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Description
The storm that would rock the world began brewing in the U.S. when Congress pushed the idea of home ownership for all, aiding those who couldn't make down payments. The market even coined a term: NINA loans (no income, no assets - no problem). When the world's financial bubble burst, the solution was to lower interest rates and pump trillions of dollars into the sick banking system. According to economics Nobel laureate Vernon Smith, "The solution...
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Description
Taking readers into the homes of middle-class families to reveal the hidden consequences of student debt and the ways that financing college has transformed family life, the author describes the profound moral conflicts for parents who take on enormous debts and gamble on an investment that might not pay off.
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"Drive through just about any low-income neighborhood and you're sure to see streets lined with pawnshops, check cashers, rent-to-own stores, payday and tax refund lenders, auto title pawns, and buy-here-pay-here used car lots. We're awash in "alternative financial services" directed at the poor and those with credit problems. Howard Karger describes this world as an economic Wild West, where just about any financial scheme that's not patently illegal...
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"Before the twentieth century, personal debt resided on the fringes of the American economy, the province of small-time criminals and struggling merchants. By the end of the century, however, the most profitable corporations and banks in the country lent money to millions of American debtors. How did this happen? The first book to follow the history of personal debt in modern America, Debtor Nation traces the evolution of debt over the course of the...
6) Kiva: U.S.A
Description
Despite its success in alleviating poverty, particularly among women, microfinance has reached only eight percent of the world's poor. San Francisco-based Matt Flannery and Premal Shah have devised the first online platform for microfinance lending. Kiva, which means "unity" in Swahili, is a website that allows individuals to lend 25 dollars to specific small business in the developing world. Kiva.org works with a network of microfinance institutions...
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