Comments on: BusinessWeek: The Poverty Business http://www.webomatica.com/wordpress/2007/05/22/businessweek-the-poverty-business/ Entertainment and Tech Digest Wed, 08 Feb 2012 16:18:38 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: shelly http://www.webomatica.com/wordpress/2007/05/22/businessweek-the-poverty-business/comment-page-1/#comment-5467 shelly Wed, 23 May 2007 21:47:40 +0000 http://www.webomatica.com/wordpress/2007/05/22/businessweek-the-poverty-business/#comment-5467 well, really not fair justice in life but here's a humble attempt to make the salary information more transparent - the SalaryBase project at http://www.salarybase.com well, really not fair justice in life but here’s a humble attempt to make the salary information more transparent — the SalaryBase project at http://www.salarybase.com

]]> By: webomatica http://www.webomatica.com/wordpress/2007/05/22/businessweek-the-poverty-business/comment-page-1/#comment-5420 webomatica Tue, 22 May 2007 19:48:52 +0000 http://www.webomatica.com/wordpress/2007/05/22/businessweek-the-poverty-business/#comment-5420 I hear you. America's love for capitalism over all else means we value the right to buy the noose we hang ourselves with over well, the realization we're hanging ourselves. I hear you. America’s love for capitalism over all else means we value the right to buy the noose we hang ourselves with over well, the realization we’re hanging ourselves.

]]> By: engtech http://www.webomatica.com/wordpress/2007/05/22/businessweek-the-poverty-business/comment-page-1/#comment-5419 engtech Tue, 22 May 2007 18:18:09 +0000 http://www.webomatica.com/wordpress/2007/05/22/businessweek-the-poverty-business/#comment-5419 It's the same thing with how banks move out of poor neighbourhoods and those Money Market type places move in. Money is never ethical. Not letting people who are in debt get into more debt is a great idea, but you know there'd be people arguing about how the man is keeping them down from expensing their college education on credit cards or something. It’s the same thing with how banks move out of poor neighbourhoods and those Money Market type places move in.

Money is never ethical.

Not letting people who are in debt get into more debt is a great idea, but you know there’d be people arguing about how the man is keeping them down from expensing their college education on credit cards or something.

]]> By: webomatica http://www.webomatica.com/wordpress/2007/05/22/businessweek-the-poverty-business/comment-page-1/#comment-5414 webomatica Tue, 22 May 2007 15:50:09 +0000 http://www.webomatica.com/wordpress/2007/05/22/businessweek-the-poverty-business/#comment-5414 True. Maybe my choice of words was a bit off, but I get the sense that the more charitable action here, would not be the lending of the money but to not lend money at such high interest rates to people ill suited to handle borrowing it. This business of lending money to people who have a difficult time paying it back and therefore accruing interest is extremely profitable. But I think it's one of these cases where the ethics behind said profit is really headshakingly questionable. To me, anyways. (maybe it's the combination of this article and The Shockwave Rider). True. Maybe my choice of words was a bit off, but I get the sense that the more charitable action here, would not be the lending of the money but to not lend money at such high interest rates to people ill suited to handle borrowing it.

This business of lending money to people who have a difficult time paying it back and therefore accruing interest is extremely profitable. But I think it’s one of these cases where the ethics behind said profit is really headshakingly questionable. To me, anyways.

(maybe it’s the combination of this article and The Shockwave Rider).

]]> By: engtech http://www.webomatica.com/wordpress/2007/05/22/businessweek-the-poverty-business/comment-page-1/#comment-5413 engtech Tue, 22 May 2007 15:03:04 +0000 http://www.webomatica.com/wordpress/2007/05/22/businessweek-the-poverty-business/#comment-5413 Person B gets a worse credit rating because they're living beyond their means. Person A is living within or close to their means. A gets a much better rating because A is so much less risky to lend to. The extra interest B pays (in theory -- in reality they're being gouged) is to make up from the money lost from the other people B who default on their loans. Insurance is the same way, if you're high risk you pay more for insurance than if you're low risk. I completely agree that there are inequalities, but I don't think lending money is ever a charitable action... it's a business that you do in order to make interest on the money being lent. Person B gets a worse credit rating because they’re living beyond their means. Person A is living within or close to their means.

A gets a much better rating because A is so much less risky to lend to. The extra interest B pays (in theory — in reality they’re being gouged) is to make up from the money lost from the other people B who default on their loans.

Insurance is the same way, if you’re high risk you pay more for insurance than if you’re low risk.

I completely agree that there are inequalities, but I don’t think lending money is ever a charitable action… it’s a business that you do in order to make interest on the money being lent.

]]>