Things that you have taken seriously today (Political version)

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Originally Posted by Seran

A run on the banks? That's asinine, what basis do you have for this claim? Banks present a secure, often interest bearing means for citizens to store, transfer and utilize their money. That will not change as a result of account balances exceeding a threshold being reported. Some may choose to go bank less to hide fraud, but then some may also choose to go back to horses and buggies to prevent state governments from requiring vehicle registration. That's personal choice.

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It's the community banks and credit unions that are saying this will happen. They are also saying they can't afford to keep track of all these transactions. Everyone with a checking account will be getting a monthly audit.

You're ignorant AF.

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Originally Posted by Neveragain

It's the community banks and credit unions that are saying this will happen.

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When Seran hears "bank" he can only conceive of large banks with hundreds of billions of dollars in assets, he forgets that a lot of people bank with small banks that only have a handful of branches in one small area. I can't even remember the last time I did business with a bank, I've been using a small credit union for almost two decades now.

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Originally Posted by Neveragain

It's the community banks and credit unions that are saying this will happen. They are also saying they can't afford to keep track of all these transactions. Everyone with a checking account will be getting a monthly audit.

You're ignorant AF.

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Which community banks and credit unions.

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Originally Posted by Seran

Which community banks and credit unions.

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Try using google, Stalin.

You're on the wrong side of history.

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Originally Posted by Tgo01

When Seran hears "bank" he can only conceive of large banks with hundreds of billions of dollars in assets, he forgets that a lot of people bank with small banks that only have a handful of branches in one small area. I can't even remember the last time I did business with a bank, I've been using a small credit union for almost two decades now.

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Seran creams his pantaloons over communism.

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Originally Posted by Neveragain

Try using google, Stalin.

You're on the wrong side of history.

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Got it, you're making it up.

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Originally Posted by Seran

Got it, you're making it up.

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Just prove it then. Prove he's making it up.. you know, like when you said this:

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Originally Posted by Seran

Gas prices were high beginning with Trump

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Everyone knew you were full of shit.

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Originally Posted by Seran

Got it, you're making it up.

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No, I'm just tired of doing the research for lazy communists.

Also, think of secondary and tertiary effects...

Stage 1: Set limit to track all transactions $600 or more
Stage 2: Smaller banks/credit unions can't manage - they go out of business
Stage 3: Larger banks/credit unions expend massive time/$ to manage the oversight, reducing effectiveness
Stage 4: Government then recommends and makes the case, since the IRS is already so large and tracking such things, that a National Bank should be established to ensure better oversight and to make sure "the rich pay their fair share"
Stage 5: All citizens funds are placed into a National Bank, controlled by the Government

Call me crazy all you want... it will be tried eventually, if the building blocks are allowed to be set.

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Originally Posted by Shaps

Also, think of secondary and tertiary effects...

Stage 1: Set limit to track all transactions $600 or more
Stage 2: Smaller banks/credit unions can't manage - they go out of business
Stage 3: Larger banks/credit unions expend massive time/$ to manage the oversight, reducing effectiveness
Stage 4: Government then recommends and makes the case, since the IRS is already so large and tracking such things, that a National Bank should be established to ensure better oversight and to make sure "the rich pay their fair share"
Stage 5: All citizens funds are placed into a National Bank, controlled by the Government

Call me crazy all you want... it will be tried eventually, if the building blocks are allowed to be set.

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That's a pipe dream. Also this isn't "reporting all transactions over $600." this is reporting account balances once a year for any account that has had a total of $600 or more in total transactions. Any bank who creates monthly statements for their customers can do this without blinking. Furthermore they're already sending interest payment documents to the IRS and customers, so we know this wouldn't be a hardship.