Gary Rivlin on the high cost of poverty


Earlier this week, the New York City Council introduced a plan to require some of the nation’s largest banks to disclose their lending practices in low-income communities. In the wake of the housing bust and financial crisis, City Council members want the city to factor in socially responsible programs when determining which banks to do business with.

Journalist Gary Rivlin, author of “Broke, USA; From Pawnshops to Poverty, Inc., How the Working Poor Became Big Business,” joined Jeff Greenfield in the studio to discuss the need for affordable, non-predatory credit in poor communities.

 
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Comments

  • guest

    There is no doubt that many Americans live below poverty line. And California, being the second largest in US has the highest unemployment with higher gas prices and no income. None of the private sectors hire. The so-called Banks  (who took bailout money from the taxpayers) do not help the communities as they claim they do. None of the financial institutions help Americans. As a result, banks have failed. Now we have JP Morgan-Chase next in line looking for bailout.
    Today even the upper middle class Americans have become poor, lower than the lower middle class.
    The News Media talk in terms of generalities and discuss matters such as Same-Sex Marriage which many think not relevant to the economy. Or they show some jokes Sunday Funnies from SNL, Jay Leno or Jimmy Fallon or Jimmy Kimmel. All these jokes and amusing anecdotes are the good means rousing interest but do not help improve the American Economy

  • guest

    California lost nearly one million jobs in five years according to the San Francisco Business Times.
    If the same trend continues, it will be even worse.  California lost the most amount of jobs than any other state in the country according to Sacramento Business Journal. When the major banks failed, they got $30 Billion from the taxpayers’ money. Mere chattering will not make the pot boil.. Our business communities, universities, and politicians must find out ways to stimulate the economy.