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And if the banking system were actually designed by poor people to suit the needs of poor people. How would this scenario play out differently? A bank is unde
by notavalleyman 2y ago
And if the banking system were actually designed by poor people to suit the needs of poor people.
How would this scenario play out differently?
A bank is underwater on loans to a certain house. If they pull the plug now, the bank takes a loss. If they work with the household to raise the household wealth, then they can recoup their loan amount from the new wealth.
So what's your alternative solution, in the world where banks are designed for the poor?
I ask because I don't see how the personal assets of the people who designed this system come into play, at all
- carlosjobim 2y agoThe alternative would be the removal of the banking system, not to re-make it.
- ToucanLoucan 2y agoI think you would end up with a lot more institutions designed in the vein of Credit Unions rather than banks. The differences are subtle but noticeable. They still generate profit but they're non-profits, and so the profits they do generate are invested immediately back into the institution, by way of expanding their branch offices, providing lower rates or relief to members who are struggling, and other misc. community-focused projects.