Wednesday, February 22, 2012
The biggest LLC checks to Restore Our Future in January came from entities close to one industry: short-term lenders.
It's interesting that it takes a discussion about campaign finance to finally begin a discussion about predatory lending. As the rich and the poor choose up sides in our political system and invest their best efforts aligning sympathy from those who are neither rich nor poor one simple fact gets easily lost in the noise. Being poor is expensive. It's often said "it takes money to make money". Just as true is a similar slogan. "It costs money to need money" Between the lack of credit and the lack of transportation, not having a leg-up in life ends up being a chronic condition. Of course the reason this sees little discussion is that it interferes with the notion that the poor are just parasites who deserve their fate. At the end of the day though, any business model that relies on the ignorance of its customers is NOT an example of normal Capitalism at work.