i'd ask our growth
and excellent lot for our future
and in the blood he talks about these
payday loans hands right
what he mentions something that most people don't know
most of these fringe banks are financed the Wall street and big banks
right mean the reason why they do that is because it's a good way thinking about the
she loans
without looking back
because these laws are getting through these fringe banks that are usually means
yes okay
sell on the reason why this is so interesting is because are key points out
that the east
he gave loans exploit minority groups
the akistani
and blocs
yes now that to to give you a sense of some of the numbers so for example one of the groups
it's doing this is called advance America so there were these baby
that company
%uh but you know to get started they got forty fifty million dollars in credit
where they get that
the they got from bank of America
it's America along with other payday have folks are a
but the shady business for example
%uh they charge up on average interest rate of
up to
four-hundred and fifty percent
now that's losure
hey
but the there
usery laws against that in many states including north Carolina and back north Carolina try
to shut down the state in landers
because they're and what they do is
in the beginning for the first paycheck they say all have all
for the jury
let me get you plugged an end
the all vineyard to pay them back at with the the next time your paycheck comes in Wright
this has been
and and the
all of sudden you have any more money so then you need to get another love from them
and and that also is a Florida to present it that center and it's a vicious Michael
because you going think that
by getting painting because the interest rate is still extremely high
now when it comes to how they exploit on minority groups
what's interesting
it's on there was a study done by the center for responsible lending
and what this study found is that there are three times as many the table locations
in black neighborhoods versus white neighborhood right
now they simply don't think what I'm not on track to help but after Americans right
I'm providing the service for them more of these it was a loan shark the lobbyists the
run this racket literally
now the thing is
%uh this is the visit extra this
the and partners in seizing cities in the whole day is that the banks of not that old
broadway happened until very recently
he would gradually the American parts of town
and I was called redlining of what that wasn't that we don't give out a list of those books
to their the risky we don't give them strike
now it's hard on a house was hard on a car if you don't think it'll all day
this the way you define the money to pay up front it's much harder and
you don't have a corporate jet was article get a job
and then it becomes a vicious cycle it's ever right
so the bank sent out what is it was the government said hey you know you can't red light districts
in the alley
yes thank you what were you thinking
no better to stock the money out of it
okay
by turning them into more than thirty percent interest rates says they have no other options
but you know what part of town right
and I were talking generally but you see the numbers back it up right
you can go get a loan and it endure long does it cost as much the charge higher interest
rates in
so the red light districts right
any of you
the if you're not going to simply don't have any choice he it did that infrastructure didn't
is this the first place they don't think they got
it's like that and you can get back in
the case and as I understand it right now bank of America doesn't want their name on
that scam but they want to make money off of it
so they funnel the money through these other payday companies
and that's how Wall street continues to get richer and richer
and you continued to get
all the people
look what people look the other way