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this post was submitted on 27 Sep 2023
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Well if that crook is against it, I'm for it.
He's a crook for sure but high interest rates really hurt the working class. Their mortgage payments go up etc...
Low interest rates also hurt the working class. It's a contributing factor to the massive increase in housing prices. No matter how things go, the rich will always win out at the expense of everyone else.
I don't understand this logic.. low interest rates means it's easier to borrow, which most poor people have to do to get anything. I think most cars have monthly payments right? Rate goes up- payment goes up. Richard Wolff talks about this alot on the socialist program. But you're right in saying the rich are not impacted. Because they generally have savings and benefit from high interest rates.
It's easier to borrow for rich people too, and they have a lot more money to borrow with, so they can pull out cheap loans and buy everything up. If rates are higher then the poor can't afford current prices, but current prices were driven up by low interest rates. The rich and the poor borrow for different reasons. The poor borrow because otherwise they can't afford the things, the rich borrow because it seems like a good investment. That's how you get things like housing as an investment instead of as shelter.