Blacks in Memphis Lose Decades of Economic Gains

Predatory lending by major banks for both mortgages and credit cards is a national disgrace and a black hole for the American middle class. Banks are legally free to charge whatever interest rates they want, sometimes exceeding 50%. At that rate, a $5,000 credit card balance becomes $16,900 in three years, $38,000 in five years. There is no escape for most people from such a death-spiral of debt, a fact the banks know full well when they make the loans. Congress does nothing to rein in these loan shark rates, even while it funnels hundreds of billions of taxpayer dollars to these same banks at 0% interest. If there were no other reason to send the entire Congress packing, this failure to regulate bank interest rates would be enough. Campaign cash is king in the halls of Congress.

The King was meeting with his court when an exhausted messenger burst in.

Sire, the peasants are revolting. the messenger sighed. The King

said to him, Yes, I know that. What is your news?

The banks are revolting. What is your news?

http://www.calculatedriskblog.com/2010/05/percent-job-losses-during-recessions.html

http://www.calculatedriskblog.com/2010/06/commodity-prices-decline-and-futures.html