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Poverty Industry

Stopping Structured Settlement Predators for Good This Time

Don McNay | Posted 09.02.2015 | Business
Don McNay

No matter how much you want to protect the privacy of someone receiving a structured settlement, someone else with a fancy computer or data mining program is going to find them and make them an offer to buy their payments.

Why My Late Bookmaker Father Would Not Like Payday Lending

Don McNay | Posted 09.27.2013 | Business
Don McNay

My father was a bookie and professional gambler who worked in several of the area's "hot spots." In a town full of hustlers, prostitutes and gamblers, the profession they looked down on was loan sharking.

Legalized Loan Sharks

Don McNay | Posted 09.28.2011 | Business
Don McNay

"Financial reform" is a boon for people in the payday loan business. When people fall out of the world of traditional banking, they are still going to need bank-like services. Payday lenders will be in position to fill the gap.

Wall Street and Legalized Loan Sharks

Don McNay | Posted 05.25.2011 | Business
Don McNay

If there was ever a shining example of why you should Move Your Money from Wall Street, legalized loan sharking is a good one.

Was "Financial Reform" Really Robin Hood In Reverse?

Don McNay | Posted 05.25.2011 | Business
Don McNay

"Financial Reform" will be a boom for people in the payday loan business. There will be many new customers who need bank-like services. It's almost like Congress implemented a plan of "Reverse Robin Hood."

Wall Street Journal Review Touts "Legalized Loan Sharks"

Don McNay | Posted 05.25.2011 | Business
Don McNay

Despite what the Wall Street Journal says, Broke USA is an even-handed look at the poverty industry. A little even-handedness would have gone a long way in the Wall Street Journal's review.

Wall Street and Legalized Loan Sharks

Don McNay | Posted 05.25.2011 | Books
Don McNay

Gary Rivlan notes in his book, Broke USA, "the working poor have become big business." You wouldn't think that poor people would be a growth market, but businesses make big money off people who live paycheck to paycheck.