320113272467..comments2024-03-19T02:31:02.140-07:00Comments on Steve Sailer: iSteve: Thomas Geoghegan calls for anti-usury laws in Harper'sUnknownnoreply@blogger.comBlogger34125tag:blogger.com,1999:blog-9430835.post-11501069460970050872009-04-08T16:14:00.000-07:002009-04-08T16:14:00.000-07:00'that Wall Street is run by WASPs, when you sit do...<I>'that Wall Street is run by WASPs, when you sit down and tote up the NAMES of Wall Street big shots, it turns out that Wall Street isn't as Jewish as some might assume.'<BR/><BR/>This is not an accurate way of determining if someone is of Jewish origin.<BR/></I><BR/>I have a short story collection with a story called "A Trip Around Manhattan" (if my memory is correct) which is very insightful. It's about a Jewish family who emigrate to New York, and every time they prosper they change neighborhoods and they <I>change their name.</I><BR/><BR/>The story was written in the thirties about the earlier wave of immigrants. As I recall, the family name changes in the course of a few years from Rosenfeld to Rosen to Rose to Ross.Maximiliannoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-35480858914905123862009-04-03T07:24:00.000-07:002009-04-03T07:24:00.000-07:00does anyone else think Obama is letting his daught...<I>does anyone else think Obama is letting his daughters choose gifts for foreign monarchs/heads of state?</I><BR/><BR/>Heh. If that were the case, you would probably have seen a rather different selection of DVDs...Lucillehttps://www.blogger.com/profile/03225011724349777456noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-36204345650500165802009-04-02T18:52:00.000-07:002009-04-02T18:52:00.000-07:00Being underemployed, I work at a credit card call ...Being underemployed, I work at a credit card call center. We are one of the few banks doing the majority of store (PLCC) cards in the US today.<BR/><BR/> In my tenure there I have seen several initiatives that even frontline management admits are designed to shave billions on late fees and higher APR. If you have two late payments in 12 months-even by one day-your APR may go to 26 to 30 percent. And they have carefully designed ways to make more people late, such as making Saturday due dates due at 5 pm.<BR/><BR/> I say they need a good kick in the ass, even though they pay my salary (such as it is.)Sinuspolypnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-7499374645494137762009-04-02T14:02:00.000-07:002009-04-02T14:02:00.000-07:00How do you close an account that still has a balan...<I>How do you close an account that still has a balance? Do you mean default?</I><BR/><BR/>You're generally allowed you to close the acocount while still paying off the balance. You just can't make any new charges. So if the credit card company sends a letter telling you they're changing you're variable rate from (Prime + 3.9) to (Prime + 9.9) you call/write and tell them you want <BR/>to close the account. They generally (legally?) can't raise your rate on your existing balance. If you keep charging then your interest rate, even on your present balance, goes up.<BR/><BR/>If they ever do that, make that call.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-15546748065918158682009-04-02T11:53:00.000-07:002009-04-02T11:53:00.000-07:00you may have to close the account if you have a ba...<I>you may have to close the account if you have a balance you can't pay off immediately.</I><BR/><BR/>How do you close an account that still has a balance? Do you mean default?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-57247688224288380202009-04-02T06:18:00.000-07:002009-04-02T06:18:00.000-07:00'that Wall Street is run by WASPs, when you sit do...'that Wall Street is run by WASPs, when you sit down and tote up the NAMES of Wall Street big shots, it turns out that Wall Street isn't as Jewish as some might assume.'<BR/><BR/>This is not an accurate way of determining if someone is of Jewish origin.K@rt 18noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-5629689264667860662009-04-01T20:11:00.000-07:002009-04-01T20:11:00.000-07:00Except that closing a longstanding credit card acc...<I>Except that closing a longstanding credit card account actually harms your credit rating, making it even harder to go to another lender. Better to pay it off and keep the account open but use it sparingly afterwards.</I><BR/><BR/>Taking a minor hit to your credit rating is better than paying 20-30% interest. To avoid that you may have to close the account if you have a balance you can't pay off immediately.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-20055375183118119082009-04-01T19:35:00.000-07:002009-04-01T19:35:00.000-07:00The entire story of the 20th century could be told...The entire story of the 20th century could be told by something along the lines of "how people were persuaded not to believe thier eyes". <BR/><BR/>Playing both ends against the middle is the what allowed these sharpies to prevail against common sense. It is a simple case of the strongest ethnic ethic prevailing.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-80260142916323587512009-04-01T15:48:00.000-07:002009-04-01T15:48:00.000-07:00Anonymous...When rates are increased, on a credit ...<I>Anonymous...<BR/>When rates are increased, on a credit card, for example, it may be on an individual who has already maxed out their credit. They may not have the option of going to another lender. If they're smart, they'll close the account. If they're not smart, or desperate, or uninformed, they won't.</I><BR/><BR/>Except that closing a longstanding credit card account actually harms your credit rating, making it even harder to go to another lender. Better to pay it off and keep the account open but use it sparingly afterwards.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-19081773992402239982009-04-01T15:36:00.000-07:002009-04-01T15:36:00.000-07:00I remember when I became an "antisemite" it was be...I remember when I became an "antisemite" it was because, even accepting the "fat tail" "smart fraction" explanation for "Jewish overrepresentation" <A HREF="http://groups.google.com/group/alt.conspiracy/browse_thread/thread/b941e4b5df22dce6/c9202666148668dc?hl=en&q=%22net+asset+tax%22#" REL="nofollow">Jews were even further overrepresented in those attacking my last-ditch attempt at political action, proposing a way to reign in rent-seeking in the public and private sectors by taxing non-homestead net assets at what economists call "the risk free interest rate", rather than taxing economic activity for government revenue</A>.<BR/><BR/>That was it for me -- henceforth I had what Derbyshire calls "The Jew Thing".<BR/><BR/>The key to understanding the significance of "the risk free interest rate" in the present context is that it is a fundamental parameter of the Capital Asset Pricing Model of Modern Portfolio Theory -- one of the cornerstones of the way Wall Street establishes asset valuation.Jim Boweryhttps://www.blogger.com/profile/12686155123469135528noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-15340712369019406172009-04-01T15:12:00.000-07:002009-04-01T15:12:00.000-07:00Geoghegan's argument is plausible, but the whole a...Geoghegan's argument is plausible, but the whole article ignores that a truly free market has natural caps on impossible interest rates and default risks, that were actually preempted by law. Two our host has been posting on already are anti-discrimination laws driving lenders to make loans they otherwise wouldn't, and the moral hazard of bailing out failed institutions, that is, socializing the failure of high risk loans.<BR/><BR/>I'm starting to think the second point is even more important than the first. If there had been no bailouts, and markets had been allowed to clear and settle to natural prices, we'd have had a short, sharp recession, but we'd already be on the way up and out of it. And the market would now be rejecting the high-risk, high-interest loans that inflated the bubble. (More than it is already I mean, since the current state of credit is partly a general contraction of loaning, and partly temporary until it comes under the same pressures against red-lining and "discrimination.")<BR/><BR/>In effect, it's the old fallacy of blaming the free market for the failures of government intervention, then demanding still more government intervention to correct it. It's a never-ending spiral of unintended consequences.<BR/><BR/>Conceivably, easy-credit and non-discrimination constituencies are so well entrenched that anti-usury laws might have a net positive effect by approximating the interest rates and loan offers of a truly free market. That's an argument I'm willing to entertain. (Though there's a risk the affordable housing constituency will still claim its seat at the table and demand rates below the definition of usury.) But I'm not impressed by an "economist" who denigrates the value of two parties freely negotiating high interest for high risk.Dave R.noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-36421341075785105162009-04-01T14:11:00.000-07:002009-04-01T14:11:00.000-07:00I'm surprised at how shallow the critiques and und...I'm surprised at how shallow the critiques and understanding of usury are here, not just regarding its devastating place in history, but in the failure to acknowledge its absolute untenability in a world of finite resources. Wealth cannot breed - only debt can. Debt is slavery. Geoghegan roughly gets it.Jonathan Holdeennoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-41930453506816897932009-04-01T13:59:00.000-07:002009-04-01T13:59:00.000-07:00Allah in the Koran condemns usury in the strictest...<I> Allah in the Koran condemns usury in the strictest possible terms..</I><BR/><BR/><I>so did Plato.</I><BR/><BR/>Just about every culture, everywhere, condemned usuary. Also, when the moneylenders have access to the FEd/low interest, and make their money essentially, not off their money but the rules, licenses and regulations that ALLOW them to lend money THEY DO NOT HAVE then it is a little bit silly for WSJ types to balk about a free market - wall street is the most cuddled, protected and subsidized industries in the US>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-30599937788527177972009-04-01T13:28:00.000-07:002009-04-01T13:28:00.000-07:00This is totally off-topic, but from the "It ain't ...This is totally off-topic, but from the "It ain't over 'til the immigrant wins" file: Zeituni Onyango (Barack Obama's aunt) gets yet another extension on her <A HREF="http://en.wikipedia.org/wiki/Zeituni" REL="nofollow">bid for "asylum" in the US</A>. She came here in '01, was ordered deported in '04, and yet <I>she's still here</I>.<BR/><BR/>Asylum? She'd be welcomed back in Kenya with open arms to screaming throngs. "Hail the conquering half-aunt of the Obamessiah!"<BR/><BR/>But here's the <A HREF="http://www.boston.com/news/politics/politicalintelligence/2009/04/obamas_aunt_has.html" REL="nofollow">money quote</A>: "'Ms. Onyango case is being treated just like any other case before an immigration judge,' Fatimah Mateen, a spokesperson for the court, told reporters." <BR/><BR/>Yeah - treated just like everyone else. Maybe that's the problem.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-13163035470277897152009-04-01T13:21:00.000-07:002009-04-01T13:21:00.000-07:00"I don't have a strong opinion on whether or not w..."I don't have a strong opinion on whether or not we should have legal limits on interest rates, but I do agree with Geoghegan that the subtle costs of not having any limits are too widely ignored in economics classes."<BR/><BR/>This is my opinion on the Culture of Critique. It isn't the whole argument, but because it is mostly ignored, it leaves a huge blind spot in any pro-American or pro-white effort. It's an important PART of the reason for our current problems and their solutions.Beastmasternoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-75834517129103576042009-04-01T13:13:00.000-07:002009-04-01T13:13:00.000-07:00, Allah in the Koran condemns usury in the stricte...<I>, Allah in the Koran condemns usury in the strictest possible term</I><BR/>so did Plato.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-38452180120466493812009-04-01T13:07:00.001-07:002009-04-01T13:07:00.001-07:00If there were a lower rate they could charge while...<I>If there were a lower rate they could charge while still covering the risk of default, they would charge that because of competition, plain and simple. What's impeding competition?</I><BR/><BR/>When rates are increased, on a credit card, for example, it may be on an individual who has already maxed out their credit. They may not have the option of going to another lender. If they're smart, they'll close the account. If they're not smart, or desperate, or uninformed, they won't. "Competition" is nice in theory but doesn't always work perfectly in practice.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-32740284854845064472009-04-01T13:07:00.000-07:002009-04-01T13:07:00.000-07:00Senator Durbin has a bill (S. 500) setting a natio...Senator Durbin has a bill (S. 500) setting a national interest rate limit of 36 percent, inclusive of all fees and charges. (Except I think a $15 application fee and late fee or something like that). Durbin is influential and is serious about the bill so it may actually move.<BR/><BR/>It would be easy enough to tie an interest rate limit to the CPI or even anticipated inflation, which is now directly observable through TIPS.MQnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-80341090774404695472009-04-01T12:58:00.000-07:002009-04-01T12:58:00.000-07:00Testing, what's today's date?OT, does anyone else ...Testing, what's today's date?<BR/><BR/>OT, does anyone else think Obama is letting his daughters choose gifts for foreign monarchs/heads of state? I mean did he really give Queen Elizabeth a personalized iPod?Pia Jnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-24054337948411718712009-04-01T12:33:00.000-07:002009-04-01T12:33:00.000-07:00"You can assume that lender's charge rate X becaus..."You can assume that lender's charge rate X because it's the rate they need to charge to be profitable. But among higher risks, they also charge it because they can."<BR/><BR/>If there were a lower rate they could charge while still covering the risk of default, they would charge that because of competition, plain and simple. What's impeding competition?Vernunfthttps://www.blogger.com/profile/16652751092085432868noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-21421737732203519002009-04-01T11:57:00.000-07:002009-04-01T11:57:00.000-07:00Can you supply names, cites, links, to people who ...Can you supply names, cites, links, to people who charged the anti-usury proponents with anti-Semitism? I really can't take this on your word. I need sources.Unknownhttps://www.blogger.com/profile/06559830693993775055noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-62404657397239697412009-04-01T11:35:00.000-07:002009-04-01T11:35:00.000-07:00Steve, Jews and accusations of anti-Semitism have ...Steve, Jews and accusations of anti-Semitism have nothing to do with anti-Usury laws or the move to abolish them.<BR/><BR/>You are looking for something that is not there.<BR/><BR/>Anti-Usury Law proponents: Non-White interest groups, the Urban League, NAACP, etc. charging that usury type interest rates are harmful to non-White poor people.<BR/><BR/>Those favoring high interest rates: banks, credit card companies, etc. who want to make a profit on otherwise unprofitable potential customers.<BR/><BR/>Contrary to your assertions, most of the time high interest rates plus default are not a problem for issuers of in particular, credit cards, which work far differently than loans, and even loans.<BR/><BR/>Say Person A defaults on his credit card account. USUALLY the credit card company has collected enough profit that their response: cancel the account, sell the loan for collection, still makes them money. If the collector gets cents on the dollar, all well and good.<BR/><BR/>Say Person B defaults on his home loan. Still the loan issuer has collected money (or likely the group it was sold to), and simply retakes the house. True the neighbors suffer, but that's the price of living in a declining neighborhood. The house is retaken by the loan group and sold on the market. <BR/><BR/>The real problem comes in taking bad loans, bundling them up as an instrument, and selling them on the financial market. Often heavily hedged. <BR/><BR/>All that stuff was HEAVILY regulated, and the regulators due to political pressure from Barney Frank, Chris Dodd, Barack Obama, failed to do their job.<BR/><BR/>None of this had anything to do with either Jews or fears of being called anti-Semitic.<BR/><BR/>The battle was fundamentally between banks and credit card companies wanting to make more money, and the groups like the Urban League. Even so things worked reasonably well until these toxic debts were bundled and sold on the global marketplace with regulators failing to do their job so non-Whites and others could be put in houses they could not afford.<BR/><BR/>In that case, the Urban League and NAACP switched sides and joined with the loan companies.testing99noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-73984246017420683612009-04-01T11:14:00.000-07:002009-04-01T11:14:00.000-07:00It's taken me many years to gain the requisite cyn...It's taken me many years to gain the requisite cynicism, er widom, specifically, a 20-something Libertar[d]ian wouldn't recognize this nuance, but the thing to about anti-usury laws is it puts banks first in line when the currency is debauched. Since banks typically have the ear of power, this is a good thing. I figure if banks figure they can easily pass through inflation, that's one less party in favor of holding the line on a solid currency for us small time savers.<BR/><BR/>Contra that thought, it didn't work in the 70's and it doesn't work if you have a latin-style demagogue running your govt. So I'm still working on it.AllanFnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-51201967954535148562009-04-01T09:45:00.000-07:002009-04-01T09:45:00.000-07:00Indeed, it might be worth exploring more generally...<I>Indeed, it might be worth exploring more generally how the ascendancy of Wall Street and the paucity of criticism of finance in recent decades was related to would-be critics' fears of being accused of anti-Semitism.</I><BR/><BR/>Check GNXP.com sometime today. I just got the data and made graphs, but need to write it up into a post.agnostichttps://www.blogger.com/profile/12967177967469961883noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-27761441443626496112009-04-01T09:32:00.000-07:002009-04-01T09:32:00.000-07:00Good posting...Ha, ha, ha!Good posting...<BR/><BR/>Ha, ha, ha!RKUnoreply@blogger.com