He probably wants to use Social Credits to do everything from lend money at fair rates to telling you where you can live and work. Stop this Commie takeover.
Would this mean white people or Christians would be debited credit for wrong think? And this would force them to have money in hand to PAY for what they want? Where is the downside? Lol
Lol that's how they plan to push it for people to agree, the reality is once people's eating habits get counted, they will be the first to be left for ded
So without actual credit history we'll just have to rely on how people look to figure out if they're going to be a bad credit risk and steal the money we just loaned them....Biden is an idiot and he is insane.....
Banks aren’t stupid. The best prediction of future behavior is past behavior. Banks can’t operate efficiently if the tranny needs to get his nails done and doesn’t pay his car loan.
we will be relying on someone named bertha sitting behind a desk reading some random report which you will never have access to, to see if you are worthy of having any sort of life at all....That is their socialist ''dream'
Banking as we know it is over. The future is central banks with direct accounts with retailers. They print money and will not have to worry about bad loans. UBI, social credit scores and fine tuned economic "policies" by a centralized entity is the ultimate communist takeover. Most people will play along willingly thinking it's a good deal
Nope it will come down to collateral. Same way small business works. You have no credit history? No problem, we just need 2-4 times collateral in assets that you own... Oh you don't have assets worth that much? Well sorry we can't lend money to you.
Somehow social justice has come to the point where it's everyone else's fault that they didn't pay their bills.
Yep...business has to have a way to protect their interests.......I ran a construction company for years and many of the guys would always hit us up for loans etc....Anyway it didn't boil down to the issue that they didn't make money....sometimes they made more than me....it was that they spent their money on drugs, alcohol, and cigarettes etc. and now they want to use your money...but they always seemed oblivious to why they were actually broke...So this is the democratic party today.....
This will cause a global financial crisis. This very thing is what happened in the sub-prime mortgage crisis in 08/09 and the student loan bubble which is about to burst: forcing issuance of loans to high risk borrowers.
sub prime mortgage: the government says minorities are disproportionately denied mortgages, enacts rules that force high risk loans aka subprime lending, IE: people can get a loan for the DP and a loan for the mortgage, people can get a reasonable loan with a sub 600 FICO score, people can get a high value mortgage loan with a low income. This increased the market demand that led to artificially high housing speculation. The discovery of the repackaging of those loans is what caused it to all crash down but it was already primed for collapse.
student loans: government states everyone should be able to go to college. But banks dont lend 18 year olds $100k who have no collateral or credit history. Its high risk. The government states they will buy the loan if the student defaults, removing the risk to the banks. The banks issue out loans like candy, colleges know the tuition will be paid either way, by the student or the government so they jack up prices, 400% over the last 20 years. College tuition speculation will come crashing down soon too.
And Biden wanting to do away with credit scores all together will make the same things happen in all financial aspects, not limited to mortgages or student loans.
That's actually a good idea. Those credit bureaus are nothing but a scam which as we saw are easily penetrated by foreign adversaries.
He's more than likely doing it for more idiotic reasons but companies shouldn't be able to restrict free commerce.
Fuck the bureaus and the fed reserve
No, we need competition. Especially from small independent proprietors. Without competition, everything is government owned, or globofinance monopoly) there is no freedom
I do believe they want a social credit score like China, only we will also get dinged for being white (census) or having opinions that Facebook doesn’t like. I admit, I fell right into it.
In the meantime, insurance prices will go way up for people who normally have good to 0 credit. Insurance companies use credit score to calculate prices and you just wouldn’t believe the difference in price between a car insurance policy on good credit, versus terrible credit.
No, our current credit system isn’t fair and can penalize people for simply being poor, sick, or victims of identity theft. However if Beijing Biden is in charge and says he’s doing away with it, you should be very worried.
I have no credit history because I am not playing their game. Normaly, if something is bad about you, then they can have you on a bad list.
There is no reason to use their credit services in order to keep you on a good list. They force you to make them money in order to receive their potential future services.
The most important part is to learn to live below your means. Most Americans problem is that they want something and they want it now. Often it is something they don't even really need.
When the time comes that they really need something, then they already used their credit and are now hopelessly stuck in debt. These same people then think they are entitled to help from the public or begging people who made the right decisions for help.
That's all well and good but really doesn't work when you need a car or a home or a job. They system requires you to play their credit game. Most people don't have the money to buy a car or house in cash. 99% of the population is forced to play the credit score game.
If you get your first job you live at home. During 6-8 month you save every penny you can to save for a used car. When you have your car, you can save the next 2 years to save for a downpayment of a smaller home or save another 2 years and look to pay cash for a small fixer upper.
Fix it up the next 2-3 years. Keep it or sell it and move up.
Yes, it can be done but it is not as convenient than to use "credit".
I see this every day, where people think they need credit for everyday things.
In order to be free, you need to be independent. Independence comes with personal sacrifices.
If you get your first job you live at home. During 6-8 month you save every penny you can to save for a used car.
Only true if your parents are wealthy enough to let you work and save money at a young age.
Used cars come from new cars. If everyone does this then there will be no used cars. It only works because people have credit to buy new cars.
Oh and btw the US govt requires a background check on any sale of a car from a dealership. And guess how they do the check? They run your credit.
When you have your car, you can save the next 2 years to save for a downpayment of a smaller home or save another 2 years and look to pay cash for a small fixer upper.
Down payment means you are borrowing money which requires credit. Again there are no fixer uppers without someone using credit.
The system doesn't even work this way. Walk into any dealer to buy a car in cash and they will still run your credit. Buy a home in cash and escrow is still going to run your credit. This is because counterfeiting is a thing. No one is going to let you take off worth a 5+ figure asset without knowing the money is good.
Any money transfer over $9,999 and guess what? You're credit is being run. By law it has to be reported to the govt and the easiest way to do that is run a credit report.
I don't think you actually know what you are talking about. Nothing works the way you seem to think it does.
I bought everything cash. Two houses and 2 cars.
Credit check my ass.
Once needed a lawn tractor. Had some other important project to put my monthly savings to .
They had one of these zero down and pay within a year deals.
Instead I made them a purchase offer:
40% down and monthly rate for 6 month with my pay stub as proof of income. No credit check. Local dealer agreed. If not him, one of the competition would have.
Young people with little assets are not the customers to buy new cars who can afford losing 10k by signing a purchase contract and pay interest at the same time.
I grew up "poor" and did everything without credit. No financial help from my parents to buy cars and homes.
If you run my credit, it will tell you:
No history, lol.
I don't think "credit" ruined the country.
Wanting to live above your means using the offered "credit" ruined the country and not only the US. Started in the 1980ies when personal loans were offered for "vacations" etc.
Trusting advice of people living off commissions ruined the country.
Do you think your realtor is working in your "interest"? Do you think your financial advicer is working in your interest?
Do you think the contractor building your home is working in your interest?
The commission people will try to sell you the most expensive things to maximize their commission.
The contractor will try to cut the most corners possible to maximize his profit on a fixed price contract. At cost + 10% this incentive is lowered, but only if there is no maximum price agreed to.
People need to understand contracts before they sign their money away.....
Trust ends when $ are involved.
Prolly wants to turn bank interest rates into a flat rate. If you set all rates to 5% then people who have behaved responsibly get to pay more and the poor can borrow more money than they could ever possibly pay back.. Again, its a subsidy scam like the housing bubble.
Sounds awesome to me! Sounds like a plan everyone can get behind- everyone hates credit agencies. Woo Hoo shut 'em down! Yeah! Government says they can't exist!
Wait.... so government says credit bureaus can't exist.... how about.... pawn shops? They're bad. Shut 'em down! Man what else can we shut down? We'll make sure no businesses exist we don't agree with! This will be fucking awesome. Go America!
They'll replace this with a social credit score. Your posts on social media, etc, will determine if you can buy a house or car. Get off that crap so they have nothing to use against you.
That's not exactly how that works. And in China it is done through government phones you must have on you to do basic shit. No choice. We're headed there.
They just haven't paid their bribes yet. Biden has lived on graft his entire life to the point that it's his reflexive position. Just ask yourselt, why did he immediately cancel favored nations drug pricing which Democrats and a few Republicans have promised to pass for decades? It's because the Pharma lobby gives the best bribes in DC, so none of the RINOs and Dems give a shit about unaffordable insulin for the poor. Ditto on Keystone, Buffet paid on order of $68M bribe to DNC. Biden is from Delaware, no accident that the major banks and credit card companies all moved there when he was in the Senate - he was practically their patron saint passing anti-bankrupcy laws to protect them. He knows they would lose big time so this will never actually happen. He also knows that he has to act like he's a radical leftist to survive, so this is just another one of his thousands of lies he has told in his career.
He probably wants to use Social Credits to do everything from lend money at fair rates to telling you where you can live and work. Stop this Commie takeover.
Yes, he wants a govt solution. Basically the govt will tell you if your worthy for school, how much healthcare, travel, anything
Would this mean white people or Christians would be debited credit for wrong think? And this would force them to have money in hand to PAY for what they want? Where is the downside? Lol
Try booking a flight. Or going to a state park. Or if you bought too many cheeseburgers. This is no joke
We Continental Europeans don't like using credit cards. Booking a flight or a hotel works well using MasterCard/Visa debit cards.
Soon you won't need to. They will start putting out digital currency. Cash is the past
Minorities automatic 200 credit points due to historical oppression.
Lol that's how they plan to push it for people to agree, the reality is once people's eating habits get counted, they will be the first to be left for ded
Straight, white, males would be the most disadvantaged in his social credit system.
So without actual credit history we'll just have to rely on how people look to figure out if they're going to be a bad credit risk and steal the money we just loaned them....Biden is an idiot and he is insane.....
Banks aren’t stupid. The best prediction of future behavior is past behavior. Banks can’t operate efficiently if the tranny needs to get his nails done and doesn’t pay his car loan.
doesn't pay **ITS **loan. F***TFY
we will be relying on someone named bertha sitting behind a desk reading some random report which you will never have access to, to see if you are worthy of having any sort of life at all....That is their socialist ''dream'
Banking as we know it is over. The future is central banks with direct accounts with retailers. They print money and will not have to worry about bad loans. UBI, social credit scores and fine tuned economic "policies" by a centralized entity is the ultimate communist takeover. Most people will play along willingly thinking it's a good deal
Fiat currency is the entire issue...
Nope it will come down to collateral. Same way small business works. You have no credit history? No problem, we just need 2-4 times collateral in assets that you own... Oh you don't have assets worth that much? Well sorry we can't lend money to you.
Somehow social justice has come to the point where it's everyone else's fault that they didn't pay their bills.
Yep...business has to have a way to protect their interests.......I ran a construction company for years and many of the guys would always hit us up for loans etc....Anyway it didn't boil down to the issue that they didn't make money....sometimes they made more than me....it was that they spent their money on drugs, alcohol, and cigarettes etc. and now they want to use your money...but they always seemed oblivious to why they were actually broke...So this is the democratic party today.....
This is how they destroy private property
Credit checks are racist
It will be just like Star Trek!! Except, we'll be the Romulans... :(
More like the Kardassians...
Bloody kardis!
He wants to implement a social credit score in their place, just like China.
This will cause a global financial crisis. This very thing is what happened in the sub-prime mortgage crisis in 08/09 and the student loan bubble which is about to burst: forcing issuance of loans to high risk borrowers.
sub prime mortgage: the government says minorities are disproportionately denied mortgages, enacts rules that force high risk loans aka subprime lending, IE: people can get a loan for the DP and a loan for the mortgage, people can get a reasonable loan with a sub 600 FICO score, people can get a high value mortgage loan with a low income. This increased the market demand that led to artificially high housing speculation. The discovery of the repackaging of those loans is what caused it to all crash down but it was already primed for collapse.
student loans: government states everyone should be able to go to college. But banks dont lend 18 year olds $100k who have no collateral or credit history. Its high risk. The government states they will buy the loan if the student defaults, removing the risk to the banks. The banks issue out loans like candy, colleges know the tuition will be paid either way, by the student or the government so they jack up prices, 400% over the last 20 years. College tuition speculation will come crashing down soon too.
And Biden wanting to do away with credit scores all together will make the same things happen in all financial aspects, not limited to mortgages or student loans.
That's actually a good idea. Those credit bureaus are nothing but a scam which as we saw are easily penetrated by foreign adversaries. He's more than likely doing it for more idiotic reasons but companies shouldn't be able to restrict free commerce. Fuck the bureaus and the fed reserve
True, but he's probably going to replace them with something worse. Like social credit.
Unless they got some social credit scheme going.
When these people say they’re going to do something that sounds good, you should be even more worried.
No, we need competition. Especially from small independent proprietors. Without competition, everything is government owned, or globofinance monopoly) there is no freedom
Yeah that was already on of his campaign promises, to make an equity based credit system.
So if your a white person you better have perfect credit
I do believe they want a social credit score like China, only we will also get dinged for being white (census) or having opinions that Facebook doesn’t like. I admit, I fell right into it.
In the meantime, insurance prices will go way up for people who normally have good to 0 credit. Insurance companies use credit score to calculate prices and you just wouldn’t believe the difference in price between a car insurance policy on good credit, versus terrible credit.
No, our current credit system isn’t fair and can penalize people for simply being poor, sick, or victims of identity theft. However if Beijing Biden is in charge and says he’s doing away with it, you should be very worried.
I have no credit history because I am not playing their game. Normaly, if something is bad about you, then they can have you on a bad list. There is no reason to use their credit services in order to keep you on a good list. They force you to make them money in order to receive their potential future services. The most important part is to learn to live below your means. Most Americans problem is that they want something and they want it now. Often it is something they don't even really need. When the time comes that they really need something, then they already used their credit and are now hopelessly stuck in debt. These same people then think they are entitled to help from the public or begging people who made the right decisions for help.
That's all well and good but really doesn't work when you need a car or a home or a job. They system requires you to play their credit game. Most people don't have the money to buy a car or house in cash. 99% of the population is forced to play the credit score game.
If you get your first job you live at home. During 6-8 month you save every penny you can to save for a used car. When you have your car, you can save the next 2 years to save for a downpayment of a smaller home or save another 2 years and look to pay cash for a small fixer upper. Fix it up the next 2-3 years. Keep it or sell it and move up. Yes, it can be done but it is not as convenient than to use "credit". I see this every day, where people think they need credit for everyday things. In order to be free, you need to be independent. Independence comes with personal sacrifices.
Only true if your parents are wealthy enough to let you work and save money at a young age.
Used cars come from new cars. If everyone does this then there will be no used cars. It only works because people have credit to buy new cars.
Oh and btw the US govt requires a background check on any sale of a car from a dealership. And guess how they do the check? They run your credit.
Down payment means you are borrowing money which requires credit. Again there are no fixer uppers without someone using credit.
The system doesn't even work this way. Walk into any dealer to buy a car in cash and they will still run your credit. Buy a home in cash and escrow is still going to run your credit. This is because counterfeiting is a thing. No one is going to let you take off worth a 5+ figure asset without knowing the money is good.
Any money transfer over $9,999 and guess what? You're credit is being run. By law it has to be reported to the govt and the easiest way to do that is run a credit report.
I don't think you actually know what you are talking about. Nothing works the way you seem to think it does.
I bought everything cash. Two houses and 2 cars. Credit check my ass. Once needed a lawn tractor. Had some other important project to put my monthly savings to . They had one of these zero down and pay within a year deals. Instead I made them a purchase offer: 40% down and monthly rate for 6 month with my pay stub as proof of income. No credit check. Local dealer agreed. If not him, one of the competition would have. Young people with little assets are not the customers to buy new cars who can afford losing 10k by signing a purchase contract and pay interest at the same time. I grew up "poor" and did everything without credit. No financial help from my parents to buy cars and homes.
If you run my credit, it will tell you: No history, lol.
Dave Ramsey, is that you? Love your books man!
No, I am not Dave Ramsey,lol.
You just said you don't need a loan for a home because you can save for a down payment. What do you think a down payment is?
I don't think "credit" ruined the country. Wanting to live above your means using the offered "credit" ruined the country and not only the US. Started in the 1980ies when personal loans were offered for "vacations" etc. Trusting advice of people living off commissions ruined the country. Do you think your realtor is working in your "interest"? Do you think your financial advicer is working in your interest? Do you think the contractor building your home is working in your interest? The commission people will try to sell you the most expensive things to maximize their commission. The contractor will try to cut the most corners possible to maximize his profit on a fixed price contract. At cost + 10% this incentive is lowered, but only if there is no maximum price agreed to. People need to understand contracts before they sign their money away..... Trust ends when $ are involved.
Credit bureaus, your days are numbered, unless you can come up with 10% for the big guy!
This potato is reading directly from the, “How to Destroy an Economy, for Dummies” playbook.
They been at that since the 1930s. They will get what they want this time.Guaranteed
Trump should start a bank just for conservatives
Of course as soon as my credit score hits mid 700s through hard work and penny saving.
It’ll still be around. 2007 proved water eventually finds its level.
Prolly wants to turn bank interest rates into a flat rate. If you set all rates to 5% then people who have behaved responsibly get to pay more and the poor can borrow more money than they could ever possibly pay back.. Again, its a subsidy scam like the housing bubble.
When they say this, they mean they want to replace it with something more directly under their control.
And also evaluate search history, political affiliation, oppression ranking, etc (so, social credit score)
No need for credit when there is no private property, comrade.
Why is it “Catholic” politicians seem to hate Christians the most?
Because the Catholic Church was overtaken by a satanic cult hundreds of years ago.
Never gonna happen.
“Biden”
Is this legit? That's just trying to replace private industry and give more control to the government. Sounds awful.
Sounds awesome to me! Sounds like a plan everyone can get behind- everyone hates credit agencies. Woo Hoo shut 'em down! Yeah! Government says they can't exist!
Wait.... so government says credit bureaus can't exist.... how about.... pawn shops? They're bad. Shut 'em down! Man what else can we shut down? We'll make sure no businesses exist we don't agree with! This will be fucking awesome. Go America!
Why is he pushing for this ?
Complete takeover of the finance system by the globohomo. Can’t have small, or locally owned private banks.
Banks will now require collateral. Image having to put down 20% on a loan...
would mean I'm lying my ass off on my next loan application and disappearing with a couple million bucks
We all need to get OFF social media immediately. Delete everything you can.
I agree but what does that have to do with this?
They'll replace this with a social credit score. Your posts on social media, etc, will determine if you can buy a house or car. Get off that crap so they have nothing to use against you.
That's not exactly how that works. And in China it is done through government phones you must have on you to do basic shit. No choice. We're headed there.
Chinese influence fast and hard
Private credit assessment is oppressive to minorities . Same as asking for Voter ID .
I really hope he'll open the "Get Free Shit" offices instead .
The world depicted in the movie "Idiocracy" can't come soon enough .
The IMF was already wanting to change credit reports to include your internet browser history.
Biden wants to take that idea further, if you don't support the left's radical agenda... you'll have nothing.
Many jobs even require a credit report now....
Those who have worked their asses off and paid their bills..... done the right thing are about to get FUCKED.
Just like the school loans thing..... level the playing field so everybody is ruined and living off the government.
They just haven't paid their bribes yet. Biden has lived on graft his entire life to the point that it's his reflexive position. Just ask yourselt, why did he immediately cancel favored nations drug pricing which Democrats and a few Republicans have promised to pass for decades? It's because the Pharma lobby gives the best bribes in DC, so none of the RINOs and Dems give a shit about unaffordable insulin for the poor. Ditto on Keystone, Buffet paid on order of $68M bribe to DNC. Biden is from Delaware, no accident that the major banks and credit card companies all moved there when he was in the Senate - he was practically their patron saint passing anti-bankrupcy laws to protect them. He knows they would lose big time so this will never actually happen. He also knows that he has to act like he's a radical leftist to survive, so this is just another one of his thousands of lies he has told in his career.
Social credit instead. Amirite?
When our economy collapses the Dems will be look around like an arsonist, confused by the match in his hand.
AS a young man who's just gotten his credit into the 700's, this really pisses me off.