Doherty, Thiemann: Let’s approach the gun argument differently this time

posted in: All news | 0

In the aftermath of horrific events like last week’s school killings, communities follow a sadly predictable pattern. First comes shock, grief, and denunciation of the shooter. Then, blame begins to spread — sometimes toward institutions such as schools or first responders, sometimes toward the shooter’s family or group affiliation. Before long, the public conversation hardens into bitter conflict over gun laws. That’s where we’ve landed within a week as the governor considers a special session of the Legislature.

Advocates of more gun control call for what they frame as reasonable restrictions. But their tone, understandably charged with outrage, leaves gun-rights advocates feeling blamed for the murder of innocents. In turn, they accuse the other side of exploiting tragedy for political gain. Put bluntly, one side says, “Why are your military-style weapons more important than the lives of our children?” The response comes back, “Why are you taking advantage of tragedy to push your agenda of government control?”

The result is usually paralysis, with no meaningful solutions. And when public policy changes are made, they are often undone after later elections or overturned in the courts. Leaders move on to other issues until the next mass shooting — and the cycle repeats.

There must be a better way. It would begin with seeking to understand what is at stake for people on each side and acknowledging good intentions. We believe that those who emphasize the dangers of guns and those who emphasize safeguarding constitutional rights can find common ground on gun policy. We know this is possible, because we have seen it in our work with Braver Angels, a nonprofit devoted to bridging political divides.

In Minnesota, Braver Angels held a Common Ground workshop that brought together advocates for more restrictive gun laws and staunch defenders of Second Amendment rights. Using a structured process — ground rules, trained moderators, and a focus on three domains (values, concerns, and solutions/policies) that required unanimous support — the group surprised even themselves: They reached agreement on 28 items.

What moved them forward was not starting with legislative bill numbers, but with a recognition of the values they hold in common. Everyone in the room wanted children safe at school and families safe at home. Everyone affirmed respect for constitutional rights and responsible gun ownership. And everyone voiced the same core concerns: the rising toll of suicide and violent crime, the trauma communities carry after shootings, the need for better mental-health support, and the frustration that too much public conversation rewards outrage instead of results. When we started from these shared values and real concerns, solutions stopped being a zero-sum fight and became instead a practical search for what could work in a politically divided world.

What did that look like in practice? Participants from both sides endorsed background checks on all sales; licensing of gun ownership; stronger education and training (including more rigorous concealed-carry classes); a culture of safe storage; restricting access for people with histories of violence; increased mental-health services; investment in high-risk communities; research into Extreme Risk Protection Orders (red-flag processes) and how to implement them well, and action against undetectable or “ghost” guns. These are concrete, actionable steps — not slogans — and they were adopted unanimously by people who began the day deeply at odds.

This is a better way: Move beyond outrage, listen for what’s at stake for our neighbors, and then build durable solutions where strong agreement is possible. We can reduce the suffering caused by gun violence while protecting constitutional rights — but only if we resist the post-tragedy cycle of blame and engage one another in good faith.

William J. Doherty, Ph.D., is Emeritus Professor of Family Social Science, University of Minnesota, and co-founder of Braver Angels Jeffrey Thiemann is a retired Lutheran pastor and volunteer leader in Braver Angels.

Related Articles


Patrick Knight: For Labor Day, an ode to Minnesota workers


Real World Economics: Federal Reserve follies continue


Skywatch: So much going on this September


Your Money: 5 ways the new tax bill could impact your wallet


Real World Economics: A primer on money, banking and the Fed

Trump’s Fed nominee says he’d keep his White House job even if confirmed by the Senate

posted in: All news | 0

By JOSH BOAK, Associated Press

WASHINGTON (AP) — Stephen Miran, President Donald Trump’s pick to join the Federal Reserve board, said Thursday that he would remain a White House employee even if the Senate confirms him to fill an unexpired term as a governor for the central bank.

Miran, who was nominated to fill a term set to expire in January, made the disclosure at his confirmation hearing before the Senate Banking, Housing and Urban Affairs Committee.

He said he would instead take an “unpaid leave of absence” as chairman of the White House Council of Economic Advisers on the advice of his lawyers and would only resign from the administration if he were nominated for a longer term at the Fed.

Related Articles


Americans would save $100B if credit card rates were capped as Trump proposed, researchers say


If Trump’s biggest tariffs get thrown out, companies could get a refund — but not consumers


The District of Columbia sues over Trump’s deployment of the National Guard


Trump says US would be on ‘brink of economic catastrophe’ unless justices rule his tariffs are legal


Trump asks Supreme Court to quickly take up tariffs case and reverse ruling finding them illegal

Americans would save $100B if credit card rates were capped as Trump proposed, researchers say

posted in: All news | 0

By KEN SWEET, AP Business Writer

NEW YORK (AP) — Americans would save roughly $100 billion a year in interest costs if President Donald Trump’s campaign proposal to cap credit card interest rates at 10% were implemented, according to a paper published by Vanderbilt University on Thursday.

Further, the banks and credit card companies would be able to withstand, and even still be profitable, if there were to be a national cap on interest rates. While limited in scope, the paper gives some academic backing to President Trump’s campaign promise.

The paper found that banks would still be able to earn a profit on most of their customers even if credit card interest rates were capped at 15%, and if the banks continued to offer rewards and perks like points and airport lounge access. If interest rates were capped at 10%, the business model gets more difficult for the banks, but they could still make money off most card customers by cutting back on some rewards.

Usury laws are as old as the Bible but have gotten traction again through Trump’s populist politics. When he was a candidate in the 2024 election, Trump proposed a temporary 10% cap on credit card interest rates. He has not spoken about it since the election.

That said, politicians have seized on the idea. Sen. Josh Hawley, R-Missouri, and Vermont Senator Bernie Sanders introduced a bill in Congress that would match Trump’s campaign proposal of capping interest rates at 10%. A similar bill was introduced in the House by Rep. Alexandria Ocasio-Cortez, D-New York.

There are already some interest rate caps in effect in the U.S. The Military Lending Act makes it illegal to charge active servicemen and women more than 36% for any financial product. The national regulator for credit unions, the NCUA, has capped interest rates on credit union credit cards at 18%.

The banking industry is adamantly against any caps on credit card rates. Historically, the industry has argued that any cap on interest rates would decimate the credit card business model and would threaten the viability of popular rewards and perks programs that millions of Americans use for free flights and hotel stays.

It was this rhetoric that made Brian Shearer, the author of the report, start to look into the issue. Shearer previously worked at the Consumer Financial Protection Bureau as the regulator’s assistant director of policy planning and strategy, working under Republican and Democratic administrations.

“I wanted to see if President Trump’s proposed cap could be taken seriously, and the idea appears that it could be seriously considered and it would not have the amount of downside that often the pundits assume there will be,” Shearer said.

Americans are carrying more credit card debt than ever before, to the tune of $1.21 trillion, or roughly $6,400 per person. The average credit card interest rate is roughly 21%, according to data from the Federal Reserve. That’s significantly higher than a decade ago, when the average credit card interest rate was roughly 12%.

Related Articles


Trump’s Fed nominee says he’d keep his White House job even if confirmed by the Senate


If Trump’s biggest tariffs get thrown out, companies could get a refund — but not consumers


The District of Columbia sues over Trump’s deployment of the National Guard


Trump says US would be on ‘brink of economic catastrophe’ unless justices rule his tariffs are legal


Trump asks Supreme Court to quickly take up tariffs case and reverse ruling finding them illegal

Banks earn revenue from credit cards two different ways: the amount of money they charge merchants to process a credit card transaction, often referred to as interchange, and the interest and fees the banks charge customers. That could be the annual fee on a credit card, or the monthly interest that accrues when a customer carries a balance.

Shearer says the revenue earned from interchange is why banks would remain profitable, even if credit card interest rates are capped. Credit card rewards programs are largely funded through interchange. American Express, for instance, earned $35.2 billion in revenue from the fees they charge merchants.

Under Shearer’s analysis, if interest rates were capped at 15%, Americans would save roughly $48 billion in interest a year, while at 10%, that figure goes to $100 billion. In his analysis, Shearer assumed that banks would charge as close to the national cap as possible.

The Vanderbilt paper finds that banks, because they largely fund their rewards programs from interchange, would not likely universally cut back on rewards for Americans. Instead, the Americans who would likely see the biggest reduction in rewards would be those with low credit scores, because they are considered the riskiest borrowers. However, Shearer believes that any modest reduction in rewards for those customers would likely be made up in the interest they would save annually. Historically, bank customers with low credit scores tend to be “revolvers”, or those who carry a balance, instead of “transactors,” which are customers who pay off their credit cards at the end of each month.

“It is true that there would need to be some reward reduction, but it’s not the kind of sky-is-falling story that you often hear,” Shearer said.

The District of Columbia sues over Trump’s deployment of the National Guard

posted in: All news | 0

By LINDSAY WHITEHURST, Associated Press

WASHINGTON (AP) — The District of Columbia on Thursday sued to stop President Donald Trump’s deployment of National Guard during law enforcement intervention in Washington.

The city’s attorney general, Brian Schwalb, said the hundreds of troops are essentially an “involuntary military occupation.” He argued in the federal lawsuit that the deployment is an illegal use of the military for domestic law enforcement.

A federal judge in California recently ruled that Trump’s deployment of National Guard troops to Los Angeles after days of protests over immigration raids in June was illegal. The Republican administration is appealing that decision and Trump has said he is ready to order federal intervention in Chicago and Baltimore, despite staunch opposition in those Democrat-led cities.

That ruling, however, does not directly apply to Washington, where the president has more control over the Guard than in states.

Related Articles


Trump says US would be on ‘brink of economic catastrophe’ unless justices rule his tariffs are legal


Trump asks Supreme Court to quickly take up tariffs case and reverse ruling finding them illegal


Watch live: Kennedy tells Senate committee CDC turnover was justified because of its COVID-19 response


Macron says 26 countries pledge troops as a reassurance force for Ukraine after fighting ends


Transgender federal employees say they face fear and discrimination under Trump