Well this isn't sketchy *at all*! Mike Johnson claims never to have had a bank account

[sdifox]

This is because the South is poor and has average credit (FICO) scores 40-50 points lower than the rest of the country. So they operate on cash, not because they want to, but because they often can't get bank accounts.
The same hardly applies to the wealthy and corrupt House Leader who's hiding his finances in violation of the law.

Here's an article about the South's poor credit BTW: https://www.washingtonpost.com/business/2023/02/17/bad-southern-credit-scores/
Red State America is where the people are kept so poor by GOP tyrants that they can't even pay their bills.

Why would you need a credit score to get a bank account?

 

[Greenman]

Plenty of places in NYC were going cashless before the city council banned the practice, which was a dumb idea as requiring cash is inefficient and less safe; you're not likely to stick up a store that has no cash, after all. I would say overall I probably spend $0 in cash in a regular month as 'cash only' places in NYC have significantly declined in the last 10 years.

Their issue was that some people don't have access to banking services so the practice discriminated against them. My thought was that rather than cling to the past we should just make sure everyone has access to banking services.

Regardless, Johnson does not say that he doesn't have a bank account, only that his only account pays no interest and so is not required to be reported. That being said, the idea that he also claims to have no retirement accounts and no other assets is almost equally alarming both ways. Either he's not reporting what he's required to or he's flat broke and vulnerable to untoward influence.

I have no issue with using cards, but having some cash around is a good policy.
The elimination of cash also ends a lot of the underground economy, converts the remainder of it to a barter system. I don't know how drug dealers and thieves could effectively operate in that environment, perhaps bitcoin would be the solution.

 

[fskimospy]

Or he hasn't started insider trading yet.

He's 51 and only became a US rep a few years ago.

If he made it to his mid-40's without a dime in retirement savings he's in serious financial trouble and is vulnerable to influence campaigns, which should trouble everyone. Really though I think we both know it's far more likely he was just violating disclosure laws.

 

[[DHT]Osiris]

It is hard to imagine. How is it possible? He what...? Cashes his checks and walks around with cash? Then stashes it home in a safe? Pays for everything in cash? Sounds like a complete Luddite. And he's 2nd in line for POTUS. I suppose he has some weird assistants. Wacko!

When I worked at Walmart, I just cashed my check at the little bank at the front then turned around and spent half of it back in the store, so maybe it's like that. How much does he owe to other members of Congress? Might explain a few things.

 

[fskimospy]

I have no issue with using cards, but having some cash around is a good policy.
The elimination of cash also ends a lot of the underground economy, converts the remainder of it to a barter system.

I'm not arguing that cash should be banned from use, just that requiring all businesses to take it is a bad policy. If there's a demand for businesses that take cash, the market will meet it.

I'm just saying I live essentially a cashless life and I find it vastly more convenient than in the recent past when cash was still needed in plenty of places in NYC.

I don't know how drug dealers and thieves could effectively operate in that environment, perhaps bitcoin would be the solution.

Venmo seems to be the preferred solution.

 

[Greenman]

He's 51 and only became a US rep a few years ago.

If he made it to his mid-40's without a dime in retirement savings he's in serious financial trouble and is vulnerable to influence campaigns, which should trouble everyone. Really though I think we both know it's far more likely he was just violating disclosure laws.

I haven't seen any evidence of disclosure violations. So far it's just speculation.
He'll make it big soon enough. Insider trading and speaking engagements are the time honored side gigs for congress.

 

[fskimospy]

I haven't seen any evidence of disclosure violations. So far it's just speculation.
He'll make it big soon enough. Insider trading and speaking engagements are the time honored side gigs for congress.

Right but there are only really two options here - either he's broke and thus the most powerful single member of Congress is vulnerable to exploitation (bad finances are a big reason to get denied a security clearance) or he's lying on his forms.

My point is regardless of which one it is - it's very bad!

 

[Greenman]

I'm not arguing that cash should be banned from use, just that requiring all businesses to take it is a bad policy. If there's a demand for businesses that take cash, the market will meet it.

I'm just saying I live essentially a cashless life and I find it vastly more convenient than in the recent past when cash was still needed in plenty of places in NYC.

Venmo seems to be the preferred solution.

Interesting. I haven't made a drug deal in decades, so I'm not up to par on how the service works now.

 

[Motostu]

There may be issues, but the bank account thing isn't likely one of them. If they have to fill out the same form as other federal employees, checking/savings accounts are not reportable.

 

[fskimospy]

There may be issues, but the bank account thing isn't likely one of them. If they have to fill out the same form as other federal employees, checking/savings accounts are not reportable.

He's already said he has a personal bank account but doesn't report it as it's non-interest bearing. I agree that's fine as that's in accordance with House rules.

The suspicious part is he claims to have *no* reportable assets. No retirement, no investment, no nothing. That seems...unlikely considering his income and how cheap Louisiana is to live in. If that is the case though then either he's holding his entire family's finances in a non-interest bearing checking account, which is moronic, or he is broke, which is a national security threat.

 

[JD50]

I haven't seen any evidence of disclosure violations. So far it's just speculation.
He'll make it big soon enough. Insider trading and speaking engagements are the time honored side gigs for congress.

Always fun to see your impossibly high standards for any Republican wrong doing. Either the guy doesn't have ANY reportable assets or he's lying, which do you think is more likely?

Also, I'm surprised the reporting is limited to only interest bearing accounts. My financial disclosure includes any accounts with a balance, which makes sense because a checking account with thousands of dollars in it should still be a reportable asset.

 

[IronWing]

Where I work, we have financial disclosure rules that don't require employees to disclose broad sector, index fund type investments. We have to disclose individual company holdings and any narrower sector funds. We are also prohibited from holding investments in our customers' businesses or their competitors (outside of broad index funds that happen to hold assets in those companies).

Since Congress critters have the power to move the entire market, I think it would make sense that they disclose all holdings.

 

[Greenman]

Always fun to see your impossibly high standards for any Republican wrong doing. Either the guy doesn't have ANY reportable assets or he's lying, which do you think is more likely?

Also, I'm surprised the reporting is limited to only interest bearing accounts. My financial disclosure includes any accounts with a balance, which makes sense because a checking account with thousands of dollars in it should still be a reportable asset.

Until someone comes up with evidence to the contrary, it's a valid position. Right now all we know is he seems to be living paycheck to paycheck.

 

[brycejones]

Remember kids as long as you put your bribes in a NON-interest bearing account you don't have to report it.

#Speakerofthehouselogic

 

[Fenixgoon]

Until someone comes up with evidence to the contrary, it's a valid position. Right now all we know is he seems to be living paycheck to paycheck.

Plausible deniability is not the same as "valid position".

What evidence is there that he lives paycheck to paycheck? The default for someone in his position is not "lives paycheck to paycheck"

Edit: the median net worth of a person in Congress is $1M. Again, that is the median. Not skewed by outliers. 50% are above that number, and 50% are below.

 

[thraashman]

I have no issue with using cards, but having some cash around is a good policy.
The elimination of cash also ends a lot of the underground economy, converts the remainder of it to a barter system. I don't know how drug dealers and thieves could effectively operate in that environment, perhaps bitcoin would be the solution.

In Florida you can apparently buy the sexual services of high schoolers using Venmo as the payment system.

 

[MrSquished]

Interesting. I haven't made a drug deal in decades, so I'm not up to par on how the service works now.

THat's what's amazing about people you, you aren't on any drugs and yet you are still like this!

 

[thilanliyan]

THat's what's amazing about people you, you aren't on any drugs and yet you are still like this!

He's just a boomer, he can't help it

 

[purbeast0]

The local sport arenas (Capital One Arena and Fedex Field) are cashless and will only accept cards.

I wish more places were like that.

 

[purbeast0]

Remember kids as long as you put your bribes in a NON-interest bearing account you don't have to report it.

#Speakerofthehouselogic

I'm assuming that all members of congress have a clearance (this assumption could be wrong).

And if so, they have to report, annually, all of their accounts (bank, retirement, crypto, etc), loans, credit card balances, etc.

Whether it is interest bearing or not is irrelevant.

 

[MrSquished]

He's just a boomer, he can't help it

imagine someone thinking a 50 year old politician with serious power having zero financial footprint is just normal.

Greenman is just sad.

 

[Vic]

Why would you need a credit score to get a bank account?

Overdraft risk with checking accounts, among other things.
There are literally millions of Americans who can't open a bank account due to bad credit or past performance.

 

[Greenman]

Plausible deniability is not the same as "valid position".

What evidence is there that he lives paycheck to paycheck? The default for someone in his position is not "lives paycheck to paycheck"

Edit: the median net worth of a person in Congress is $1M. Again, that is the median. Not skewed by outliers. 50% are above that number, and 50% are below.

No evidence of a crime is a valid position. The guy could be dirty as Hunter Biden's crack pipe, but so far the only evidence is that he doesn't seem to have any money. I understand that because he's a repbublician his guilt is automatic, but the real world has different rules.

 

[Vic]

imagine someone thinking a 50 year old politician with serious power having zero financial footprint is just normal.

Greenman is just sad.

He will play dumb and apologize for almost any evil, as long as it's for his "team."

 

[Vic]

Until someone comes up with evidence to the contrary, it's a valid position. Right now all we know is he seems to be living paycheck to paycheck.

Yeah it's totally believable that the Speaker of the US House of Representatives is living paycheck-to-paycheck in Louisiana on his $185k govt salary (with most expenses paid including 100% free healthcare).