The Wall Street Journal has a story about Vermont and subprime loans:
…For the past five years, as home loans went to even Americans with poor credit and no proof of steady work, Ms. Todd couldn’t get a mortgage in spite of her good credit and low debt. Vermont banks told the self-employed landscaper that her income stream was unreliable. The 32-year-old changed careers, taking a permanent job as a teacher, to boost her chances.
We understand why someone might opt for getting a payday loan online instead of doing it in person. It’s easier, faster, doesn’t require going to a shady-looking storefront operation where some trained fast-talking huckster might try to upsell you unnecessary add-ons or tack on illegal insurance policies. But the truth is that people who get their payday loans online often end up in a worse situation than they would have if they’d applied in person.
Martha R wrote to tell me that a serious effort is underway in Vermont to launch a state bank. 20 towns will be voting on town meeting resolutions to establish a home-grown, public bank. The objective is not to set up a retail bank (say along the lines of a Post Office bank) but to save the fees that are now paid to large financial institutions and to fund public projects. She writes:
The blue-and-white house had been a problem for years. Shifty characters and weird noises were the least of it; a 2012 drive-by shooting unnerved the neighbourhood, although no one was hurt.
“A lot of people were coming and going at all kinds of strange hours,” said Margaret Larsen, who lived near the bungalow for more than a decade.
Autry Stephens knows the look and feel of an oil boom going bust, and he’s starting to get ready.
The West Texas wildcatter, 76, has weathered four such cycles in his 52 years draining crude from the Permian basin, still the most prolific U.S. oilfield. Though the collapse in prices since June doesn’t yet have him in a panic, Stephens recognizes the signs of another downturn on the horizon.
Yesterday we noted the little-white-lie that California had told by exaggerating the traffic to the Obamacare exchange by a factor 8. Well, it turns out that there is another somewhat exaggerated "fact" that appears to have permeated the mainstream media - that significant numbers of Americans have signed up for healthcare already.