Comments : Comments Off on Market Opportunity
Categories : Banking & Monetary Policy, Bell Curve City
Obama Delivers a Warning, the Link Between Payday Lenders and Wall Street
Obama’s choice of Alabama to pitch new regs on payday lending was no accident: the Southern Poverty Law Center reports that there are four times as many payday lenders in the Heart of Dixie as McDonald’s restaurants, and the high poverty rate makes for easy pickings. At the same time, the think tank Demos says the predatory lenders tend to feed on poor black communities, where the promise of easy money without a credit check is tempting bait. But the profits from the lenders flows straight to Wall Street – one key reason industry lobbyists are continuing to fight the new regulations. That includes defeating a cap on astronomical interest rates, described as the Holy Grail of consumer protection advocates.
This is a little bit weird. Baraq Obama is about as much of a WS whore as any President has been in my lifetime, yet this is the same Baraq Obama that is trying to choke off the payday loan industry among other industries using Operation Choke Point. I wonder what the scam is.
However, one of my many axioms is that people usually get the interest rates they deserve. If there was money to be made in drawing loans to the Bellcurvii of Alabama and charging lower interest rates than the payday loan joints, then someone would be doing it. Especially in today’s economy where it’s hard to find a place to park money at anything close to an interest rate, much less a decent one.
Comments : Comments Off on Wrong Building
Categories : Banking & Monetary Policy, St. Louis Local
Don’t raise rates, protesters tell St. Louis Fed
About a dozen chilly protesters gathered outside the Federal Reserve Bank of St. Louis on Thursday to complain that the Fed may soon make it harder to find work.
The Federal Reserve is widely expected to raise interest rates later this year, a move intended to prevent inflation in years hence. The protesters complained that higher interest rates can also cut off the jobs recovery.
The Fed represents “the 1 percenters,” said Derek Laney, an organizer with Missourians Organizing for Reform and Empowerment. “They are the big banks, the big corporations, and their mandate is to keep inflation low at all costs.”
You would have done better to hold this protest in New York. That’s where these decisions are made. The St. Louis Fed mostly does data gathering and research.
This isn’t 1875 anymore; St. Louis doesn’t that much matter nationally.
BTW, MORE, inflation hurts people on fixed incomes.
Comments : Comments Off on Don’t Audit Me, Bro
Categories : Banking & Monetary Policy
And don’t go around thinking that the Fed has something to hide. Instead, if any Audit the Fed bill really gains any serious political momentum, the NYT and the owners of the megaphones will do nothing but scream about the extremism, the craziness and the social undesirability of people that want the Fed audited, complete with audio-visuals of Auschwitz, Southern lynchings and the Murrah Federal building.
Comments : 4 Comments »
Categories : Banking & Monetary Policy, Bell Curve City, St. Louis Local
The FerGaza Strip is full of check cashing and payday loan joints.
Next thing you know, they’re going to tell us that it’s full of nail salons and weave shops.
My 66th axiom: Just as most people get the government they deserve most of the time (See #6), most people get the interest rates they deserve most of the time. Meaning rent-to-own joints and payday loan joints aren’t ripping people off or being usurious.
Comments : 2 Comments »
Categories : Banking & Monetary Policy, Immigration
Your Blogmeister’s Desk
Jamie Dimon, CEO
JP Morgan Chase
270 Park Avenue, 39th Floor
New York NY 10017
Write him a snail mail telling him that you canceled your Chase Bank (credit card/bank account/whatever) because of his immigration treason. Even if you don’t and never had any business with Chase Bank, in which case you should probably not include your name on either the letter or the return address on the envelope. If you do, this would be a good opportunity to move your business to another bank. I know two people with Chase credit cards who I’ve already talked to this evening who have told me they’re going to find other banks to transfer their cards’ balances as soon as they can, because of this.
I have my snail mail ready to go tomorrow into the mailbox, and no, I’ve never had any personal business with Chase Bank.
Let’s spook the hell out of ole B.J.
Comments : Comments Off on Eyes of the Blind
Categories : Banking & Monetary Policy
St. Louis Fed no longer keeping track of BOGUMBNS, aka M0.
Because, when TPTB are trying to inflate the currency into a Zimbabwe-level joke, just to keep the DJIA high, best to pull the wool over people’s eyes.
And also…you should probably really make room in your pockets for those trillion dollar coins.
Comments : Comments Off on Bounced Checks
Categories : Banking & Monetary Policy, England Britain & The UK, Religion
Don’t laugh, American.
It has happened here.
Also, far from being discriminatory, it would have been discriminatory, in fact, almost a hate crime, for this bank not to offer these Muslim/Sharia accounts.