Comments on: Squeezing the Poor for Profit http://www.businesspundit.com/squeezing-the-poor-for-profit/ Entrepreneurship, Startup Companies and Business Philosophy Mon, 23 Nov 2009 02:54:25 -0600 http://wordpress.org/?v=2.8.5 hourly 1 By: Alan http://www.businesspundit.com/squeezing-the-poor-for-profit/comment-page-1/#comment-9699 Alan Thu, 16 Oct 2008 12:51:33 +0000 http://www.businesspundit.com/squeezing-the-poor-for-profit/#comment-9699 Lela, thanks for shining a light on this aspect of our business culture. From Enron's sales reps high fiving each other over successfully scamming elderly old ladies out of their meager savings, to MBA's figuring out how to make a killing with the paperwork shell game called managed care, to the real estate industry making fraudulent high risk mortgage loans encased in misleading paperwork, to investment banks collecting toxic credit instruments into inscrutable securities, we have been witnessing the extreme dark side of American free market capitalism for a couple of decades now and it calls into question any naive assertions of our innate goodness as a nation. The reason that we are perceived so badly in the world today is not just because of our contrived invasion of Iraq and the Machiavellian machinations of the Bush administration, but because of a long laundry list of abuses of power and violations of the human rights of disadvantaged peoples - including our fellow citizens. The present economic meltdown that is affecting us all is the bitter harvest of decades of wheeling & dealing by an unrestained business sector that has continuously reduced its legal & moral restraints thru the use of congressional influence peddling & professional lobbyists. Our business & political leaders have profitted at our collective expense by the unrestrained implementation of their darkest global profiteering schemes, and they have turned a once prosperous nation into a debt-ridden object of global derision. Hopefully The People will make their feelings known in this next election and demand substantive change in this "business as usual" debacle. Lela, thanks for shining a light on this aspect of our business culture. From Enron’s sales reps high fiving each other over successfully scamming elderly old ladies out of their meager savings, to MBA’s figuring out how to make a killing with the paperwork shell game called managed care, to the real estate industry making fraudulent high risk mortgage loans encased in misleading paperwork, to investment banks collecting toxic credit instruments into inscrutable securities, we have been witnessing the extreme dark side of American free market capitalism for a couple of decades now and it calls into question any naive assertions of our innate goodness as a nation. The reason that we are perceived so badly in the world today is not just because of our contrived invasion of Iraq and the Machiavellian machinations of the Bush administration, but because of a long laundry list of abuses of power and violations of the human rights of disadvantaged peoples – including our fellow citizens. The present economic meltdown that is affecting us all is the bitter harvest of decades of wheeling & dealing by an unrestained business sector that has continuously reduced its legal & moral restraints thru the use of congressional influence peddling & professional lobbyists. Our business & political leaders have profitted at our collective expense by the unrestrained implementation of their darkest global profiteering schemes, and they have turned a once prosperous nation into a debt-ridden object of global derision. Hopefully The People will make their feelings known in this next election and demand substantive change in this “business as usual” debacle.

]]> By: Luke http://www.businesspundit.com/squeezing-the-poor-for-profit/comment-page-1/#comment-9692 Luke Thu, 16 Oct 2008 10:32:19 +0000 http://www.businesspundit.com/squeezing-the-poor-for-profit/#comment-9692 The problem isn't so much a lack of financial education but a lack of options. In the past I have used payday loan companies knowing full well I was getting a bad deal but I didn't have any other option. We don't all have the luxury of asking mommy and daddy for a loan when the shit hits the fan nor do we all have the option of moving back in with our parents. My point is that when the wolves are at the door, sometimes money with huge strings attached is better than no money at all. It's not stupidity that causes people to become customers of these companies, it's desperation. The problem isn’t so much a lack of financial education but a lack of options.

In the past I have used payday loan companies knowing full well I was getting a bad deal but I didn’t have any other option. We don’t all have the luxury of asking mommy and daddy for a loan when the shit hits the fan nor do we all have the option of moving back in with our parents.

My point is that when the wolves are at the door, sometimes money with huge strings attached is better than no money at all. It’s not stupidity that causes people to become customers of these companies, it’s desperation.

]]> By: Drea http://www.businesspundit.com/squeezing-the-poor-for-profit/comment-page-1/#comment-9681 Drea Wed, 15 Oct 2008 21:50:03 +0000 http://www.businesspundit.com/squeezing-the-poor-for-profit/#comment-9681 Rosemary, thanks for commenting. Lela Davidson wrote the post, which I agree is thought-provoking. For once, I feel lucky to have grown up in a family of misers, making some of these scams an affront to the family value system. I'm also dismayed at the fact that 50% of bankruptcy filings have to do with healthcare costs. Check this quote out, from http://www.nchc.org/facts/cost.shtml: "68 percent of those who filed for bankruptcy had health insurance. In addition, the study found that 50 percent of all bankruptcy filings were partly the result of medical expenses.13 Every 30 seconds in the United States someone files for bankruptcy in the aftermath of a serious health problem." Holy goats. Rosemary, thanks for commenting. Lela Davidson wrote the post, which I agree is thought-provoking. For once, I feel lucky to have grown up in a family of misers, making some of these scams an affront to the family value system. I’m also dismayed at the fact that 50% of bankruptcy filings have to do with healthcare costs.

Check this quote out, from http://www.nchc.org/facts/cost.shtml:

“68 percent of those who filed for bankruptcy had health insurance. In addition, the study found that 50 percent of all bankruptcy filings were partly the result of medical expenses.13 Every 30 seconds in the United States someone files for bankruptcy in the aftermath of a serious health problem.”

Holy goats.

]]> By: CoolProducts http://www.businesspundit.com/squeezing-the-poor-for-profit/comment-page-1/#comment-9676 CoolProducts Wed, 15 Oct 2008 18:50:20 +0000 http://www.businesspundit.com/squeezing-the-poor-for-profit/#comment-9676 I do agree with your post. And if course something is definitely off.. look at the current situation we are facing today. Are you going to tell me that the issue of this article didn't play a big role in setting up this downfall? I do agree with your post. And if course something is definitely off.. look at the current situation we are facing today. Are you going to tell me that the issue of this article didn’t play a big role in setting up this downfall?

]]> By: Rosemary Carstens http://www.businesspundit.com/squeezing-the-poor-for-profit/comment-page-1/#comment-9672 Rosemary Carstens Wed, 15 Oct 2008 18:29:31 +0000 http://www.businesspundit.com/squeezing-the-poor-for-profit/#comment-9672 Drea: Thanks for this thought-provoking post. There are many underlying issues that create an environment that makes it profitable for the unethical to prey on the poor. One of these is the miserable minimum wage. Until that issue is addressed, no headway will be made. Rosemary Carstens Drea: Thanks for this thought-provoking post. There are many underlying issues that create an environment that makes it profitable for the unethical to prey on the poor. One of these is the miserable minimum wage. Until that issue is addressed, no headway will be made. Rosemary Carstens

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