Steve Tuttle, economic prophet
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What would you consider a reasonable cost of borrowing $20? On an annualized basis, my guess is you’d say something between 5% and 100%, or $1 and $20. Which means that you’re not Steve Tuttle:
Why not charge at least $100 if you overdraft at the ATM? That seems a reasonable fee to pay to get $20 that you don’t have from the bank.
I think that Tuttle is on to something here. Implement a law saying that every time anybody borrows money, even if it’s only for a day or two, they need to pay back five times what they borrowed. Alternatively, just get the Fed to raise the Fed funds rate to somewhere in the 10,000% range.
That would do wonders for the dollar — no more political fire on that front — and would at a stroke get rid of all that horrible debt which we want to convert to equity. Of course, stocks would plunge to unprecedented lows, but just imagine the buying opportunities!
Ryan Chittum and Dan Gross are being far too short-sighted here. Tuttle isn’t a moronic nonsense-peddler, he’s a veritable prophet! (Indeed, his views on debt are positively Islamic.) So next time you ridicule a CNBC talking head for spouting gibberish, just remember. There are some views which are so close to the bone they can only appear in Newsweek.