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eBook Merchants of Misery: How Corporate America Profits From Poverty ePub

eBook Merchants of Misery: How Corporate America Profits From Poverty ePub

by Michael Hudson

  • ISBN: 1567510825
  • Category: Biography and History
  • Subcategory: Perfomance and Work
  • Author: Michael Hudson
  • Language: English
  • Publisher: Common Courage Press; First Printing edition (July 1, 2002)
  • Pages: 232
  • ePub book: 1597 kb
  • Fb2 book: 1204 kb
  • Other: rtf doc lit docx
  • Rating: 4.9
  • Votes: 470

Description

How much misery can one person stand in their lifetime? is it not enough to be poor in America? .

How much misery can one person stand in their lifetime? is it not enough to be poor in America? Must one suffer injurious harm and injury at the hands of rent-to-own centers,check-cashing stores, and pay-day lending operations? Michael Hudson catalogs not just the personal misery of those merely seeking a piece of the American dream, he skillfully exposes the corporations behind the merhcants of misery. The names of these corporate perpetrators are all-too-familiar to us-Ford, Chrysler, and NationsBank.

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Michael Hudson (born 1961) is a Pulitzer-Prize winning American investigative journalist. He is also the author of The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America – and Spawned a Global Crisis, published in October 2010 by St. Martin's Press. The book focuses on two firms – Ameriquest Mortgage and Lehman Brothers – that were key players in.

How Corporate America Profits from Poverty. by Michael J. Hudson. Published March 1996 by Common Courage Press.

He is also the author of The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America – and Spawned a Global Crisis, published in October 2010 by St. the rise and fall of the subprime mortgage industry.

Hudson is a master of context, supplying the pre-1990s history within th. .

Recent books about the global financial meltdowns have designated a variety of villains. Roland Arnall (1939–2008), founder of Ameriquest, has appeared in many of those previous books, but Hudson makes him the center of his narrative. Hudson is a master of context, supplying the pre-1990s history within the mortgage-lending business, Wall Street and the n realm. A knowledgeable, clearly written exposé.

He was co-author of Merchants of Misery: How Corporate America Profits from Poverty, Common Courage Press, 1996.

Results from Google Books. Examines how corporations profit from the poor by bankrolling pawnshops and high-interest finance companies, and discusses current protests. LibraryThing members' description.

Examines how corporations profit from the poor by bankrolling pawnshops and high-interest finance companies, and discusses current protests

Comments

Mezilabar Mezilabar
Incredible, prescient reporting by a reporter who ascended the ranks based on determination and obsession with public service journalism. I'm grateful to Michael Hudson and to journalists like him. This couldn't have come from the Ivory Tower. Some have criticized it as "dated"-- and it is. So check out his later work. Here is the guy who reported on sub-prime mortgages before they bore the name.
Rocky Basilisk Rocky Basilisk
Very well documented, no shortage of sources, bottom line up-front, and unapologetically blunt. A must for everyone interested in the subject.
Gardagar Gardagar
The book is a well organized compilation of articles describing predatory lending practices directed against the poor. Each of the commentaries is well chosen to present a balanced outlook on each issue. Written in 1996, it's somewhat out of date presciently describing practices that drew a lot of public and political ire in the 2008 downturn. It covers shadow banking, check cashing, pawnshops, rent to own business and other marginal credit activity. There's not much on the older practices of Christmas cubs and other lay away charges. The fact that much of gift card credit is never cashed is also not a consideration. Lenders often force unnecessary insurance requirements on home and car loans. Most significant is real estate fraud, especially collusion between lenders and strident promotion of profitable credit practice directed at those without good credit ratings. Trade school scamming with high fees and false promises is the subject of another well written editorial. I wonder how much of today's student loan debt stems from government approved trade schools. At least it's voluntary, unlike the national debt charged to the rest of us.

The conclusion by the editor emphasizes that minorities and low income people are starved by lack of credit as they feel the squeeze of higher prices. It explores sociology of integration with the age old syndrome of whites moving out of neighborhoods as blacks move in. To restore economic vigor to neighborhoods there is hope in the rise of neighborhood credit unions that are much more economically friendly, eschewing predatory practices like required insurance.

There's an old banking adage that states “Never lend money to someone unless they don't need it.” Many of these writers imply that this fact of life is a social evil. Others are more even handed, recognizing the need of lenders to charge a risk premium.
Missing from the book as sources of money for the poor are family and friends, mafia type organizations and most of all government. Though dating from 1996, the midst of Clinton era fueling of the RE bubble in the name of the Great American Dream, the editorials understate the role of government, while allocating blame between lenders and borrowers. Balance between need for credit for poor and society versus the need for protection of people who don't know or care about contract conditions.

Politicians now embark on popular campaigns to mitigate predatory practices. Unfortunately, they promote the illusion of universal protection for everyone, so expensive for society that has to pay more and get much less than purported victims ever did. Though not without current interest, an update of the book is overdue.
komandante komandante
"Merchants of Misery" is a damning indictment of unregulated, free-market capitalism and provides a reader with more than enough material to refute the claim that capitalism is synonymous with fredoom, as espoused by Milton Friedman disciples etcetera.
A lucid, searing and compelling analysis of America's poverty industry, "Merchants of Misery" starts off by illustrating how discriminatory banking practices disallow poor and minority coneumers to partake of their services. By refusing banking services (loans) in disadvantaged neighbourhoods, mainstream banks are creating a vacuum that is being filled by cheque-cashers, high-rate mortgage companies and other financial enterprises eager to fleece the poor.
"Merchants of Misery" provides glimpse after glimpse into the lives of real poverty-stricken people and their efforts to fight back. Fighting back by way of consumer rights attorneys, neighbourhood activists and a coalition of average citizens attacking the purveyors of this despicable industry with lawsuits, protests and alternative financial services. A powerful book.
Zadora Zadora
How much misery can one person stand in their lifetime? is it not enough to be poor in America? Must one suffer injurious harm and injury at the hands of rent-to-own centers,check-cashing stores, and pay-day lending operations? Michael Hudson catalogs not just the personal misery of those merely seeking a piece of the American dream, he skillfully exposes the corporations behind the merhcants of misery. The names of these corporate perpetrators are all-too-familiar to us--Ford, Chrysler, and NationsBank. Hudson ironically points out that these same corporations, who are unwilling to provide branch operations in the inner city, are perfectly willing to provide finance subsidiaries, check-cashing operations, rent-to-own centers, and a myriad of loan sharking operations that would make the mafia proud. Hudson points out that few states, particularly southern states, have usury laws which prevent these predators from charging anywhere from 20-1,000% for their merchandise. In one case, a TV set, which could have been purchased for $300-400 went for over $1,200 after all the payments were made to a rent-to-own center. Hudson has written an important, must-be-read book detailing yet another war on the poor--the war penalizing those who merely want a piece of the American dream--and get a piece of the American nightmare.
Shakanos Shakanos
Not everyone who is poor in America is so because of their own fault. This pointless work would have you believe that NO ONE who is poor in America is so because of their own fault Hello? HELLO?

Big business, to look from the MOST cynical viewpoint, would love for everyone to be rich, just so they could buy more. I'd love to see Ken Lay sentenced to death, myself, but Enron is just an exception. Free market capitalism is the most efficient way to get the most people OUT of poverty....