Watch: Magician dextrously floats credit-cards around Tokyo


#1

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#2

They’re giving multiple credit cards to somebody his age? Last time that happened, it was a very bad sign.


#3

Shit I had several in college… I was an idiot. They have people on campus trying to sign you up.

Also, I wish I had a 10th of the dexterity. Though I know how the last trick was done with the card spinning in the air. I have the kit to do that trick.


#4

That was then. This is now. Credit isn’t so easy since 2002.


#5

Who gives a shit about credit card guy…
This video has Pigeon Master operating brazenly in the background


#6

I may be out of touch, I swear I saw an article about student CC debt recently… but its a good thing if they don’t give them out like candy.

Literally ONCE A WEEK I get mail from Capital One.

I am like - have you SEEN my credit score? You guys are idiots.


#7

I bet it’s more like twice a week. I know that’s how many I get (sometimes three times a week.).Then multiply by two because my spouse gets hit, too.


#8

Sadly, they are not as stupid as you think. They lend at high rates and fees, which most borrowers pay for at least a little while. They then package that debt into collective financial instruments that they and other firms slice and dice and sell to other kinds of banks that speculate (essentially place bets) on the downstream effects of defaults based on predictive models of borrower demographics that took out the original debt. The result of this game of hot potato is a financial bubble that burns the last one caught holding the short straw, which they now know, thanks to TARP and other bailout programs enacted by the current and previous administrations and Congress, is going to be the taxpayer, with no real regulatory changes and a few token scapegoats sacrificed to make the SEC publicly look like it has teeth it doesn’t.

The only risk to the bankers is that they may have to take their golden parachute and go to some other company if and when they’re in the hot seat when the fit hits the shan. In the meantime, selling debt they know many customers can’t afford lines their shareholder’s pockets with high dividends, with the boards rewarding themselves with fat bonuses and raises.

But the process does real damage to the markets. And to borrowers who don’t default, who are left to borrow lines of credit in a market that gouges them for being dumb enough to have high revolving credit. This is the main difference from the past. Cheap credit was once abundant, but as a result of all the inevitable defaults, lending banks discovered it was more profitable to charge high interest and sell the debt as collateralized vehicles. Since no one stops them, least of all the bought-and-paid-for US Congress, the banks continue to take the global economy on a roller coaster ride. Why wouldn’t they? It makes them trillions.


#9

congrats to that guy!


#10

Late stage capitalism


#11

Am I wrong in thinking that the reason so many of the card recipients in that video looked perplexed is because credit is a bit of a no-no in Japan and the idea of buying something and paying for it sometime in the future with a plastic card is a social malaise which they have wisely resisted adopting.


#12

I’ve enhanced the video and reconstructed the credit cards from a series of stills. They’re valid, and now I’ve got a bunch of stuff shipping soon, along with massive JAL points.


#13

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