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27 октября, 18:31

"Underbanked" Report Shows Need For Postal Banking

Millions of Americans can't get bank accounts, so they can't even cash a check. Many millions more might have an account but can't get even a small loan. The numbers (below) are just outrageous. These millions are forced to turn to predators like the payday loan and check cashing industry. Even those who can get full-service accounts are scammed by the likes of Wells Fargo. Meanwhile We the people are prevented by our captured-by-Wall-Street Congress from setting up the obvious solution that would solve so many problems: Postal Banking. Millions Can't Use Banks The Atlantic reports on a new report and spells it out, in The Millions of Americans Without Bank Accounts The number of American families without a bank account dropped to about 9 million in 2015, the lowest rate on record since the Federal Deposit Insurance Corporation started gathering data in 2009. Still, around 24 million households are considered underbanked, meaning that they have checking accounts but still rely on alternative services--such as pawn shops, check-cashing operations, and payday or auto-title loans--for their credit and cash needs. And that number, a new report finds, hasn't improved much at all in the past few years, which means that tens of millions of Americans still struggle without access to basic financial services. ... Around 7 percent of all households don't have a bank account, down from around 7.7 percent in 2013, according to the FDIC. The most common reason families cited was not having enough money to open and maintain a checking account at a mainstream bank. 9 million Americans without any bank account. (And they call that an improvement!) 24 million more Americans dependent on payday lenders and the like. The new report referenced by The Atlantic is from the Federal Deposit Insurance Corporation (FDIC), FDIC National Survey of Unbanked and Underbanked Households. Payday Lenders Feast On These Millions The lack of bank accounts or an "underbanked" ability to get credit hits people hard. So these millions of Americans with nowhere else to turn have to turn to predatory "payday lenders" and expensive check cashing outlets. Why is this industry called "predatory?" August's post, Help Stop The Payday Loan Debt-Trap Scam, explains: Instead of evaluating risk in order to block loans to people who couldn't pay the loan back, the payday loan industry tries to find poor, desperate people, dangles loans in front of them, and then traps them into a cycle that drains them of everything. The "debt trap" is the actual business model, and they say so. One payday loan CEO said of their "customers": "The theory in the business is [that] you've got to get that customer in, work to turn him into a repetitive customer, long-term customer, because that's really where the profitability is." Another payday lender even put out a training manual for new employees, saying to employees that their job is to push borrowers from one payday loan to the next. The chairman of the payday lender‐supported Consumer Credit Research Foundation and president of the Payday Loan Bar Association wrote an email saying, "In practice, consumers mostly either roll over or default; very few actually repay their loans in cash on the due date." Jacob Swenson-Lengyel, in A New Report Reveals The Real Story About Payday Lenders, explains the findings of a report from People's Action titled CAUGHT IN THE DEBT TRAP: A new report from People's Action and Americans for Financial Reform details stories of everyday people who went looking for a short-term fix and got stuck in a seemingly endless cycle of debt. Harold Carnes, who lives in Las Vegas, Nevada, is one of those borrowers. Carnes took out a loan after his hours working for McDonald's were cut. When his hours didn't improve, he took out a second loan from a different company. Soon Carnes was taking out a third loan. The debt trap had snapped shut. "The fees and the interest alone were out of hand and completely unmanageable," Carnes said. "The loan companies went into my meager bank account, that left my bank account overdrafted with the fees, and my account ended up being closed." Carnes' story lines up with the data. The CFPB's own study found that four out of five people who take out a payday loan are forced to roll over or renew the loan within 14 days. Payday and car title lenders may advertise their products as a solution for customers looking for short-term, small-dollar loans. But because lenders fail to assess a borrower's ability to repay, the reality is that people are saddled with long-term debt at soaring triple-digit interest rates. The impacts can be devastating. Minorities Targeted Guess who is hit hardest by this. (Hint: minorities.) The Atlantic article explains: The fact that some feel banks aren't interested in serving their communities is troubling but unsurprising. The underbanked population is largely made up of Americans who are poor, black, or Hispanic. Many haven't finished high school or college. These are the same populations that the American banking system has willfully alienated for generations through concrete policies such as redlining and subprime-credit targeting. The Atlantic explained how the inability to get a bank account or credit hits minorities especially hard. Richard Eskow connects the dots to the way payday lending scams also hit minorities hard, in Payday Lenders: How Wall Street's "Undercover Brothers" Exploit Minorities: Payday loans hurt all their customers, of course, not just minorities. But studies have shown that payday lenders disproportionately exploit minority neighborhoods with loans that are issued at an average annual interest rate of 455%. The average number of loan each borrower takes out is nine pre year, according to one study, as these high rates lead to a cycle of indebtedness. The loans are secured with the borrower's next paycheck, so only people with jobs qualify. It's a vicious circle, designed by the banking industry to maximize profits at the expense of the economically vulnerable. This pillaging is taking place against the backdrop of an ever-increasing racial/economic divide. A Brandeis University/Center for Responsible Lending study showed dramatic increases in the economic gap between white and African-American households, as the difference in their financial assets quadrupled between 1984 and 2007. [. . .] American banks have a long and checkered racial history. Government intervention was required to stop "redlining," the practice of denying financial services (or charging more for them) to minority neighborhoods. The biggest banks play a major role in backing auto loans, which studies have also shown to charge higher interest rates to African Americans than Caucasians. HSBC settled a lawsuit accusing it of charging minority borrowers more. Do payday lenders really target minorities? As this study shows, these fringe bankers have disproportionately set up shop in minority neighborhoods. The study, "Race Matters," was conducted in North Carolina, where African-American communities had three times as many payday lenders per capita as white communities, even when adjusted for other factors. Eskow explains, "It's a classic Rigged Game: The banks deny normal credit to lower-income people, then profit from usurious forms of alternative credit (or as it's known in economic circles, 'fringe banking')." Postal Banking There is a simple solution that would help millions of Americans, and it is right in front of us: Postal Banking. There are post offices in every town and city in the country. Imagine if Americans were allowed to do what millions of people in countries around the world take for granted. Imagine if we could get a simple account at the post office that lets us take care of basic banking functions like saving money, cashing or depositing checks, paying bills and getting small loans. Imagine Postal ATM cards for people to use at local stores or to get cash from ATMs at the local Post Office. Imagine if We the People were allowed to do all this without paying large fees or worrying about getting scammed Wells Fargo-style. If We the People could be allowed to have a simple bank account at our Post Offices this would solve a problem for millions upon millions of Americans. This would help people. It would keep people away from the debt-trap clutches of the predatory payday lending industry. This is not an out-of-the-mainstream idea. Lots of countries do it. This country used to do it. In fact, the Postal Service still issues money orders. Sen. Bernie Sanders has been pushing for postal banking, saying: "I want to see our post office be reinvigorated," Sanders said in a Fusion interview this week with Felix Salmon, and postal banking is "one of the ways that I think we can help not only the U.S. Postal Service, but help a lot of low-income people." [. . .] In a 2014 Wall Street Journal op-ed on saving the USPS, Sanders wrote: [T]he Postal Service should have the flexibility to provide new consumer products and services--a flexibility that was banned by Congress in 2006. It is now against the law for workers in post offices to notarize or make copies of documents; to cash checks; to deliver wine or beer; or to engage in e-commerce activities (like scanning physical mail into a PDF and sending it through e-mail, selling non-postal products on the Internet or offering a non-commercial version of Gmail). Sen. Elizabeth Warren has been pushing for postal banking. In April, 2014, Warren wrote in, Coming to a Post Office Near You: Loans You Can Trust? With post offices and postal workers already on the ground, USPS could partner with banks to make a critical difference for millions of Americans who don't have basic banking services because there are almost no banks or bank branches in their neighborhoods. ... If the Postal Service offered basic banking services -- nothing fancy, just basic bill paying, check cashing and small dollar loans -- then it could provide affordable financial services for underserved families, and, at the same time, shore up its own financial footing. Postal banking is an idea whose time has come (back.) We the People should be able to use our post offices for basic banking functions like simple savings accounts, cashing and depositing checks, ATM cards and getting small loans. There is no reason not to do this. ------- This post originally appeared at Campaign for America's Future (CAF) at their Blog for OurFuture. I am a Fellow with CAF. Sign up here for the CAF daily summary and/or for the Progressive Breakfast. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

27 октября, 16:30

The Zacks Analyst Blog Highlights: United Technologies, Sprint, Eli Lilly, Edwards Lifesciences and Whirlpool

The Zacks Analyst Blog Highlights: United Technologies, Sprint, Eli Lilly, Edwards Lifesciences and Whirlpool

27 октября, 16:03

What Will Restaurateurs BLMN, RUTH Serve Up in Q3 Earnings?

Let's take a look at what might be in store for two restaurant companies that are set to report their quarterly numbers on Oct 28.

27 октября, 15:00

Как выбрать надёжную рекламную сеть, — TrafOret.com

Евгений Блюменфельд, директор по маркетингу компании TrafOret, рассказал, на что стоит обратить внимание при выборе рекламной сети. Советы одинаково подойдут как вебмастерам, так и рекламодателям.

27 октября, 15:00

Как выбрать надёжную рекламную сеть, — TrafOret.com

Евгений Блюменфельд, директор по маркетингу компании TrafOret, рассказал, на что стоит обратить внимание при выборе рекламной сети. Советы одинаково подойдут как вебмастерам, так и рекламодателям.

27 октября, 15:00

Как выбрать надёжную рекламную сеть, — TrafOret.com

Евгений Блюменфельд, директор по маркетингу компании TrafOret, рассказал, на что стоит обратить внимание при выборе рекламной сети. Советы одинаково подойдут как вебмастерам, так и рекламодателям.

Выбор редакции
27 октября, 14:41

Burger King «нарядил» ресторан в призрак McDonald's и напугал посетителей бургерами конкурента

В районе Куинс Нью-Йорка Burger King нарядил свой ресторан в призрак McDonald's. На белой ткани, напоминающей простыню, помимо логотипа компании находится название конкурента и надпись: «Бууууу. Просто шутка — мы по-прежнему жарим бургеры на гриле».

Выбор редакции
27 октября, 12:20

McDonald’s не ошибся в выборе средств

Эффективность направленных на увеличение продаж реформ и заметная недооценка по сравнению с конкурентами дает основание рекомендовать к покупке акции McDonald’s

26 октября, 00:46

International Entrepreneurs Can Create American Jobs

During this election season, candidates for all levels of office are debating the merits of policies to expand job growth and boost the American economy. One simple, pro-growth reform that candidates from both parties should champion is the launch of a start-up visa for immigrant entrepreneurs who want to build their companies in America. Entrepreneurs create new firms, and new firms drive job growth in the U.S. Despite this, the American economy lacks a straightforward visa option for foreign entrepreneurs ready and willing to bring their business ideas to our country. This hurts American workers who would benefit most from these new jobs. All signs point to Congress reigniting the immigration reform debate in 2017 after a new Congress and president are ushered in. Lawmakers should immediately seek to move forward on a start-up visa and remove the unnecessary restrictions preventing job creators from coming to America. Other countries around the world, including Canada, Australia, and Germany, have adopted startup or entrepreneur visas to help fuel economic growth. While these nations benefited from the extension of legal migration opportunities for entrepreneurs, the impact in the U.S. could be even larger considering the huge network of dynamic city centers home to business creation. A start-up visa has been introduced multiple times in Congress by a bipartisan group of lawmakers. Analysis of these bills suggests that such a visa could create hundreds of thousands of new jobs within the first decade after launch. Research suggests more recent proposals could create over 3 million jobs in that time. However, until Congress decides it's time to move on immigration reform, a start-up visa will remain in the category of great ideas that lacked needed political push. But the silver lining is that some solutions to the issue of immigrant entrepreneurs have sprouted up since the startup visa failed last time on Capitol Hill. Universities in Massachusetts, Colorado, Alaska, and New York have begun to use their H-1B visa cap exemption to employ foreign entrepreneurs in graduate programs. These entrepreneur in residence (EIR) programs retain foreign students in the U.S. and keep their company on our shores. Such programs lead to growth in both low and high skilled jobs in local areas. Until a startup visa is adopted broadly, these programs should be expanded with more schools and more cities. Last month, the Obama Administration also announced a new rule aimed at offering parole to international entrepreneurs. The policy change is narrow and complicated, but marks a positive step forward in the overall reform of high-skilled immigrants. But the type of comprehensive reform needed to give international entrepreneurs a real option in coming to the U.S. must be approved by Congress, and that won't happen in 2016. Restricting immigrant entrepreneurs from working in the U.S. doesn't help the American workers looking for jobs which can be offered by start-ups, and certainly doesn't benefit potential consumers of the innovative products and services those startups can provide. Those looking to "put Americans first" in our globalized economy should recognize that relying on foreign job creators does just that. Our history is rife with examples in which the U.S. economy infused new ideas and products from immigrants to power our economy. For proof of this, look no further than the short-list of immigrant-founded companies includes Google, AT&T, eBay, IBM, McDonald's, Boeing, Home Depot, and Budweiser. Immigrants are more than twice as likely to start new companies than natives and those companies creates more jobs along the way. Attracting and retaining the best talent from overseas should be a top priority for all policymakers. This aspect of economic reform has largely been absent, despite its potential bipartisan support. Let's reform our strict high-skilled immigration restrictions and allow the smartest and most forward-thinking entrepreneurs from around the world to innovate and generate wealth here in the most productive country, creating jobs for the American people along the way. The Silicon Valley ethos in America is the product of immigration. Keeping our doors open to those with dreams of becoming the next Steve Jobs is crucial to keeping the U.S. economy strong in the 21st century. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

25 октября, 20:02

When Women Have Power, They Can Do Something About Sexual Harassment

The best way to excise it from corporate culture is to promote women to the highest levels of authority.

25 октября, 19:40

Adidas распрощался с допингом

Один из крупнейших производителей спортивных товаров решил остановить финансовую помощь Национальному антидопинговому агентству ФРГ (NADA). Цена вопроса составляет 300 тысяч евро в год

25 октября, 19:06

Heartbreaking New Documentary Immortalizes Chicago Black Women Killed By Police

A new documentary is helping to ensure that we never forget Rekia Boyd, Bettie Jones and other black women killed in interactions with police.  Boyd, 22, was killed by a Chicago officer in 2012, and Jones, 55, was killed in 2015. Al Jazeera’s 25-minute film, “The Lives of Black Women,” explores their deaths through interviews with both women’s families. “They don’t talk about women that much when they get killed by the police,” said Boyd’s brother, Martinez Sutton. “They barely talk about women. Why is that? It’s crazy, because you see that even in death, women play the second role.”  As of October, 10 black women have been killed by police this year, according to a tracker from The Guardian. The film mentions that, on average, police kill one black woman every month. They don’t talk about women that much when they get killed by the police. They barely talk about women. Why is that? It’s crazy, because you see that even in death, women play the second role. Martinez Sutton, Rekia Boyd's brother If there’s a relative lack of publicity about their deaths, there’s also the issue of impunity: In both Boyd and Jones’ cases, the officers who shot them weren’t punished. Dante Servin, the off-duty officer who killed Boyd, was found not guilty of involuntary manslaughter in 2015 because the judge thought he should be facing more severe charges. Robert Rialmo, who killed Jones, was not charged with any wrongdoing. “People don’t care about black women. They just don’t,” said Page May, a teacher and organizer with the grassroots organization Assata’s Daughters, in a scene from the film. “We’re in the way, in the case of Rekia Boyd. We’re angry black women. Or we’re just too angry and too black and too womanly in the case of Sandra Bland. We’re either too ‘X’ or we’re invisible.”  Servin, the officer who shot Boyd, explained in the film that he believes police need to have a certain mindset to be effective at their jobs. “As police, you have to have a hunter mentality ― in that you have to to be out there, you have to be the predator, you have to hunt crime,” Servin said. “You have to think like a predator to catch the predators. To be a good policeman, you have to think like that.” But a hunter or warrior mentality ― which trains officers to survive a situation by any means necessary ― is dangerous, often leading to more violence against members of the community. Paul O’Neal, 18, was unarmed when a Chicago police officer shot and killed him after he crashed a stolen car in August. Rialmo, the officer who killed Jones, also shot and killed Quintonio LeGrier, 19, after the teen allegedly swung a baseball bat at him. In 2013, in what is perhaps the most infamous recent case of police brutality in Chicago, former police officer Jason Van Dyke shot 17-year-old Laquan McDonald 16 times. This is one reason Sutton continues to fight ― something he had to explain to a police officer at a protest, he said. When the officer asked him why was he still fighting, Sutton replied, “Wouldn’t you? If someone came and took away your sister, your wife or your son or daughter ― would you just stop fighting? Would you stop talking? Would you turn away from the world?” Watch “The Lives of Black Women” in its entirety above.  -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

25 октября, 17:55

Living in a College Town, and Not Attending School

Caroline Held, a manager at a McDonald’s in Ames, Iowa, talks about taking a job in food service while many of her peers pursued higher education.

25 октября, 16:30

The Zacks Analyst Blog Highlights: Intel, Microsoft, McDonald's and Schlumberger

The Zacks Analyst Blog Highlights: Intel, Microsoft, McDonald’s and Schlumberger

25 октября, 14:43

Restaurant Stocks' Q3 Earnings Slated for Oct 26: BWLD, CAKE

Let's take a look at what might be in store for two restaurant companies that are set to report their quarterly numbers on Oct 26

25 октября, 14:31

"Быки" идут в бой с Apple наперевес

Впервые за последние несколько недель на рынке появилась более - менее внятная идея. Вернее - более-менее внятный настрой. Тому причиной несколько факторов.

25 октября, 14:31

"Быки" идут в бой с Apple наперевес

Впервые за последние несколько недель на рынке появилась более-менее внятная идея. Вернее, более-менее внятный настрой. Тому причиной несколько факторов.

25 октября, 12:40

Американский премаркет: быки идут в бой с «Эплом» наперевес

Наверное, впервые за последние несколько недель на рынке появилась более-менее внятная идея. Вернее - более-менее внятный настрой. Тому причиной несколько факторов.

25 октября, 00:37

The Best Earnings Charts on the Street

Tracey finds the companies with the best earnings surprise track records this week.

24 октября, 17:33

Европейские индексы открыли первую торговую сессию текущей недели повышением

Европейские индексы открыли первую торговую сессию текущей недели повышением, Euro Stoxx 50 повышается на 0,8%, лидерами роста стали финансовые компании (+1,55%). Цены на нефть марки Brent поднялись на 0,37% до отметки $51,97 за барр. на фоне планов ОПЕК о подписании соглашения о сокращении объемов добычи "черного золота" для стабилизации нефтяных котировок. После обеда на ход торгов может повлиять выход индексов общеэкономической активности ФРБ Чикаго и деловой активности PMI в сфере производства в США. Обзор макроэкономических событий Европейские индексы открыли первую торговую сессию текущей недели повышением, отыгрывая сильные результаты, опубликованные в пятницу компаниями General Electric, Moody`s Group, McDonald`s. Также рост индексов поддержали утренний отчет Koninklijke Philips и данные по составному индексу PMI Еврозоны, которые оказались лучше ожиданий консенсуса (53,7 при консенсусе 52,8).

28 сентября, 15:05

ГЕОэкономика. "Обмен любезностями" ведет к экономической войне

Акции крупнейшего банка Германии Deutsche рухнули до минимума начала 80-х годов прошлого века. Так инвесторы реагируют на претензии американских властей к немецкому банку. Ранее другие крупные европейские компании подвергались атаке со стороны США. Европейские власти в ответ на это не молчат. Такой обмен любезностями между союзниками больше напоминает начало крупномасштабной экономической войны, что может привести финансовые рынки к коллапсу по образцу 2008 года. Об этом в программе "Геоэкономика" расскажет Александр Кареевский.

31 января 2015, 15:22

Первый "Макдональдс" Советского Союза

Фотографии, запечатлевшие историю открытия первого "Макдональдса" в Москве, СССР, состоявшегося 31 января 1990 года.                                 Источник.

11 декабря 2013, 22:10

Карта Мира

Глобальная плотность населения.  Внутри этого круга живет больше человек, чем на всей остальной территории планеты.   Под катом еще несколько десятков местами интересных карт, местами таких, над которыми можно ухмыльнуться, а местами таких над которыми можно поржать. Вот какая карта вам показалась самая бредовая ? Мой вариант я вам покажу в конце поста .  Итак смотрите …  Карта захвата мира соцсетями     Сравнительная плотность населения. Карта мира разделена на 7 частей, в каждой из которых живет 1 млрд. человек   Количество ученых на 1 млн. человек   Карта использования традиционной метрической системы измерения   Потребление алкоголя на душу населения   Карта вида движения на дорогах   Уровень потребления кофе   Средний возраст начала половой жизни   Карта уровня IQ   Популярность видов алкогольных напитков   Карта отношения населения стран к туристам   Карта уровня ожирения   Самый длинный морской путь Самый длинный путь по воде можно совершить, отправившись из Пакистана к полуострову Камчатка. Его протяженность составит 32 187 километров   Карта самых популярных фамилий   Карта растительности на Земле   Карта частоты ударов молний   Плотность населения Австралии. 98% населения Австралии численностью в 22,5 миллиона человек живет на площади, отмеченной белым цветом. И только 2% (500 тыс. человек) живет на территории, отмеченной желтым   Часовые пояса в Антарктике   Зеркальное отражение Северного и Южного полушарий относительно Экватора   Карта счастья   Карта систем письменности   Самые высокооплачиваемые общественные профессии в США   Карта вторжения англичан. Только 22 страны в мире никогда не подвергались вторжению англичан.   Карта угрозы водного кризиса   Карта мира в флагах   Плотность населения в отдельных городах   Карта популярных видов спорта   Карта размеров груди   Карта размеров пенисов   Доступность сервиса просмотра улиц от Google   Распространенность McDonald’s в мире. Самый загруженный McDonald’s в мире находится в Москве на Пушкинской площади. Он же является самым большим McDonalds’s в мире с площадью более 2500 квадратных метров. Ресторан имеет 700 посадочных мест и 20-метровую стойку с 27 кассами и обслужил за свою историю 250 миллионов гостей.   Карта известных брендов по штатам США     Количество рыжеволосых людей на территории Европы   Самые популярные веб-браузеры в мире (2012)   Страны, наиболее и наименее дружелюбные к иностранцам   Количество детей на семью в мире   Карта интенсивности света в мире    Кликабельно 3000 рх Как то нас размазало совсем по карте :-)    Кликабельно 2000 рх 203186 землетрясений, магнитудой 4,0 балла и выше, произошедших с 1898 по 2003 год, отобразил на этой карте John Nelson. Слева Евразия, справа Америка, по центру Тихий океан. Выбирайте места для ПМЖ аккуратнее :-)   А теперь то, что мне показалось совсем бредовым. Вот например смотрите : Карта уровня IQ Может я чего то не знаю, но не уж то у Монголии самый высокий IQ ? Да и с Китаем на самом деле все очень спорно …    А вот например интересная Карта истории, а вот Среднестатистический портрет женщин разных стран, ну и кто то с удовольствием вспомнит Как менялись границы государств в Европе с 1142 по 2012 годы  Оригинал статьи находится на сайте ИнфоГлаз.рф Ссылка на статью, с которой сделана эта копия - http://infoglaz.ru/?p=39210