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Poverty Industry

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.