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.
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:
I have a piece in this week’s NY Mag about Lending Club, part of a series of profiles of what the magazine calls “boom brands“. I’ve been a fan of the Lending Club model since April 2009, and have watched its steady, disciplined growth with admiration since then.
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.
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.