Comment 29897

By grassroots are the way forward (registered) | Posted April 03, 2009 at 08:57:11

Who is really to blame? This is the same question another person asked, so I will try to expand on this.

Not long ago, I read a book whose title escapes me for the moment but the focus was on the corporate entity of payday loan and other similar vehicles.

What was disturbing to me in reading this book was how companies and Countrywise was mentioned as to how they preyed on the people. An example given was that they would call a person day after day pushing access to a loan, and the person would say no but after repeated phone calls, some lasting months on end, the person would succomb to the pressure and take the loan, yet in many cases the people were denied real access to the contract, nor did they really understand the terms.

The shadow banking industry that Ryan refers to, took advantage of the situation in many cases and were very predatory. De-regulation, a lack of morals within the industry has caused much of problems we are seeing today. But who pushed for de-regulation, it was the bankers themselves, so I will end my case.

While some people before who were denied access to loans, should have been able to access a micro loan, say to start up a small business. I am talking small amounts not more than say 1000 dollars.

I think people need to look further into the situation, if there is a shadow banking system, it is not a long stretch to assume that there is a shadow government as well.

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