In the 1950s, ’60s, and ’70s, loan sharks were arrested and jailed for charging 11% interest on loans. Now, financial institutions are permitted to charge over 30%. Yet on savings accounts the interest is only one or two percent. Lending institutions must be doing okay. A large portion of the population is doing poorly.
Do you think this requires some regulation?
Also in the ’50s, ’60s, and ’70s one full-time job holder in a family often could afford a decent material existence. The United States was a producer nation. There were many well paid jobs. Congress, in its infinite wisdom, later began to subsidize companies for sending factories and jobs overseas. Goodbye to millions of good paying jobs, hello to millions of low-paying service jobs. Does this need to change?
At the same time that loan interest rates soared and good paying jobs flew abroad, we have seen alarming homelessness, the largest number of prisoners in the world and a sharp decline in the quality of education.
What points am I making? I’ll leave that to you.