I'm refinancing this terrible loan and the bank person grimaced when they saw this.
this post was submitted on 03 Apr 2025
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You pay for the ability to access capital you do not currently have. Nobody owes you thousands of dollars with which to but a car. If you want to buy a car with money you don't have, then you have to give the bank something in return. That something almost always is "more money than we initially lent you, over the course of the loan period" and if you shut that down, banks just won't give loans anymore. Suddenly poor and middle class people have lost their biggest tool for accessing capital.
Lack of public transport is a separate problem. The US has dropped the ball across the board there. Only a handful of cities have any reasonable public transport and even those systems are old and often shitty.
Education being so expensive that it needs to be financed, is a separate problem. Education is too important to leave to the free market, letting our system metastacize to this extent is the result of decades of compounding failures.
16.9% interest is predatory, but "interest above inflation" is necessary if you want banks to do anything besides hoard money.
See, that whole entire thought process just doesn't hold me prisoner anymore like it used to.
I don't think this is true economical theory anymore. It's corrupted greed that's overtaken institutionally in every facet of life including academia. It's like saying nuclear war is the best peace keeping practice.
Cool how you used the quote markdown for a bunch of stuff I didn't say.
My argument is "The banks have a ton of capital. They are willing to grant lower classes access to that capital, as long as the bank is able to make some profit from it. If the bank cannot profit, they will just sit on that wealth and lower classes will lose the only access to such capital that they currently have."
Like I said, the fact that many borderline necessities in the US require access to capital beyond one's individual means, is a real problem but separate from this argument.
No no surely making the rich richer will help, it's done so great the last 50 years!
Well I'm hoping to live in a world where banks don't provide loans anymore. I'm demanding a better world than this nightmare that is unregulated capitalism in the US.
I'm demanding a better world than any economic system that incentivizes and rewards screwing each other over and hurting one another in a race to get ahead.
Capital investment is necessary regardless of your chosen economic system. Without banks, you're relying solely on a central government to dole out capital investment which has historically turned out poorly
Providing loans is a major part of a bank's job though? Like yes it's wrong that we need loans for necessities like transportation, education, healthcare etc, but even if all those were unnecessary banks would still need to provide loans so that people can start businesses or build houses.