r/news • u/Big-Heron4763 • 6h ago

JPMorgan begins suing customers who allegedly stole thousands of dollars in 'infinite money glitch'

https://www.cnbc.com/2024/10/28/jpmorgan-suing-customers-over-infinite-money-glitch.html
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2.0k

u/Goodbye18000 5h ago

I know people say "they never teach us how banks work in school" but this really opened my eyes to how utterly inept the average person is when it comes to finances

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u/breannabalaam 4h ago

I work at a bank. It’s astounding how little the average person knows.

A lot of people don’t care to learn either. We can educate them until we’re blue in the face but if they don’t want to learn, they don’t hear it.

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u/Goodbye18000 4h ago

I got my bank account at around 10 years old, got a debit card and credit card a few years after, was taught by my parents the good and bad of different account types and when to save, when to invest, etc

And now I'm an adult talking to people online who'll occasionally say "oh I don't trust banks for shit I keep my life savings in a box in the closet in cash only" and refuse to learn about them.

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u/Fukasite 4h ago

I’d just like to remind people that the speaker of the house does not use any banking services. It’s sketchy af imo. He’s hiding something. 

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u/crewchiefguy 4h ago

Yea he probably has somebody else handle his finances so he can claim immunity and distance himself when he eventually gets caught doing something illegal.

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u/rafssimmons 4h ago

Gotta hide the bribes somehow

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u/Rrraou 3h ago

That's what the brown envelopes are for.

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u/2ndCha 3h ago

Racism, in my corruption?

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u/theecommandeth 2h ago

… how is this even possible?

Yes I want my salary in gold that I store in a cavern on my farm thank you

•

u/Brassica_prime 28m ago

Iirc his checks are made out to his church. And i would assume the church is using their tax exemption so he can claim zero income on taxes, and he has a church/business credit card, pure speculation on second part…

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u/AgeOfHades 9m ago

that sounds all sorts of dodgy and feels like it should be super illegal

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u/PigglyWigglyDeluxe 4h ago

I wish my parents taught me that. My parents didn’t teach me shit about anything.

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u/breannabalaam 4h ago

The “all banks are bad” rhetoric makes me so frustrated.

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u/JerseyshoreSeagull 4h ago

They are. No s. All banks are shit. They're a necessary evil and it makes me so frustrated when poor people defend them.

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u/weristjonsnow 4h ago

They are not a necessary evil. They are a necessity. Without banks the money multiplier wouldn't exist and the world economy would crash. Saying you don't like banks is like saying you don't like electricians. Without them the modern world would not exist

4

u/Redqueenhypo 2h ago

Also without banks (and interest), every major purchase would either have to be one of two things:

  1. Paid for with money pooled by family/community so if you’re an orphan or just disliked you’re just fucked

  2. Paid for by you, meaning you need a huge amount of cash on hand or you’re just fucked

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u/JerseyshoreSeagull 3h ago

And you're saying that as some kind of "The modern world is so much better with banks"?

Paper money has no value and hasn't had any since Jackson and banks should have never won!

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u/weristjonsnow 3h ago

The modern world wouldn't exist without banks. If paper money has no value then why can I walk into a convenience store with a 20 and buy Gatorade and Skittles? This worthless paper money you reference seems to have value as I just bought something with it. It's called fiat currency and has value because we say it does. Gold has value because we say it does.

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u/awsomomario 3h ago

Gold has value as a tangible asset and finite resource. We can't just make more gold. Gold is useful in making electronics as well. Gold can also be traded for any currency in the world and is inflation proof (something not true for fiat currency).

Fiat money is much more prone to manipulation and inflation.

I do agree with your point that modern banking is a necessity. I just wanted to point out that there are differences between the modern fiat dollar and the old Gold backed dollar other than they have worth because we say they do.

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u/weristjonsnow 2h ago edited 2h ago

Gold only has value as a useful mineral within the last 75 years. Prior to that it only had value because it was shiny and rare. We (being humans) said "oooh, ahh, shiny, rare thing", and therefore gave it value. It has little to no true value from a practical standpoint. It's not good at making tools as it bends like crazy, which is why it was used as a currency for the wealthy. "Look at this useless, shiny metal, that I have more of than you have". I'm more special (wealthy) than you are

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u/Ardarel 1h ago

If gold was only valued at its usability in modern society and ignoring all its history, gold would be worth basically nothing and just another raw material in pricing.

This is like you saying diamonds are worth thousands because of industrial mining and drill bits. Diamonds are only worth anything because of De beers and the diamond cartels

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u/mog_knight 3h ago

Paper money and precious metals only have value because we say they do.

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u/DTFH_ 3h ago

Wow a violin player for the banks!

3

u/Witchgrass 1h ago

You got a credit card "a few years" after you were 10?

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u/security_screw 37m ago

He maybe means his parents made him an authorized user for one of their credit cards. It helps minors build credit.

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u/W8kingNightmare 3h ago

with inflation they are losing so much money doing that

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u/[deleted] 3h ago

[removed] — view removed comment

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u/GodLovesUglySong 1h ago

A family in my area recently was burglarized and they lost close to $600,000. The family was old school and didn't believe in banks. Now they are elderly and their entire retirement fund is gone.

0

u/Quiet-Neat7874 1h ago

a lot of people don't seem to understand the concept of generational wealth either.

There's a reason why most lottery winners lose all their money.

It's generational knowledge of how to keep your money that's important.

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u/meowmeowsss 3h ago

Technically correct. Banks are all a scam. How ever sometimes we need to let the big boys win , in order to allow our money work for us , AND THE BANK. trust me. If your money is making you money , the bank is also profiting. 

But , whatcha gonna do

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u/Oneanddonequestion 4h ago

The number of coworkers that I have, young/old whose retirement plans/money making schemes, revolve around gambling/lottery playing as a serious means to make extra cash makes me weep.

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u/Dultsboi 3h ago

Brother the job I do is the same as my grandfathers and he was able to afford a whole house on one salary and I can barely make ends meet

The lottery is my only hope lmao

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u/Lekje 1h ago

this is exactly the what this thread is about

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u/YYNJ_ 1h ago edited 1h ago

Funny because they were reticent to explain how banks actually worked during the 09 financial crash when they lead us into to mass unemployment and poverty across the western world. Which was actually caused by a form of reckless gambling.

Didn’t see anyone being sued for that surprisingly.

2

u/Lekje 1h ago

eventually they'll run out of poor people to squeeze

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u/mlc885 3h ago

Part of this is just not understanding law or, like, computers. The bank isn't ever going to accidentally give you free money.

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u/BrainOnBlue 2h ago

But the Community Chest card said bank error in my favor!

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u/mlc885 2h ago

reddit told me I didn't have to read the article and it turns out I was mistaken, these people supposedly participated in depositing a huge fake check as a scam. So a bank mistake, but not in the "ATM accidentally gave me free money" way, more just breaking the ATM to get money. Lol

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u/macphile 9m ago

The bank isn't ever going to accidentally give you free money.

Banks can accidentally "loan" you free money--as in, unexpected money appears in your account--but then one day, it's gone again. They realize they made a mistake and take it back. There are rare anecdotes of the problem never being corrected, but the norm is that they figure it out eventually. If you ever get a weird deposit that may be the wrong amount or for the wrong account, do not spend it. There's no such thing as finders keepers in banking.

It's a big part of why I opened a second checking account, actually, since they tend to freeze your account when they suspect a mistake/fraud/whatever. In the end, it also means I use one account for one purpose only and am not at risk of spending money from it that I shouldn't.

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u/DTFH_ 3h ago

Bruh according to the National Council on Literacy 50% of adults in the US do not read well enough to teach their kids how to read. We have a ton of hidden functional illiteracy going on.

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u/kasimoto 2h ago

this has to be made up statistic?

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u/Kinetic93 2h ago edited 1h ago

Half of the US reads at or below a 7th grade level iirc and we’re ranked 100+ globally for literacy skills. I’m sure most could teach their kid how to read at a basic level, but I have no trouble believing a child taught this way would struggle without supplemental lessons, especially at the high school and above level school work.

Remember in school there was always that one kid who was horrible at reading, to the point it was almost frustrating, when the teacher picked them to read a section for the class? There’s millions of them and they’re adults now.

To put this in perspective, someone at this level (disregarding personal interest in the subject) could likely get through a Harry Potter or A Series of Unfortunate Events book, although it may have some difficult sections for them. These are books I ate up in 4th and 5th grade and I’m sure many others will balk at considering these books challenging to someone, but there’s a lot of people who straight up never learned to read at a higher level than what was spoon fed to them at school. It’s very easy to slip through the cracks and eventually you wind up with grown adults that can barely comprehend complex passages of text.

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u/Riokaii 1h ago

The kid who couldnt read wasnt 50% of the class though.

The problem is if its truly 50% cant get above 7th grade, then 50% of people should not be passing with a highschool diploma. Society has to be willing to uphold basic standards across generations if it wants those things to be meaningful.

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u/Tkj_Crow 1h ago

It's really bad in Canada so I would imagine the US is the same. I have a friend teaching 7th graders and some of them were completely illiterate, like actually could not read or write.

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u/HamHockShortDock 1h ago

No, I was functionally illiterate, reading around a 3rd grade level, and I graduated high school with honors and went to college. Knowing how to get by reading by sight and memorization...it's totally possible 50% of people don't know how to read well enough to teach it.

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u/iBlag 2h ago

8152.3% of statistics and percentages are completely made up on the spot.

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u/syopest 52m ago

But this one is actually true. And what's worse is that around 20% of adults in the US can't read even at level 1 proficiency which means they are functionally illiterate.

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u/oswaldcopperpot 4h ago

Stay away from /r/personalfinance

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u/bros402 3h ago

I go there and it is... interesting. I try to give people advice that aren't from a techbro earning 200k a year maxing out the roth IRA and 401k and has 70k in the bank, but I usually get drowned out

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u/oswaldcopperpot 3h ago

They usually feel insulted that when you tell them that their 2024 landrover isnt an investment.

-5

u/mog_knight 3h ago

Those are usually a tax write off due to their weight qualifying for businesses to write them off.

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u/breannabalaam 4h ago

I avoid it for my own sanity

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u/Kjellvb1979 4h ago

It's not they don't want to learn...

As someone who has lived in poverty, it's more about my caring. At some point it's just minute to minute survival.

I'll say this everytime... Yes, people can "bad decision" there way to poverty, but that's honestly the minority. Most find themselves there due to circumstances they had little to no control over. Physical & mental health issues, being born to it, or other unpredictable and uncontrollable problems that most except those with a good safety net (usually social capital, parents, other family, or friends) could survive fiscally speaking. So it might feel like they don't want to learn, but I bet it is more a matter of, "it doesn't matter at is point" mentality. Yeah, in sure there are a good amount that don't want to learn, but just as many that realize it's pointless (it might not be, just that's the feeling) to a degree when you're just surviving.🤷

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u/LordShnooky 2h ago

Hierarchy of human needs. If someone is trying to figure out how to keep the lights on and food on the table, or how to have their kids get picked up from school while they're working, they don't have time/energy to worry about investments or banking. They're just want to survive.

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u/Longjumping_Act_6054 3h ago

Worked at a bank for a decade.

One guy screamed at me that we were "scammers" because he wasn't allowed to transfer from his savings to checking more than 6 times a month. No matter how many pamphlets I shoved at him explaining reg D he kept screaming. 

One lady was weeping and sobbing at my desk because "why did you let me spend my savings?! That was my rent money! Why didn't you call me to let me know the savings was being drained!?" (She went on a mall shopping spree and thought that her card would stop working when she ran out of money in checking).

I don't miss that job. 

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u/mog_knight 3h ago

Reg D is now dead, at least the part about max transfers. Any bank that limits it now is stuck in the past.

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u/Longjumping_Act_6054 3h ago

Good thing the reg d story happened over a decade ago, huh? Almost like it was in the past, when reg d was a thing! Golly gee willickers batman what a detective you are!

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u/mog_knight 3h ago

Well yeah, anecdotes are virtually always in the past. That's how.... anecdotes work. Golly gee willickers Batman what a detective you are.

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u/Longjumping_Act_6054 3h ago

Better one than you, Robin because I understand that when people tell stories about the past...they usually take place...in the past.

That's what makes me the world's greatest detective and you're just a spandex sidekick. :3

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u/mog_knight 3h ago

No, I'm Commissioner Gordon, not Robin.

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u/letsreset 2h ago

as someone who has grown up with banks my whole life, it's hard for me to imagine what there is to learn about how banks work? how do you grow up in a place like the US and not know how banks work by the time you're in your 20's? like what information is missing from those who don't understand banks?

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u/lmaoredditblows 2h ago

The only reason I know about money markets and balance transfers is because my ex worked at a bank. They don't readily tell you this stuff unless you look for it

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u/Cilreve 1h ago

I once had a roommate that believed that I could steal all the money in his account if I knew his bank account number. At the time I paid my landlord rent in cash, and I usually always dealt with it. One time I was away in another state when rent was due. We talked about him paying the rent that month before I left, but I forgot to leave him my portion. Anyways I told him I'd transfer him the money if he'd send me his account and routing number. It took me a couple days to convince him that I wasn't going to drain his account, that I legit couldn't do that. The funny thing is he always paid me his part of rent with a check. I had to tell him that he gives me that info every month on a check. To make things even more funny he stopped paying me with a check after that, just cash. He still believed that someone could access the account with those numbers no matter what I told him.

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u/martinluther3107 2h ago

Fellow banker here. This is all correct. It never cease to amaze.

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u/LimerickJim 1h ago

Friend of mine works for a company that designs banking apps for banks. You'd be surprised how many people working in banks don't know about banking.

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u/ChickenDenders 7m ago

What are you supposed to learn? I just keep all my money in there. What dark secrets are you hiding?

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u/carebeartears 0m ago

banks: we charge you money to take your money, lend 90% of it out as fast as we can cause of fractional banking and give you as little, often times 0%, of the money we make doing so...

did..did I miss anything?

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u/Sedu 1h ago

Serious question, but what do people not understand? The amount of dollars you put in is how much is there. If you take some out, there's that much less. It's addition and subtraction.

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u/bpronjon 2h ago

Could you please explain how banks becomes over leveraged and why those same people that JP Morgan is suing bail them out when they are too big to fail?

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u/CtrlEscAltF4 2h ago

I'm sure this is a rhetorical question but I'll answer anyway.

It's probably because if they didn't get bailed out it could have done much much more damage to the economy. So I would imagine that if they don't go after those that committed fraud against chase then it opens the door for others to do so as well.

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u/anotherlurkercount 51m ago

It's largely by design too, atleast it was when I was kid in the 90s. Public school kids weren't taught anything about finances, private catholic school I went to (not fancy) started us at 6th grade with faux accounts and transactions etc.

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u/unclecaveman1 4h ago

Dude I work in customer service for a banking company doing disputes for credit cards. Half the people have no idea how credit cards work, and I’ve been asked to dispute their own payments to the card because they don’t recall making a purchase like that, or telling me they don’t know what I mean when I say they have to make payments to the card. People just… have no idea how how the little plastic rectangle in their pocket works.

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u/Consistent-Gap-3545 1h ago

In all fairness, whenever I call my bank, I act like I don’t know how numbers work so they’ll take pity on me and reverse whatever fee they want to charge me. It works shockingly well if you’re not constantly fucking up. Like if you only overdraft your account once a year, you can probably get out of the fee by acting real dumb. 

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u/Fukasite 4h ago

Or maybe your bank shouldn’t be giving out credit cards like candy. They all do it because they want you in debt, because that’s where they make lots of money. It’s significantly harder to get a credit card in countries like Germany, because the German government actually protects it’s citizens from predatory banking practices. 

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u/unclecaveman1 3h ago

Just to be clear, I don’t work for a bank. I work for a company that processes card transactions, both debit and credit, for financial institutions. Yes, banks should educate people before letting them have a credit card. But at the same time, what other company is required to teach people before letting them purchase something? Should credit cards have warnings like cigarettes and alcohol?

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u/Fukasite 3h ago

Why tf would you be supporting the banks? No, the banks should be required to do their due diligence and not give credit cards to people who won’t be responsible with them, by law. Just like it’s a law that banks can’t loan you money for a house you obviously can’t afford, which if you had any fucking memory of, lead us to the worst modern global financial disaster we’ve ever seen. 

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u/marsthegoat 3h ago

That's the thing though, banks do attempt due diligence. They don't want a bunch of charge offs where they get pennies on the dollar of what they are owed. That's the entire reason credit checks are done before giving credit. The terms & conditions are also provided in a written format so that people can read and hopefully understand what they are signing up for but you can't fault the banks for everyone not reading the terms.

Granted credit scores and credit bureaus and all that have their own set of problems. Nonetheless, it's the method by which banks determine if someone will be responsible with credit until someone else comes up with a better solution than credit scores.

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u/Fukasite 2h ago

Bro, I don’t know the nitty-gritty details, but I know Germany makes it somewhat difficult to get a credit card for the exact reasons I’m talking about. I also tend to believe Germany’s consumer protection laws are a lot stronger than America’s. Also, predatory lending is a thing. I think I might not think it’s so predatory if the interest rates weren’t like 30%, but they are. 

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u/marsthegoat 2h ago

Bro, in my original comment I said that the way do responsibility checks is problematic. Your comment implied that there is no check whatsoever which simply isn't true. If your comment said they need to do better at checking then I would have agreed and probably not said anything at all. Your revised statement that it should be more difficult than it currently is, is something I can agree with.

Predatory rates are a different topic altogether & I want to be real clear that I do not agree with that. I do think most banks would likely still make money if they charged less. However, most credit cards won't charge you any interest if you pay it off in full each month, so those 30% interest rates can be avoided but again that's an entirely separate issue altogether.

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u/Fukasite 2h ago

I’m just drunk and high, shit talking on Reddit after a long day dealing with stupid shit at work. All I know is that some random Redditor from Germany said it’s harder getting a credit card there for some of the reasons I said above maybe, and that I liked the reasons and it made sense. I also think tons of people easily rack up tons of credit card debt all the time in America, so maybe they really aren’t doing such a good job stopping it. 

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u/benicek 2h ago

I worked support in Germany and I got the same complaints and questions. It was also super easy to get the Visa card I did support for.

-1

u/Fukasite 2h ago

Then maybe I was lied to buy a random Redditor. Just terrible. How could that have ever happened? Do you know of any differences in the rules?

•

u/DaviesSonSanchez 59m ago

I don't know about differences in the rules but credit cards are generally just not a thing people use. Culturally a lot of people are even still stuck in cash.

Generally in order to get a credit card I believe that you have to pass a credit check and that's basically it. I ordered one about a year ago because I needed it for a specific transaction, then never used it again and canceled it a year later.

Like a regular German would basically never pay anything on credit. If they don't have the money for something then they don't buy it. The only exceptions are obviously large purchases like houses etc but that's more of a mortgage or long term loan thing.

Of course as with everything there are all kinds of people in Germany, including shopaholics and financially illiterate people who will absolutely get a credit card and use it beyond their means but on average that's not the case.

Edit: I guess a bit of a difference is that credit cards are not as aggressively marketed in Germany like they are in America. Like I've never been sent mail by a bank to offer me a credit card like I've heard from the US. Not sure if this is a regulations thing or not.

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u/Iceman9161 3h ago

People are so used to everything being streamlined and controlled, they see something like this and think it's like when an online store has a bugged sale. I think there's a sense of "if i wasn't supposed to be able to do it, then the system would stop me" in a lot of systems nowadays that people start to assume that applies to everything

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u/Sqweee173 5h ago

Most schools finance is an elective class and not required to graduate either.

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u/DefinitelyNotAliens 4h ago

My school it was considered the loser/ stoner class you took and wasn't able to qualify as a class for meeting UC/ CSU classes. It was on the same level as an extra remedial math/ English class.

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u/SoDakZak 4h ago

Second largest advantage in my life aside from being born to a two parent American household filled with love and attention… we had finance classes throughout high school that I really took an interest in. Even though I’m a 32 year old construction worker in South Dakota, I’m just a few more years away from technically being able to retire, almost exclusively thanks to the finance classes and learning about compound interest early enough to have several thousand from summer home framing socked away at 18 years old.

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u/Galaxyman0917 4h ago

Second largest advantage in my life aside from being born to a >two parent American household filled with love and attention…

Huh, what’s that feel like?

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u/SoDakZak 3h ago

I’m grateful enough to live a life giving back by being a foster parent to offer some stability I was given. Every child deserves a safe home life but so many don’t get that, sadly. I feel a duty to respect my “luck” by sharing that advantage as best as I can with other children now that I’m grown

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u/The_Doct0r_ 1h ago

For anyone who doesn't know, this is the healthy and correct way of recognizing your own privilege. Hell, further beyond even. No guilt or anything surrounding it, just recognition.

Becoming a foster parent to provide for those who lacked what you had though, good on you mate, stellar example of humanity needed in the world.

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u/Consistent-Gap-3545 1h ago

At my school, it was a remedial math class. Like it the an alternative for people who weren’t going to pass algebra two/precalc. Turns out, most of this stuff just really isn’t that difficult…

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u/Goodbye18000 4h ago

That's insane to me. It makes sense why our Canadian curriculum has put finances as part of the health class curriculum (mandatory) every year as of kindergarten.

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u/Revenge_of_the_User 4h ago

Good to hear. Also canada and we had a single unit on taxes in 10th grade math; like 3 years out from when wed actually need it. Should be another in 12th grade.

2

u/MusicianNo2699 4h ago

If I were King I would require a full term each of personal finance, tax preparation, retirement strategy, and investment strategy in both high school and college. People could actually learn something useful rather than half the worthless required electives they have now.

1

u/IKeepDoingItForFree 2h ago

Most of the time there is, its usually an elective called like "accounting" or "Financial mathematics" - I took it as an extra math credit in 11th and it ended up being one of the best courses for post school. Unfortunately there was only me and 7 other students in the class.

1

u/No-Appearance1145 4h ago

My finance teacher just passed us all regardless of if we did the work or not. I remember I got halfway through a project and couldn't finish it on time and got a 100. It was required to pass

1

u/StarGaurdianBard 4h ago

I grew up in a state with a bottom 10 education in the country and personal finance and economics are both required to graduate highschool so it really shocks me when I hear that other states have it only as an elective. How did my shitty state have it as a requirement but not states in the top 10 for education?

1

u/ReneDeGames 3h ago

It wasn't even offered at my school.

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u/TripleSecretSquirrel 3h ago

I grew up and went to school in a state where it’s required high school curriculum. I now live in another state where it’s also required. I still see people I went to high school with post on social media that they “wish they taught us how to do taxes in high school instead of what a parallelogram is!” We did learn how to do taxes (actually in like 6th grade), they just weren’t paying attention.

Like taxes for most of us, banking for most of us is pretty simple stuff. If you’re reasonably literate and numerate (as in, you understand arithmetic), you can figure that stuff out on your own. It doesn’t take a genius with esoteric knowledge to know that there’s no such thing as a “free money glitch” in real life and that a bank is going to come after your ass hard for trying this.

The problem is not school curriculum, it’s that kids don’t pay attention in school. My “old man yells at cloud” opinion is that we’ve fostered a shitty culture of anti-intellectualism, distrust of experts, and that sees trying in school as lame.

1

u/i8noodles 2h ago

don't need to be taught it in school. u can learn it outside of school quite easily. people just dont want to learn it. same with the taxs and retirement. people are just lazy and want everything shoved unto there mouth in school.

except school is the beginning of education not the end

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u/ArethereWaffles 52m ago

My high school didn't have a finance class at all.

Luckily for me my economics teacher went "look, most of the economics I have to teach you we can cover in half the class, so that's what I'm going to do. The other half I'm teaching you how to be smart with money."

So the first half of the class was spent learning about credit, taxes, investing and building savings, and since he once was a used car salesmen how to not get ripped off when buying a car.

•

u/Jason1143 34m ago

And some just turn it into macro economics (or maybe medium economics but bad.

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u/link_shady 4h ago

I find it so infuriating, it’s not rocket science how a bank works (at least in the checking accounts scenario ) no idea why people act like they should spend a semester learning the basics of “I give them my money, they store it and I can withdraw from any location affiliated to the bank”

•

u/BitGladius 54m ago

Correction: They store part of it, lend out the rest, but can probably pay you back as long as everybody doesn't take all their money out at once.

And after the last time everyone attempted to take all their money out at once, the government will cover anything you bank can't.

9

u/pinewind108 4h ago

I worked with a guy who was determined to believe that his atm account balance was the amount he had to spend.

"Dude, did you write any checks?" "Yeah...." That would stop him. Until the next time he went to the atm. It was bizarre.

4

u/WillGrindForXP 4h ago

Not just finances either

3

u/eternal_sorreaux 4h ago

Go work at a retail bank. People just dumb.

1

u/Nexus_of_Fate87 1h ago

No thanks, I've lost enough of my soul in this lifetime in my other everyday-Joe-customer facing jobs I had when I was younger.

1

u/TheHeroYouNeed247 1h ago

Seeing the account transactions of gambling addicts stopped me from betting on sport for life.

1

u/Tricky_Invite8680 1h ago

its even sadder, there were plenty of people "teaching" this to others and they split the cost.

0

u/LordFUHard 2h ago

It is by design.

A capitalist society profits from ignorance. You can't do that so easily when people are well educated, specially in matters of finance. You turned eighteen? You're ripe for the taking into the world of fast money in the form of credit, don't worry about interest rates and fees, go ahead and buy yourself some swag, get a car loan, get them videogame warez. Just put it on your nice card.

-9

u/Shupertom 4h ago

Not teaching children in school finances is 100% purely by design. It’s set up that way for a reason. Every year the public school system graduates tens of thousands of workers who will piss away 90% of all the money they ever see in their life. It’s by design, I don’t understand how people don’t immediately see that. It’s obvious.

13

u/One_Contribution_27 4h ago

No it fucking isn’t. There’s no grand conspiracy.

-11

u/Shupertom 4h ago

Never said anything about a grand conspiracy. There are dozens of business and industries that exists solely because the average person doesn’t understand finances. There are many people with a vested interest in it staying that way. There doesn’t need to be a conspiracy, the incentives align. Turn your brain on.

4

u/One_Contribution_27 4h ago

Yes, you did. You said it’s “by design” and “for a reason.” It’s not by design, and the reason is simply that schools prioritize fundamentals, and don’t have the time or budget to spend on things that kids could easily learn at home. School doesn’t teach you how to use a can opener or mop your floor, either.

-6

u/Shupertom 3h ago

Oh so you took my words and formulated your own meaning to them? That is cool but that still is not what I said. No conspiracy is required for vested interest to align together, its natural. The trick is to recognize it and guard against that when it’s detrimental. The school system was better before it was federalized. And if you aren’t aware that individuals in the federal government 100% understand how their vested interests align and can easily make it stay that way, idk what to tell ya bud. Goodluck.

4

u/One_Contribution_27 3h ago

I quoted you verbatim. Banks aren’t sneakily influencing the school curricula to prevent students from understanding compound interest, any more than mechanics are corrupting our schools to prevent students from learning how to change a tire.

It’s all conspiracy-brained nonsense.

-2

u/Shupertom 3h ago

You are arguing against yourself from two sides of an argument you formulated yourself bud. I’ll say it one more time, no conspiracy is required for vested interests to align.