By CCN: A Boston Celtics fan showed his class at a playoff game, refusing to accept money for a drink he got for retired racecar driver Danica Patrick. Aaron Rodgers, Patrick’s boyfriend and NFL great, missed the whole thing.
Given the zeal with which socialists Bernie Sanders and Alexandria “Jar Jar Binks” Ocasio-Cortez aka AOC like to spend other people’s money, one wonders what they would have done.
How Bernie Would Burn Through Danica Patrick’s Money
There are numerous possibilities for the use of Danica Patrick’s money. Bernie Sanders would snatch it with his greedy little paws….and then ask for more.
Bernie Sanders would say that, as a privileged white woman with a net worth of $60 million, Danica Patrick should pay her fair share for that already overpriced drink.
Bernie Sanders would reach into her pocket, and pull out all the money Danica Patrick had and redistribute it to the people in the cheapest seats.
Bernie Sanders would then reach over Danica Patrick’s shoulder and confiscate the drink.
Then he’d redistribute the drink contents by throwing splashes of it all around him.
AOC Dumb as a Box of Rocks
AOC would take a vastly different approach from Bernie Sanders. While watching “that game with the square ball” in which “cisgendermen who identify as cisgender, and whose gender expression is of their sex assigned at birth,” she’d leap into action and snatch that money out of Danica Patrick’s hands before creaky old Bernie could make a move for it.
— People for Bernie (@People4Bernie) May 9, 2019
She’d wave the money around, screaming, “They ask how I will pay for the Green New Deal, and I say, just like this, bi***es!”
Overwhelmed at the responsibility of holding actual money in her hands, she will suddenly pivot and redistribute it. She’ll do this by tearing off tiny pieces of each bill and handing them out, mistakenly believing that each piece is worth just as much as the whole.
Socialists Ruin Everything
Sound ridiculous? No more ridiculous than what Bernie Sanders and AOC have presented to the American people for legislation.
We already know about the zillions of dollars needed to pay for the Green New Deal and Medicare for all. The latest dumb move by both Bernie Sanders and AOC is to introduce legislation capping all credit card rates at 15% APR.
These idiots don’t understand how credit works.
The higher a risk someone is, the higher the interest rate must pay to compensate the lender for that risk. With total U.S. credit card debt at more than$1 trillion, consumers have leveraged to levels not seen since the financial crisis.
That’s over and above the normal level of credit utilization by even the worst credit risks, making interest rates of 25% or higher necessary to float that credit at all.
By capping rates at 15%, credit card companies would severely curtail credit, only offering it to the best credit risks who are also least likely to need it. Otherwise, the credit companies would probably lose money over time, putting them out of business.
Bernie Sanders is so dumb that he doesn’t realize that the reason Vermont doesn’t have payday lenders is that an 18% interest rate isn’t enough to make up for the defaults. So they left the state.
Draining Supply Does Not Change Demand, Dummies!
We’ve seen this time and time again. When credit is restricted, the need for it does not vanish. Demand is forced to less optimal choices. So instead of payday loans, consumers spend even more money by bouncing checks, which is more expensive than payday loans and the reason those loans were created in the first place.
Even the Twitterverse understands this:
That’s why we pair usury w/ support for a non-profit banking option esp in key communities: aka Postal Banking.
Big banks won’t service poor communities unless they make a killing off them – that’s why they charge predatory rates.
Doesn’t have to be that way w/ competing model. https://t.co/JHJNxcHQbC
— Alexandria Ocasio-Cortez (@AOC) May 9, 2019
Socialists like Bernie Sanders and AOC don’t understand economics, and never will. Lucky for Danica Patrick, she’ll probably never come across Bernie Sanders or AOC at an NBA game.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.