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Posts Tagged ‘debt’

China’s “**** shops” have loaned $43B, mostly secured by real-estate

In reports of China's looming debt crisis, it's common to see references to the "shadow finance" or "shadow banking" system, but it's not always clear what these terms mean.

One concrete -- and growing -- example of the shadow banking system is the Chinese "****-shop" industry, who have $43B in outstanding loans, mostly ...

Financialization is wearing out its welcome

On the eve of Apple issuing a credit card (and following Carl Icahn's 2013 advice that "Apple should be a bank"), we seem to be reaching the end of financialization's dominance over the economy, a trend that started in the 1970s and has risen ever since -- but the tricks are wearing thin. See for ...

Affirm’s latest partnership brings its alternative financing to Walmart’s U.S. stores and website

Financial technology company Affirm, which offers consumers an alternative to cash and credit when paying for large purchases, has scored a notable new partner: Walmart. The companies announced this morning that Affirm’s financing options would be made available in over 4,000 Walmart Supercenters across the U.S., and will roll out to Walmart.com in the weeks ...

Baseball prospect surprises parents for Christmas by paying off all their debt

12.26.2018 · Posted in Technology Articles

Brady Singer, a pitching prospect for the Kansas City Royals, has a promising future ahead of him, but he's now making headlines for an entirely different, wonderful reason. In a Christmas Day video posted on his Twitter account, Singer's parents can... ...

Inside the funny accounting that lets the money-losing fracking industry claim to be profitable

Fracking is grossly unprofitable: the fracking industry is losing hundreds of millions of dollars, but it claims to be profitable and august publications like the Wall Street Journal and Reuters repeat these claims as though they were true. How can this be?

Partly, it's by cherry-picking which fracking sites the industry analyzes: some sites are designated ...

Kansas judge tells government debt collectors they can’t hound a broke 58-year-old woman until her 84th birthday

In 1991, Vicky Jo Metz borrowed $16,613 to pay for tuition; now she's 59, and has paid back 90% of that money -- and she still owes $67,277.

Metz is broke and has filed for bankruptcy. But thanks to a law signed by Bill Clinton, it's almost impossible to discharge your student debt through bankruptcy. That's ...

New York hospitals illegally billed **** survivors for their **** kits, then sent debt-collectors after them

New York State Attorney General Barbara Underwood has concluded that seven New York hospitals illegally billed **** survivors for their **** kits, at least 200 times, for sums ranging from $46 to $3,000, and then sent collections agents after survivors who could not pay.

New York law requires hospitals to bill the state's Office of Victim ...

New York City’s municipal debt collectors have forged an unholy alliance with ****** subprime lenders

New York City's "marshal" service is a throwback to the Dutch colonial days; the 35 marshals are appointed by the mayor, draw no salary, and earn their livings by skimming a percentage off of the debts they collect, operating with impunity and reaching around the world.

The most prolific and successful NY marhsal is Vadim ...

Ford CEO frankly admits that the car of the future is a surveillance device that you pay to spy on you

The era of finance capitalism is marked by a curious shift in the desire of the business world: to get out of the business of making things people use, and into the business of getting money for owning, extracting and/or liquidating things.

The thing is, this isn't a good strategy. Not only did the drive to ...

“Sixteen Tons”: the student debt edition

When I was a kid, we used to sing Merle Travis's Sixteen Tons in the car on long trips: it's a poetic masterpiece, capturing the clash between a worker's proud and indomitable spirit and his impossible, inescapable poverty trap (chances are you've heard Tennessee Ernie Ford or Johnny Cash perform it).

The plight ...