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from the please-practice-pragmatic-paranoia dept.
Facebook wants banks to "share detail financial information about their customers, including card transactions and checking account balances". Summary article here, original paywalled WSJ article here, alternative link may avoid paywall.
Facebook says that "it wouldn't use bank data for ad-targeting purposes", and that they "don't have special relationships, partnerships, or contract with banks or credit-card companies to use their customers, purchase data for ads." You can just hear the missing word yet. In fact, later on the article specifically says "As part of the proposed deals, Facebook asked banks for information about where its users are shopping with their debit and credit cards".
Of course, the great mass of people will have no problem allowing Facebook into their financial lives...
(Score: 2) by bzipitidoo on Wednesday August 08 2018, @02:17AM (9 children)
I've heard it said you should never talk about religion or politics in polite conversation. Well, that's nothing on money. I wonder if Facebook will finally go too far with this one.
An impossible conversation: "Glad to meet you John. So, John, where do you bank and how much money do you have saved? Only $400 in a checking account? Don't you get a $5000 paycheck every month? Oh, it's only $3000, and the evil taxman keeps $1000 of it? My, my. Well, how much credit card debt do you have?"
People lie big time about money. Lot of people put on this huge facade to look as rich as they possibly can, by driving the big, expensive car, wearing expensive clothes, etc. And by trashing the environment as much as possible. And they watch horrors such as "Lifestyles of the Rich and Famous", think having Brewster's Millions is the ultimate life, and dream of winning the lottery.
(Score: 4, Insightful) by Runaway1956 on Wednesday August 08 2018, @02:37AM (7 children)
Exactly. Some of the most broke-assed people I know drive vehicles that I couldn't afford to drive. But, they can "afford it" by signing themselves further into debt.
I wonder - maybe I'll do a search tomorrow. How many Americans are "debt free"? Each week, the wife and I "pay bills" - meaning, electricity, water, trashman, insurance. Those are things which we don't "owe", but which we use, and each month we have to pay for what we have used.
Most people I hear talking about "paying bills" mean that a credit card payment is due (or overdue), the car payment, a mortgage payment, maybe a Rent to Own store payment - the list goes on and on.
And, once again, I have to point out that these people own nothing. The repo man can come and take any or all of "their" property if/when they fall behind in payments. Which is why we hear of so many riches to rags people living out of their cars - if they even keep their cars.
(Score: 4, Insightful) by Anonymous Coward on Wednesday August 08 2018, @04:09AM (3 children)
Debt is abstracted slavery.
(Score: 0) by Anonymous Coward on Wednesday August 08 2018, @04:27AM
Amen brother.
(Score: 0) by Anonymous Coward on Wednesday August 08 2018, @06:44PM
No. Debt is having to pay back the benefit you got in the past.
"I'll gladly pay you Tuesday for a cheeseburger today."
I see no fault in the burger salesman from demanding that money back on Tuesday. I likewise see no problem for the car salesman from reclaiming their car when the buyer stops paying for the lease (subject to some sanity checks, of course).
The only time debt is slavery is when there is an abusive system in place... and then it's the abusive system which is the problem and not the existence of debt. Don't demonize debt until you understand the very real good it does, in terms of doing things like starting new businesses.
(Score: 2) by FatPhil on Thursday August 09 2018, @02:24AM
Debt acquired under duress, perhaps, but the duress was the root of the slavery, not the debt itself. Debt is just the medium through which prior slavery is propagated. Alas generally with negative attenuation.
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 2) by DavePolaschek on Wednesday August 08 2018, @01:36PM (2 children)
I have a neighbor who falls into that category. In six or seven years, she's on her fifth TV. Two were thrown in the trash with a boot-shaped dent in the screen, and two looked like they had been knocked over and had fallen to the floor (big cracks in the bezel). Nothing worth repossessing there. I sometimes wonder just how many TVs she's making payments on.
But then she clothes her kids by buying clothes at Goodwill, then when the clothes are dirty they get thrown in a pile in the basement. Cheaper than rent-to-own-ing a washer and dryer, I guess.
(Score: 0) by Anonymous Coward on Wednesday August 08 2018, @05:44PM (1 child)
Color me skeptical but how in the hell do you have access to your neighbor's basement?!? Are you sure you are not doing a bit of projecting here?
(Score: 1, Touché) by Anonymous Coward on Wednesday August 08 2018, @10:19PM
Some people visit their neighbors once or twice a year
(Score: 0) by Anonymous Coward on Wednesday August 08 2018, @05:37PM
Actually, in my experience it's more like having one of those pop ups come onto your screen when you go to the website for your credit card company. The pop up tells you in a rather officious manner that they are "required by law" to inquire about your income; it is strongly implied that you are required to answer. The scofflaw that I am, I always close that pop up and continue on with my business. So far, the cops haven't come to arrest me. At least not yet. And the credit card company has yet to close down my account for refusing to comply. At least not yet.