Billionaire Sec Ross: Why are fed workers going to foodbanks instead of taking loans?

[BmorePat87]

https://www.cnn.com/2019/01/24/business/wilbur-ross-loans-food-assistance-government-shutdown/index.html

Completely out of touch billionaire Commerce Secretary Wilbur Ross questioned the logic of furloughed federal workers going to food banks instead of taking out loans.

Quote:"Well, I know they are and I don't really quite understand why, because as I mentioned before, the obligations that they would undertake, say borrowing from a bank or a credit union, are in effect federally guaranteed, so the 30 days of pay that some people will be out is no real reason why they shouldn't be able to get a loan against it."

"The banks and the credit unions should be making credit available to them. When you think about it, these are basically government-guaranteed loans because the government has committed these folks will get their back pay once this whole thing gets settled down," Ross said in the interview.

"So there really is not a good excuse why there really should be a liquidity crisis," Ross said. "Now, true that people might have to pay a little bit of interest, but the idea that it's paycheck or zero is not a really valid idea.

The Trump administration losing the image war for the shutdown in a spectacular fashion.

[GMDino]

(01-24-2019, 01:41 PM)BmorePat87 Wrote: https://www.cnn.com/2019/01/24/business/wilbur-ross-loans-food-assistance-government-shutdown/index.html

Completely out of touch billionaire Commerce Secretary Wilbur Ross questioned the logic of furloughed federal workers going to food banks instead of taking out loans.


The Trump administration losing the image war for the shutdown in a spectacular fashion.

I'll say this:  Most people in congress wouldn't understand.  However DJT surrounding himself with fellow 3rd baser's is really coming home to roost.

But then who would have thought that the guy who lives in the gold plated penthouse didn't understand your average worker? 

[*Nately120*]

Typical lazy entitled Americans who would rather ask for a handout instead of getting millions of dollars from dad that you can build upon.

[Benton]

Let them eat cake at 3.78 apr!

[BmorePat87]

Trump said he hadn't heard the statement, but thinks Wilbur meant that, just as some banks are giving extensions on when mortgages are due, maybe grocery stores will work with those furloughed...

[GMDino]

(01-24-2019, 08:55 PM)BmorePat87 Wrote: Trump said he hadn't heard the statement, but thinks Wilbur meant that, just as some banks are giving extensions on when mortgages are due, maybe grocery stores will work with those furloughed...

Wilbur meant he didn't understand needing a paycheck.

Sidenote:  Apparently in our area Giant Eagle (grocery chain) is allowing those customers to write checks that they will not cash until the back pay is given.

I 100% without a doubt positive that DJT didn't know that.  Nor does he care.  He just want Trump: The Wall done and the american taxpayer to pay for it.

[BmorePat87]

(01-24-2019, 08:57 PM)GMDino Wrote: Wilbur meant he didn't understand needing a paycheck.

Sidenote:  Apparently in our area Giant Eagle (grocery chain) is allowing those customers to write checks that they will not cash until the back pay is given.

I 100% without a doubt positive that DJT didn't know that.  Nor does he care.  He just want Trump: The Wall done and the american taxpayer to pay for it.

He might have, I just appreciated the "save". These stores looking out for their customers is a far better idea than getting a loan. 

[GMDino]

(01-24-2019, 09:00 PM)BmorePat87 Wrote: He might have, I just appreciated the "save". These stores looking out for their customers is a far better idea than getting a loan. 

How dumb and out of touch does one have to be to have DJT explain what you meant to try and make you sound like a decent human being?

[*michaelsean*]

(01-24-2019, 08:57 PM)GMDino Wrote: Wilbur meant he didn't understand needing a paycheck.

Sidenote:  Apparently in our area Giant Eagle (grocery chain) is allowing those customers to write checks that they will not cash until the back pay is given.

I 100% without a doubt positive that DJT didn't know that.  Nor does he care.  He just want Trump: The Wall done and the american taxpayer to pay for it.

Furloughed or not, don't pull out your checkbook if I'm in line behind you.  My empathy only goes so far.

[*michaelsean*]

And really this isn't a guaranteed loan because any back pay they get is already spent on overdue bills. And are people who aren't working going to get back pay?

[GMDino]

(01-25-2019, 11:02 AM)michaelsean Wrote: And really this isn't a guaranteed loan because any back pay they get is already spent on overdue bills.  And are people who aren't working going to get back pay?

And are they interest free loans?

[Benton]

I think this is the best example of why we keep increasing our national debt. People with wealth don't understand, their answer is to borrow to fix things in the short term. Essential services, pork... It's all the same, just borrow and let the market fix things.

[Vas Deferens]

(01-25-2019, 10:11 AM)michaelsean Wrote: Furloughed or not, don't pull out your checkbook if I'm in line behind you.  My empathy only goes so far.

Nor have I seen the "Pay with store compassion points" button on the self check out screen.  

DING DING DING!  A kroger employee will be over shortly to show you where you can shove that post dated check.

[jj22]

What if they don't have good credit (not everyone does)? They can't get a lone. The Trump Admin is out of touch on this debate and it's hurting voters in the states that went for him the most.

These insensitive statements by billionaires and Trump family members are hurting Trump and Republicans.

[*michaelsean*]

(01-25-2019, 12:45 PM)jj22 Wrote: What if they don't have good credit (not everyone does)? They can't get a lone. The Trump Admin is out of touch on this debate and it's hurting voters in the states that went for him the most.

These insensitive statements by billionaires and Trump family members are hurting Trump and Republicans.

I've got a wife and two kids.  You think I ever get alone?