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Paracaidas posted:A pair of really interesting polls catching attention right now: Edit Page snipe fixed for context.
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# ? Sep 26, 2022 14:34 |
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# ? May 25, 2024 13:49 |
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The right-wing outrage cycle is running on fumes, but at least it's entertaining. I wonder why Republican voters never seem to get tired of it. It seems exhausting! https://twitter.com/newtgingrich/status/1574222109659856901?s=20&t=7hMUVz6q0vDmWFubVoV9dQ EDIT: If you want to feel old Gingrich hasn't been Speaker since 1999. Looking backward it feels like that was a completely different world even though all of the constituent parts of the GOP machine were already in place and grinding away. Dick Trauma fucked around with this message at 16:26 on Sep 26, 2022 |
# ? Sep 26, 2022 16:23 |
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Imagine getting hysterical over song lyrics from 28 years ago, later covered by an American country music legend. E: good to see almost all the comments are dunking on him.
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# ? Sep 26, 2022 16:53 |
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That poo poo is just one step removed from saying "and why does he call his guitar a machine that kills fascists? Is this not a call to violence????"
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# ? Sep 26, 2022 17:09 |
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https://www.businessinsider.com/jan-6-panel-could-make-unanimous-trump-prosecution-referral-members-2022-9?utm_source=reddit.comInsider posted:Two of the most senior members of the House Jan. 6 committee said they believe Donald Trump committed wrongdoing in relation to the riot, but said that the committee will act unanimously when it decides whether or not to refer the former president for prosecution. Haven't seen this posted in the thread yet, but lol they're gonna let Trump walk because no way the chuds on the committee are gonna vote for prosecutory referral
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# ? Sep 26, 2022 17:38 |
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Dick Trauma posted:The right-wing outrage cycle is running on fumes, but at least it's entertaining. I wonder why Republican voters never seem to get tired of it. It seems exhausting! I'm sorry does the guy who divorced his dying wife in the hospital have opinions on people being mean?
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# ? Sep 26, 2022 17:43 |
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Not actually US news, but saw the news about the school shooting in Izhevsk and it took a minute or two to sink in that "Oh, that's in Russia!" and not in the US. I like to think it's because of the lock that the US has on mass shootings ( the US has had 17 in 2022 vs Russia's 4 ) and not centerisim. ( with a dash of brain fog. )
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# ? Sep 26, 2022 17:51 |
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Twincityhacker posted:Not actually US news, but saw the news about the school shooting in Izhevsk and it took a minute or two to sink in that "Oh, that's in Russia!" and not in the US. 17? LOL, it's way more than that https://www.gunviolencearchive.org/reports/mass-shooting
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# ? Sep 26, 2022 17:52 |
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Jaxyon posted:17? LOL, it's way more than that I counted 115 shootings in 2022 with at least 2 deaths. But wait a few hours and that will surely be 116.
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# ? Sep 26, 2022 17:59 |
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HonorableTB posted:Haven't seen this posted in the thread yet, but lol they're gonna let Trump walk because no way the chuds on the committee are gonna vote for prosecutory referral There are no chuds on the committee. The only 2 Republicans have been shunned by the rest of the party; Cheney got ousted from her seat and Kinzinger's retiring.
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# ? Sep 26, 2022 18:08 |
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JPMorgan Chase (one of the largest credit card issuers in the country) is planning a move to kill credit cards and debit cards entirely. It essentially is a commercial version of Zelle/Venmo that will transfer funds nearly instantly from the customer's bank account to the vendor's bank account - with no middle man and faster verification of funds than traditional debit/credit card transactions. If they go through with this, they plan to use their market leverage to encourage adoption by merchants. One of the biggest continuing legislative back and forths since the 80's is the Credit Card Companies vs. Big Retailers lobbying congress about credit card fees. This could have a mixed impact on consumers, a negative impact on credit card companies and some banks, and a positive impact on vendors. The biggest potential losses: - Lose the ability to float payments by a month or two without paying interest by floating credit card payments (all transactions will essentially be debit transactions). - If this is widely/universally adopted, then it will end the large sign-on bonuses, perks, and cashback programs that most credit cards offer. - Special consumer protections offered by credit cards will become moot. The biggest potential gains: - This would end overdraft fees as a concept (although, many big banks have been ending them voluntarily/under threat of regulation) because transactions would be instant and balances could be checked before the charge went through. - Vendors would no longer have to pay swipe fees for every purchase. - Large payments that don't usually take credit cards (such as rent) could be done without checks or ACH. Essentially, most of the things that are unique about credit cards compared to debit (both the good and bad) would disappear and debit cards would be replaced by bank-to-bank transfers that do not use payment processor networks like Visa. https://twitter.com/ftfinancenews/status/1573160396982308864 quote:How JPMorgan’s plan to kill credit cards split the bank Leon Trotsky 2012 fucked around with this message at 19:04 on Sep 26, 2022 |
# ? Sep 26, 2022 18:24 |
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I'm not a huge economy dude but wouldn't that effectively kill the idea of credit ratings? Because if so I'm all for it.
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# ? Sep 26, 2022 18:33 |
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Push El Burrito posted:I'm not a huge economy dude but wouldn't that effectively kill the idea of credit ratings? I have to assume people wouldn't suddenly have to buy cars and houses and stuff with debit so that would probably still exist? I think?
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# ? Sep 26, 2022 18:35 |
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Push El Burrito posted:I'm not a huge economy dude but wouldn't that effectively kill the idea of credit ratings? No. You'd still have plenty of other things that credit ratings are based off of (personal loans, mortgages, car loans, boat loans, student loans, rental payments/evictions, tax liens, etc.). It would just make personal short-term credit via credit cards mostly defunct by killing the rewards programs, cash back, and the downsides of credit cards all together. Which would leave no reason to use them when you have bank-to-bank transfers available.
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# ? Sep 26, 2022 18:37 |
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Kind of like the intermediary of a credit card between someone who wants my money and my actual money. I know Europe basically gets along without credit cards though
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# ? Sep 26, 2022 18:41 |
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I just know that getting an actual credit card was a major point in getting my credit rating up. Even while having an active car loan and paying rent my score was abysmal because I didn't have a card that I used at least once a month. Seems like it would be a major shake up in that area.
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# ? Sep 26, 2022 18:41 |
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This could be a massive revolution in the way commerce happens, but I am personally kind of mixed on it. On the one hand, it does suck for merchants that they have to pay a fee for every product they sell to a third-party just to take payments and nearly instant bank-to-bank transfers would be a massive improvement over ACH that can take days to verify or credit cards that take some extra fees from the merchant for no real reason. On the other hand, from my personal perspective, I have earned a lot of cash back + rewards from credit cards over the years and basically never use debit cards anymore because I can get 2-5% of my purchase back for doing nothing. I also like floating money for a month with no interest and the consumer protections of getting an instant refund and saying, "it's the bank's problem now" when you have fraud on a credit card. It's not totally fair that the merchants are basically subsidizing all of that for me, but I also don't feel that bad for them.
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# ? Sep 26, 2022 18:45 |
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joe football posted:Kind of like the intermediary of a credit card between someone who wants my money and my actual money. I know Europe basically gets along without credit cards though As someone whose card has been stolen more than once, I like the fraud liability being on someone else
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# ? Sep 26, 2022 18:47 |
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Makes fraud potentially much more dangerous though -- Someone steals your credit card and they're playing with Visa's money, but if someone manages to get in your bank account they've got their hands on live ammo E: FB
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# ? Sep 26, 2022 18:47 |
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Shifting liability seems to me to be the likeliest Chase's actual motivation, like how chip & PIN in Europe was primarily motivated by changing burden-of-proof for fraud, not preventing fraud Plausible reasons I can think of for why Chase would want to do this: - Liability shift - Reduce the size of the merchant fee pie, but take a bigger slice so they end up with more - Split lending from payment processing so that (1) interest fee loans go away, and (2) you get payment processing money from purchases made by people you wouldn't loan to - Redo payment backend without needing legacy support so its cheaper to operate
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# ? Sep 26, 2022 19:13 |
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Jaxyon posted:17? LOL, it's way more than that I was pulling the list from Wikipedia's mass shooting list, which explains the discrepentcy.
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# ? Sep 26, 2022 19:20 |
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I feel like many people use credit cards to purchase things over time that they don't have the funds to purchase all at once. Credit card companies are often like layaway lenders so that the businesses themselves don't have to setup their own programs. I'm curious how far the individual consumer appeal is going to go. If going straight from your account was really that appealing, wouldn't everyone have migrated to debit cards already?
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# ? Sep 26, 2022 19:31 |
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How does JP Morgan make money on that? Someone is going to have to pay fees at some point in the transaction, otherwise the service wouldn't make any money. They might subsidize it in the short-term to give themselves a foothold, but in the long run they'll be charging someone for this service, and merchants are the natural target to slap fees on.
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# ? Sep 26, 2022 19:33 |
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Leon Trotsky 2012 posted:On the one hand, it does suck for merchants that they have to pay a fee for every product they sell to a third-party just to take payments and nearly instant bank-to-bank transfers would be a massive improvement over ACH that can take days to verify or credit cards that take some extra fees from the merchant for no real reason. Eh, I think this is a point that gets raised without thinking about the history of it. Back in the pre-credit card days, pretty much every store regularly extended credit to the general public - hell, I still know old people who have credit accounts with the grocery store. Paying a fee just to take payments is really paying a fee to almost never have to worry about bad debt.
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# ? Sep 26, 2022 19:34 |
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Main Paineframe posted:How does JP Morgan make money on that? Someone is going to have to pay fees at some point in the transaction, otherwise the service wouldn't make any money. They might subsidize it in the short-term to give themselves a foothold, but in the long run they'll be charging someone for this service, and merchants are the natural target to slap fees on. JPMorgan Chase no longer has to pay Visa/Mastercard network fees and they can issue credit to their customers/shape the payment process however they want without having to work with or pay Visa to do so. Right now, they pay Visa to do the thing this new bank-to-bank transfer system will do. By eliminating them, they can go from losing a portion of money on every swipe to them to gaining a portion of money on every swipe + being the cheapest/easiest creditor for anyone with a checking account at Chase.
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# ? Sep 26, 2022 19:41 |
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Eric Cantonese posted:I feel like many people use credit cards to purchase things over time that they don't have the funds to purchase all at once. Credit card companies are often like layaway lenders so that the businesses themselves don't have to setup their own programs. Debit cards don't go straight from your account. The bank and person receiving the money still pay fees for debit card transactions (they are just much smaller than credit card swipe fees). They still use Visa/Mastercard payment processors and ACH takes a few days to verify before the transaction is complete. That is why over drafting is a thing that is possible.
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# ? Sep 26, 2022 19:42 |
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Main Paineframe posted:How does JP Morgan make money on that? Someone is going to have to pay fees at some point in the transaction, otherwise the service wouldn't make any money. They might subsidize it in the short-term to give themselves a foothold, but in the long run they'll be charging someone for this service, and merchants are the natural target to slap fees on.
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# ? Sep 26, 2022 20:00 |
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Leon Trotsky 2012 posted:Debit cards don't go straight from your account. The bank and person receiving the money still pay fees for debit card transactions (they are just much smaller than credit card swipe fees). They still use Visa/Mastercard payment processors and ACH takes a few days to verify before the transaction is complete. That is why over drafting is a thing that is possible. That's a good correction point to make. I'm still twitchy as an end user having any of those transactions drawn straight up against my actual bank account as opposed to a credit card where I at least have some (perceived?) flexibility about how to pay off my card balance. And like you and others pointed out, how exactly do rewards and fraud protections get set up if you have more straight bank-to-bank setups?
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# ? Sep 26, 2022 20:06 |
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I'm also wondering how holds work with gas, hotels and rental cars.
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# ? Sep 26, 2022 20:23 |
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Solkanar512 posted:I'm also wondering how holds work with gas, hotels and rental cars. I think the significance of instant bank-to-bank transfers is that they wouldn't need to issue holds, worry about potential overdrafts, or have 3-day confirmation waiting periods that traditional ACH has to deal with.
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# ? Sep 26, 2022 20:24 |
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But how do you handle "I know I'm going to charge you, but I don't yet know how much." Like with (please don't derail) tipping
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# ? Sep 26, 2022 20:27 |
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Similar as at gas pumps? Put a $100 hold or wtvr amount is likely to be far over the actual cost. Or I suppose if it's instant, the pump could ask can x amount be fulfilled, bank says yes or no, and pump then allows you to pump up to x, you are charged x and no holds needed, as it's all instant?
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# ? Sep 26, 2022 20:33 |
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Solkanar512 posted:I'm also wondering how holds work with gas, hotels and rental cars. Yeah. Are the banks going to step in with all the built-in transaction/liability protections that the credit card companies take on right now?
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# ? Sep 26, 2022 20:33 |
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Wayne Knight posted:But how do you handle "I know I'm going to charge you, but I don't yet know how much." Like with (please don't derail) tipping You'd have to change the flow so the tip is specified before the card is scanned, it wouldn't be that hard. It might be an adjustment with paper checks but anywhere that brings a handheld POS to the table (like most of the world outside the US) will be fine
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# ? Sep 26, 2022 20:42 |
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Honestly it seems sensible. A huge issue with big bloated American industries like finance or Healthcare is that there's too many middlemen taking cuts.
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# ? Sep 26, 2022 20:52 |
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Sounds terrible. I like the fact that I can use credit cards as interest free loans.
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# ? Sep 26, 2022 21:44 |
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First they came for the Instagram credit card benefit hackers.....
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# ? Sep 26, 2022 21:53 |
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Would also for good and ill end the ability of Credit card providers being able to essentially Veto who gets to do business online. I mostly view that as a positive though I am sure there are examples of them killing at least one type of shittyess before.
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# ? Sep 26, 2022 22:07 |
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Any idea what this would do to online payment processors?Twibbit posted:Would also for good and ill end the ability of Credit card providers being able to essentially Veto who gets to do business online. I mostly view that as a positive though I am sure there are examples of them killing at least one type of shittyess before. Yeah this'd be great and it's be nice if this kicked the legs out from under paypals scummy poo poo
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# ? Sep 26, 2022 22:13 |
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# ? May 25, 2024 13:49 |
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lol this would put my client out of business and thus unemploy me. Do it! I hate my job.
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# ? Sep 26, 2022 22:45 |