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"Murphy was an optimist!"

Of Being Poor July 25, 2006 10:05 am

Posted by Doug McCaughan in : Of Interest, Touchy Subjects
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A nice article explaining why our system keeps the poor down.

So, let’s have a little less talk about how the poor should learn to manage their money, and a little more attention to all the ways that money is being systematically siphoned off. Yes, certain kinds of advice would be helpful: skip the pay-day loans and rent-to-pay furniture, for example. But we need laws in more states to stop predatory practices like $50 charges for check cashing. Also, think what some microcredit could do to move families from motels and shelters to apartments. And did I mention a living wage?

If you’re rich, you might want to stay that way. It’s a whole lot cheaper than being poor.

See also (exact same text as the link above).

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1. Latte Man - July 25, 2006

(hmmm… you may wish to check that link. It certainly is not something that will keep someone down 😉

I happened to read that article today as well. Intersting… scary but interesting. I disagree though that things like the fees for check cashing places are predatory. They do have to assume risks, and if the fees aren’t enough to cover the risk, then they simply wouldn’t provide the service. Of course they wouldn’t be necessary at all if banks remembered that checks are “Demand Deposit” notes and that they are SUPPOSED to cash a check (drawn on an account at that bank) “ON DEMAND” and not “for accountholders only”

2. djuggler - July 25, 2006

Hmmm.. That’s interesting. Blasted Mac! Link came from http://popurls.com/ That was the picture below the link.