Nominated Comptroller of the Currency Saule Omarova is a graduate of Moscow State University on the Lenin Personal Academic Scholarship. She proposed that the Federal Reserve take over consumer bank deposits, “effectively ‘end banking,’ as we know it” - WSJ - Kotaku In Action 2

Nominated Comptroller of the Currency Saule Omarova is a graduate of Moscow State University on the Lenin Personal Academic Scholarship. She proposed that the Federal Reserve take over consumer bank deposits, “effectively ‘end banking,’ as we know it” - WSJ (archive.is)

posted 3 years ago by xleb2 3 years ago by xleb2 +43 / -0

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– Piroko 3 points 3 years ago +3 / -0

There's a slight difference.

At a conceptual level, taxes and lotteries won't take you below zero. There are some enormous caveats to that statement of course.

But credit cards and payday loans let you hit bottom and keep digging. Credit cards are exploitative enough, but once a person gets to the point of payday loans they are literally BETTER OFF hitting bottom and being forced to file bankruptcy rather than continuing to enable bad spending.

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