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Jay Howard
35.3K posts
@jarvis_best would have been sad when Temu Wilson disintegrated after a couple months
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@jack_whitcomb_ @PositivistWitch She may mean "half as many *full-time* jobs".
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@PositivistWitch What does the tweet mean? Wouldn't everyone needing two jobs to survive mean we have twice as many jobs in the economy?
If the default state is "4 jobs, 4 people" and suddenly everyone needs 2 jobs, wouldn't there be 8 jobs?
I know I'm trying to make sense of nonsense, but...
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physics phd at it again
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everyone needing two jobs to survive means we have half as many jobs in the economy
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@NatePyle79 I mean, why do that? Do they figure they can get more people to attend?
Does it replace the regular service on Sunday Morning (Easter Day), or somehow augment it?
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This has been happening for years around me. Nothing makes me more of a theological curmudgeon.
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A local non-denominational megachurch held an Easter Service on Friday. They held Easter on Good Friday. That's not how this works. I understand not being liturgical but to basically erase Good Friday is certainly an interesting theologically decision.
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@SgtKOnyx @ryancbriggs ... merchant fees, which means everything would cost somewhat less. If you're someone who pays with cash, or a debit card, or a credit card with meager rewards, then that's pure win for you. You're no longer subsidizing the ~$1500/year payment I get from my credit card company.
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@SgtKOnyx @ryancbriggs Merchants pay 1.5-3% in merchants fees and pass on the cost to their customers, usually regardless of form of payment (i.e. no cash discount). Only people with high-quality rewards cards are getting some portion of that money "back". No rewards would likely result in lower ...
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It still feels completely insane that my credit card company pays me in order to float me a loan for a month
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@fatgayjudyb That's my point. People who pay cash are paying the merchant fees (since merchants build them into their prices) but not getting any sort of reward. Most merchants don't offer a cash discount. No rewards = lower merchant fees.
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These people shouldn't have credit cards to begin with. Tax away I say
Jay Howard@jayphoward
@ryancbriggs My hot take: ban credit card rewards programs. They're a tax on people with bad credit and/or who are low-income and/or who have poor money management skills.
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@marcportermagee Thought there was a bigger one in Texas, but seems not. Largest I could find is Conroe HS near Houston, which has 5252. Allen HS near Dallas is not far behind (5206).
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As far as I can tell the largest brick and mortar high school in the US is Brooklyn Technical High School (5,808 students)
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@NatePyle79 Doesn't seem like relativism to me, and I disagree with Erick about which is more concerning. He seems to be saying they're both terrible, but, gun to his head, he'd choose the Trump one.
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This an awful take. It’s relativism disguised as piety.
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Look, I don’t think it’s appropriate. Wish he hadn’t. But if I have to choose between this and Trans Recognition Day or whatever on Easter, okay.
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@patio11 ... getting any sort of kick back in the form of rewards. Would not the elimination of rewards programs (and consequently lower interchange fees and lower merchant fees) represent a boon to these individuals?
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@patio11 ... should translate in to higher merchant fees. Since merchants pass their merchant fees onto their customers, and most don't offer a cash discount, these higher fees are paid by every participant in the economy. However, those without a high-quality rewards card aren't ...
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This week on Complex Systems, a continued discussion of credit card rewards, interchange, and what I believe is a persistent misconception about how society should want justice done via payments systems.
It ends with the following, which the team took the liberty of putting into a short clip. (Sound on if you like hearing my voice, but video is subtitled.)
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@Fuquet @sailaunderscore I don't have a problem with risky borrowers having higher rates. I have a problem with risky borrowers having *even higher* rates (than they otherwise would) in order to subsidize the cost of giving me rewards money. Or if not interest rates, then merchant fees.
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I get/mostly agree with the point about incentive structuring but the primary cost to bad credit havers, being higher rates, is entirely due to them having a higher propensity to defaults.
Every debt market is priced according to this, from US treasuries to payday loans.
I'm not necessarily championing 37% APRs or anything but it is ultimately a supply/demand equation at its root.
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You [Rawlsian Reddit chungus]: credit cards are bad because they’re a tax on people with bad credit, low-income, or who have poor management.
Me [Nietzschean Chud Ubermensch]: credit cards are good because they’re a tax on people with bad credit, low-income, or who have poor management.
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@osmarks1 @ryancbriggs @patio11 ... like me are (roughly) breaking even, whereas non-rewards-card users and/or cash users are paying the 1.5-3.0% merchant fee "tax".
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@osmarks1 @ryancbriggs @patio11 I don't see how they could not be. I pay $0/year and get paid ~$1500/year to use my cards. That's cost they have to recoup via revenue somewhere else. If we view rewards as simply a refund (to me) of the premium I have to pay in order to cover merchant's fees, then users ...
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@TwinkRegimer @ryancbriggs I don't object to them doing that. I object to them paying me (and other customers like me) $1500 years a year, then passing that cost on to less well-to-do customers.
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@jayphoward @ryancbriggs Ah, my bad. Still, I don't see why banks shouldn't be free to charge worse customers higher fees.
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@TwinkRegimer @ryancbriggs Those debts aren't what I was referring to as taxes. Allow me to rephrase: credit card companies charge merchants and (customers who aren't like me) more in order to pay for my rewards. Merchants usually pass merchant fees onto their customers, including those who pay cash.
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@jayphoward @ryancbriggs Debts you get yourself into are not taxes
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@Fuquet @sailaunderscore ... fees since most merchants roll the cost into their prices and don't offer a cash discount. If the savings from ending rewards programs resulted in even modestly decreased merchant fees then that would be a boon for cash customers.
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@Fuquet @sailaunderscore That's exactly my point. High-income individuals with good credit get paid to use credit cards. The companies then pass on that "cost" to lower-income customers and/or those with worse credit. People who don't even have credit cards and are paying cash still pay merchant ...
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