Exceptional article. Things looked bleak, but the mechanics of the problem as you present them are horrifying. I very much appreciate your points on what can be done to counter this heinous plot.
Mr. Narayan, you got it. The cynical short term grift of the magas will cause severe, long term pain for america. They are political and economic nihilists. I’m glad the “big, beautiful bill” was shot down. The magas will settle on an even worse bill to get the Freedom Caucus to agree. Senate will water down the demands. Dems need to drag it out as much as possible. The impact on the debt and interest payments is a time bomb.
We have the debt ceiling talks in August. Another place for Dems to blow up things.
This is cleverly conceived politically expedient bill. One can argue that the tariffs would offset the revenue deficit due to the 5000$ credit to seniors - same as the argument that tariffs get funneled to the rich by way of tax cuts. The fundamental problem is that the deficits issue has been kicked down the road by both parties. The debt when Trump took office in 2017 was 19.8 trillion - it was 27 when he left. When Biden left, it was 32 trillion. The excuse given in both cases was that increased GDP and revenues would offset the deficit.
A few thoughts: The CFPB was never tasked with enforcing capital reserve requirements, enforcing propriety trading rules, evaluating new derivatives and the likes. These come under the purview of the Fed and SEC. They failed miserably. Greenspan was warned about the coming hurricane much in advance. The rating agencies gave AAA ratings to junk MBS’s and were in on the heist to their necks. The CFPB, even if it existed in 2008, could not have prevented the collapse.
I am in complete agreement with you on their effectiveness in pursuit of fraudulent financial activity since 2011 when it was formed under the auspices of the Dodd Frank Bill , ironically the biggest deregulators ( Frank especially ) who atoned for their sins, so to speak, by creating the CFPB.
Exceptional article. Things looked bleak, but the mechanics of the problem as you present them are horrifying. I very much appreciate your points on what can be done to counter this heinous plot.
Thanks..
Mr. Narayan, you got it. The cynical short term grift of the magas will cause severe, long term pain for america. They are political and economic nihilists. I’m glad the “big, beautiful bill” was shot down. The magas will settle on an even worse bill to get the Freedom Caucus to agree. Senate will water down the demands. Dems need to drag it out as much as possible. The impact on the debt and interest payments is a time bomb.
We have the debt ceiling talks in August. Another place for Dems to blow up things.
The MAGA world has no clue with Trump and his GOP is upto. This is screwing them to help the big bad billionaires.
Shankar! Great reporting on the hidden agenda in the budget blockbuster!
Peanuts for elderly voters but a huge tax against the grandchildren’s future!
Vote NO WAY” for the billionaires’s HUGE TAX CUT!
This is cleverly conceived politically expedient bill. One can argue that the tariffs would offset the revenue deficit due to the 5000$ credit to seniors - same as the argument that tariffs get funneled to the rich by way of tax cuts. The fundamental problem is that the deficits issue has been kicked down the road by both parties. The debt when Trump took office in 2017 was 19.8 trillion - it was 27 when he left. When Biden left, it was 32 trillion. The excuse given in both cases was that increased GDP and revenues would offset the deficit.
Tips have almost never been disclosed by the waiters and the likes in other services. This is just true lip or word service.
A few thoughts: The CFPB was never tasked with enforcing capital reserve requirements, enforcing propriety trading rules, evaluating new derivatives and the likes. These come under the purview of the Fed and SEC. They failed miserably. Greenspan was warned about the coming hurricane much in advance. The rating agencies gave AAA ratings to junk MBS’s and were in on the heist to their necks. The CFPB, even if it existed in 2008, could not have prevented the collapse.
CFPB did a lot of work. It is one thing I will not stop until it is back up again. Do take a few minutes to read it. Let me know.
https://www.theconcis.com/p/dems-must-dare-the-gop-to-delete
I am in complete agreement with you on their effectiveness in pursuit of fraudulent financial activity since 2011 when it was formed under the auspices of the Dodd Frank Bill , ironically the biggest deregulators ( Frank especially ) who atoned for their sins, so to speak, by creating the CFPB.
USA has been run for the benefit of rich boomers since 2003.