Discrimination in Financial Services in the US - In Debt We Trust: America Before the Bubble Bursts Gregory D. Scquires writes on the "The Two Tired Market for Financial Services" in the American Banker. BERLIN CONFERENCE OF THE LAW & SOCIETY ASS. The Berlin Conference of scholars debating Overindebtedness in the three worlds is approaching. As the facinating papers that will be presented at this conference are still internal we cannot make them publicly available. Their contents can be guessed through the programme whose latest draft we just published. Gregory Squires whom we already know from his critical evalutation of existing US American Microlending schemes will present a paper on "Inequality and Access to Financial Services". The core of its contents has been presented in the leading journal for banking in the US "The American Banker". We annex this article which can teach us much about the upcoming social results which pure Neo-Liberal Politics in Europe will cause. We already experience increasing social discrimination as a logical function of pure market mechanisms addressed by the the political slogans of a "two-thirds-society" , "Zwei-Drittel-Gesellschaft" or "Europe à deux vitesse" (Europe at two different gears) or "new poverty" (paradoxically created by "new labour"). But we know little about its mechanisms and the important role credit, debt and pension schemes play in accellerating this discrimination where "the poor pay more in credit and debt" and "the poor get less in pensions, insurance and savings". It is therefore worthwhile to exchange more empirical studies how such discrimination works. Gregory Squires is one of the heritors of David Caplovitz while many of his colleagues have been bought since by interst groups. In Brussels we will get others from South Africa,Europe and America. But before all this we dare to publish Gregory Squires introduction which he has taken from a rap song entitled "Predators" in the film cited in the title. Predators If you can’t maintain a certain amount No banker’s going to let you have a checking account So when you gotta cash a check ‘cause your kids need to eat There’s a check cashing place about a block up the street When the money’s tight, you don’t have to wait There’s a 500 percent interest rate That you keep rolling over on that payday loan And if you can’t afford a freezer you can rent-to-own You gotta make those payments for you can’t miss one You can buy it three times over by the time that you’re done If you do miss a payment, they will repossess And when your ice cream melts, it’s going to make a mess ‘Cause they’re predators, predators, they keep devouring more and more they’re predators, predators that keep gettin’ richer by preying on the poor Rap song: Predators Music and lyric by Clifford J. Tasner & Wil b. @2006 by Tasner Tunes & Lu Chi Fu Music All Rights Reserved From the Film: In Debt We Trust: America Before the Bubble Bursts ID: 39889 Author(s): UR Publication date: 03/07/07     Discrimination in Financial Services in the US - In Debt We Trust: America Before the Bubble Bursts Gregory D. Scquires writes on the "The Two Tired Market for Financial Services" in the American Bank Squires on Inequality in Credit American Banker 2007 (413942 Bytes)

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