October 20th, 2011

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Bank Runs

The megabanks, who are partially responsible for America's financial woes, are howling because their customers are leaving in droves.  Well, yes, that's what tends to happen when you abuse people.  So now some banks are trying to prevent people from closing accounts.  Hey, assholes -- you do not have a captive audience and cannot force people to do business with you.  This is your thanks for all those denied loans, rejected accounts, raised fees, shabby protection, and other bullshit.  You've made it clear that you don't really want to do business with people.  You want to keep some customers?  Try the radical idea of actually meeting their needs instead of lining your pockets.

Annoyed with Wall Street and other culpable crooks?  There are lots of ways you can support Main Street instead.

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Coming soon to a store near you: PayPal

I'm really excited to discover that PayPal will be moving into brick-and-mortar stores.  This should be really convenient for crowdfunders and other small business owners who do a lot of their money-handling with that service.  It means less shuffling around to get the money into a place where it's easy to use.  It's a nice addition to the debit card option.
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Recent Submissions

I sat down and ran off a batch of submissions, including those listed below.  Many, though not all, of these poems came out of the Poetry Fishbowl in various years.  Special thanks to Duotrope's Digest for marketing information on many of these publications.  DD is at medium need for the month and high need for the year in terms of donations; to support writers' access to marketing info, donate here.

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The Spectre of Student Debt

It should be obvious  that if graduating college students can't get jobs -- quite good jobs, since part-time or low-wage ones won't foot the bill -- then they will wind up defaulting.  Since the same smallish bunch of people controls most of the economy, they must be intending for this to happen, and to profit from it, as they did from the mortgage collapse.  Nevermind crippling a generation of what should be America's prime workers.


US Student Debt Impact Likened to Subprime Crisis

By Matt Kennard and Shannon Bond in New York
Financial Times
October 16, 2011

http://www.ft.com/intl/cms/s/0/6ae7dfc4-ef78-11e0-941e-00144feab49a.html#axzz1b4AOWnQu

US university students and graduates are facing a
double whammy of ballooning debt loads and high
unemployment, raising worries that a potential
delinquency crisis could bleed into the wider economy.

Student debt has increased nearly sevenfold from $80bn
in 1999 to $550bn at the end of June 2011, according to
the Federal Reserve Bank of New York. Other estimates
from the Department of Education put outstanding
student loans as high as $805bn.

But the unemployment rate for 20- to 24-year-olds is
nearly 15 per cent - higher than the overall 9.1 per
cent rate - compromising the ability of graduates to
pay off their growing debts.
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