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In a followup to an article discussed previously here on SoylentNews:
Bloomberg has a three-part series on the use of an obscure legal document that unscrupulous lenders are using against small businesses.
- In Part 1 - I Hereby Confess Judgement, (the part discussed earlier on SoylentNews,) they go into detail on what the predatory lenders are doing to small businesses using a document known as a "Confession of Judgement" to extract court wins from small businesses without a trial.
- In Part 2 - The $1.7 Million Man, they go into how a debt collector became NYC's top earning official.
- In Part 3 - Rubber Stamp Justice, the article describes how the courts are involved, and what some of them are doing to prevent this abuse.
After the story was released on Bloomberg, the New York State Attorney General's office opened a formal investigation last month.
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Predatory Lending is Crushing Small Businesses (continued)
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It's raisins that make Post Raisin Bran so raisiny ...
(Score: 0) by Anonymous Coward on Tuesday December 04 2018, @09:43PM (4 children)
I don't get it. Legalese is the product of a monopoly on adjudication that we call "government".
(Score: 3, Insightful) by Pav on Tuesday December 04 2018, @10:22PM (3 children)
Libertarianism is the fantasy that not being part of a power structure means you won't be enslaved or killed by one. Just visit Somalia... no government, but if you aren't in good standing with the local clan you're maggot meat. Democratic socialism is as close as we've managed to get as a species to dilute/distribute power. Democracy is our unintuitive answer to who should we trust to make decisions ie. everyone and noone. A high taxing economy answers a similar and related question - who should be trusted to run the economy ie. everyone and noone. Democratic socialism allows capitalism to exist without degrading to inefficient monopoly... and this is how it worked in 90%-top-marginal-tax-rate USA post WWI to Reagan... Unfortunately Reagan started the unravelling of the US, and neoliberalism has been unravelling the rest of the western world, and for some reason Libertarians think stripping away government even more will fix the problem.
(Score: 0) by Anonymous Coward on Tuesday December 04 2018, @11:43PM
Because those Libertarians are idiots who just want to be left alone to live their lives as they see fit. They start from a basic principle and then stop. "Freedom good" full stop. Trying to explain that limiting some freedoms results in greater freedoms for more people is like trying to tell flat earthers that the planet is spherical. They've already made their assumption and their entire personal identity is flowing from that one simple idea.
Everything after is just a bunch of hand waving jumping around nonsense to try and fit their initial assumption. However there are rational Libertarians, but it seems most of them are marginalized by their own party for attempting a rational middle ground.
(Score: 2) by Bot on Thursday December 06 2018, @12:20AM (1 child)
>Democratic socialism is as close as we've managed to get as a species to dilute/distribute power
It is also the hegelian synthesis the actual elite wants, until technocracy can be implemented.
Power now resides in money. Credit is cancer. Your hard earned money is indistinguishable from the one central banks make out of thin air.
Account abandoned.
(Score: 2) by Pav on Thursday December 06 2018, @02:04AM
Power now resides in money? It ALWAYS did... democratic government was supposed to be an answer to that problem, and to be honest it was after WWII, and took some time for power elites to subvert it as much as they have. Still, democratic government continues to be a lever that can be used to regain control - in an ungoverned oligarchy that wouldn't exist. Credit is cancer? This is a symptom of the weakness of democratic government - specifically the strict regulation around credit that was repealed through lobbyist pressure. Paper money is certainly not the issue... plenty of economies crashed in the days of gold... even sometimes BECAUSE they were gold eg. the Spanish Empire deflating their own economy and also the economies of western Europe with gold and silver from the Americas. Masa Musa, purportedly the richest man in history, singlehandedly caused ten years of inflation on his way through Egypt on his way to Mecca. BTW, better extraction methods are going to destroy golds value. Most gold deposits are in quartz matrices deposited in deep sea volcanic vents, most of which are subducted long before they can become part of a continental crust - when deep sea mining becomes a thing gold will plummet in price. Aluminium used to be a precious metal after all.