The 2024 Election: A Singularity of Stupidity

As the nation slouches the last seven weeks to the election, the stupidity metastasizes. We are approaching a singularity of stupidity.

Trump’s latest brainwave is to impose (by executive ukase, apparently) a “temporary” cap of 10 percent on credit card interest rates:

BREAKING: Trump announces that as president, he will immediately implement a temporary 10% cap on credit card interest rates

"We can't let them make it 25% and 30%."

Credit card interest rates are at a historic high under the Kamala-Biden regime. His simple plan will alleviate… pic.twitter.com/yENoVsqv1S

— George (@BehizyTweets) September 19, 2024

Where to begin?

First consider the embrace of executive fiat to implement major policies which undermines his main substantive virtue as someone who will restrain government power.

Then remember what Milton Friedman said about “there is nothing so permanent as a temporary government policy.”

But most importantly, er, controls on interest rates are price controls. And unless I’m hallucinating I remember Trump attacking Harris’ rather lame price gouging proposals (since abandoned, apparently) as full on socialist price controls. In fact, what Trump is proposing is far more socialist than what Harris did.

Maybe he’ll say he’s not a socialist but a convert to traditional Catholicism and therefore an advocate of usury laws. But regardless, his latest foray into off-the-cuff economic policy making completely undercuts his previous rhetoric and actually provides cover for Harris to propose real price controls just as she has aped other Trump policy ideas.

This is an example of the downside of economic populism, and a not immaterial one. And like many populist economic measures it would damage those it is intended to help (or at least, to appeal to). Such restrictions would essentially result in the loss of credit and credit cards by large numbers of low and low-middle income individuals.

Trump also said he will impose (again by fiat evidently) 200 percent tariffs on Chinese EVs imported from Mexico. This appeal to the autoworker vote (especially in Michigan) would be rendered completely unnecessary if he just eliminates EV mandates as he’s promised. He is right that EVs suck, and that no one will buy them unless forced to. So eliminating the mandate will mean EV imports from China–or Mars–for that matter will pose no threat to American autoworkers.

Just look at Europe, HQ for the EV Fluffers.

No need for tariffs on Chinese EVs if you don't force people to buy EVs. https://t.co/shkboR81cw

— streetwiseprof (@streetwiseprof) September 19, 2024

I would truly love to be evenhanded here and find some Harris policy proposal to bash. But I can’t. Because she hasn’t any. Her’s is a candidacy for the times, however–a drag queen story hour by somebody pretending to be someone they are not. A mash up between Mean Girls and Miss Congeniality:

You think I exaggerate? I think not!

This speech brought to you courtesy of the Department of Redundancy Department. https://t.co/FPRk9QlnNX

— streetwiseprof (@streetwiseprof) September 19, 2024

We have to hope that Bismarck (“There is a special providence for drunkards, fools, and the United States of America) and Adam Smith (“there is a great deal of ruin in a nation”) are both right.

Of course the other major news is the second assassination attempt on Trump. (Or as the regime and its media sockpuppets insist on saying the “apparent” assassination attempt). I have to admit that I was wrong about the effects of the first attempt: it did not stop the Democrats (and their media sockpuppets) from demonizing Trump. Indeed, the latest attempt has led them to ramp up their demonization, and to add to it by blaming the assassination attempt (sorry, sorry, “apparent” assassination attempt) on Trump’s and Vance’s rhetoric.

I can’t even.