4 ms·
Of course the poor are getting payday loans at interest rates of up to 664%[1], or credit card debt at 20%, both of which make inflation irrelevant, while the s
by mitthrowaway2 4y ago
Of course the poor are getting payday loans at interest rates of up to 664%[1], or credit card debt at 20%, both of which make inflation irrelevant, while the super-rich are taking out loans backed by their stock and real estate[2] at interest rates below inflation.
[1] https://www.cnbc.com/2021/02/16/map-shows-typical-payday-loan-rate-in-each-state.html https://www.cnbc.com/2021/02/16/map-shows-typical-payday-loa...
[2] https://www.forbes.com/sites/johnhyatt/2021/11/11/how-americas-richest-people-larry-ellison-elon-musk-can-access-billions-without-selling-their-stock/?sh=1c1a5d8023d4 https://www.forbes.com/sites/johnhyatt/2021/11/11/how-americ...