THE UNBANKING OF AMERICA HOW THE NEW MIDDLE CLASS SURVIVES

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The Unbanking Of America

Author : Lisa Servon
ISBN : 9780544611184
Genre : Social Science
File Size : 21.82 MB
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An urgent, absorbing exposé—why Americans are fleeing our broken banking system in growing numbers, and how alternatives are rushing in to do what banks once did What do an undocumented immigrant in the South Bronx, a high-net-worth entrepreneur, and a twenty-something graduate student have in common? All three are victims of our dysfunctional mainstream bank and credit system. Today nearly half of all Americans live from paycheck to paycheck, and income volatility has doubled over the past thirty years. Banks, with their high monthly fees and overdraft charges, are gouging their low- and middle-income customers, while serving only the wealthiest Americans. Lisa Servon delivers a stunning indictment of America’s banks, together with eye-opening dispatches from inside a range of banking alternatives that have sprung up to fill the void. She works as a teller at RiteCheck, a check-cashing business in the South Bronx, and as a payday lender in Oakland. She looks closely at the workings of a tanda, an informal lending club. And she delivers fascinating, hopeful portraits of the entrepreneurs reacting to the unbanking of America by designing systems to creatively serve many of us. Banks were once essential pillars of our lives; now we can no longer count on them to do right by us. "Required reading for fans of muckraking authors like Barbara Ehrenreich, this fascinating look at the future of money management insists that the 'unbanked' are a sector deserving of respect and solid options." —Publishers Weekly, starred review
Category: Social Science

The Unbanking Of America

Author : Lisa Servon
ISBN : 1328745708
Genre :
File Size : 64.64 MB
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An urgent and incisive expose--why Americans are fleeing our broken banking system in growing numbers, and how banking alternatives, from predatory to responsible to innovative, are rushing in to do what banks once did
Category:

The Unbanking Of America

Author : Lisa Servon
ISBN : 0544602315
Genre :
File Size : 53.82 MB
Format : PDF, ePub
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An urgent and incisive exposé of our broken banking system--why Americans are fleeing traditional banks in growing numbers What do an undocumented immigrant in the South Bronx, a high-net-worth entrepreneur, and a twenty-something graduate student have in common? All three are victims of our dysfunctional mainstream bank and credit system. The Unbanking of America exposes the ways in which banks have quietly abandoned lower- and middle-class consumers in favor of servicing only the wealthiest. Today nearly half of all Americans live paycheck to paycheck, as income volatility has doubled over the past thirty years. Banks, with their monthly fees and high overdraft charges, take advantage of these fluctuations rather than help their customers manage them. Lisa Servon delivers provocative dispatches from inside a range of banking alternatives--from predatory to responsible--as new players rush in to do what banks once did. She works as a teller at RiteCheck, a check-cashing business in the South Bronx, and as a payday lender in Oakland, California, listening to the stories of the alternative bankers as well as their consumers. And she delivers fascinating, hopeful portraits of the entrepreneurs who are counting on a permanent "unbanking" of America--and designing systems to transform how nonwealthy Americans can gain the access and agency to their own money that they, especially, need.
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The Financial Diaries

Author : Jonathan Morduch
ISBN : 9781400884599
Genre : Business & Economics
File Size : 81.4 MB
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What the financial diaries of working-class families reveal about economic stresses, why they happen, and what policies might reduce them Deep within the American Dream lies the belief that hard work and steady saving will ensure a comfortable retirement and a better life for one's children. But in a nation experiencing unprecedented prosperity, even for many families who seem to be doing everything right, this ideal is still out of reach. In The Financial Diaries, Jonathan Morduch and Rachel Schneider draw on the groundbreaking U.S. Financial Diaries, which follow the lives of 235 low- and middle-income families as they navigate through a year. Through the Diaries, Morduch and Schneider challenge popular assumptions about how Americans earn, spend, borrow, and save—and they identify the true causes of distress and inequality for many working Americans. We meet real people, ranging from a casino dealer to a street vendor to a tax preparer, who open up their lives and illustrate a world of financial uncertainty in which even limited financial success requires imaginative—and often costly—coping strategies. Morduch and Schneider detail what families are doing to help themselves and describe new policies and technologies that will improve stability for those who need it most. Combining hard facts with personal stories, The Financial Diaries presents an unparalleled inside look at the economic stresses of today's families and offers powerful, fresh ideas for solving them.
Category: Business & Economics

How The Other Half Banks

Author : Mehrsa Baradaran
ISBN : 9780674495449
Genre : Business & Economics
File Size : 61.48 MB
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The United States has two separate banking systems—one serving the well-to-do and another exploiting everyone else. Deserted by banks and lacking credit, many people are forced to wander through a Wild West of payday lenders and check-cashing services thanks to the effects of deregulation in the 1970s that continue today, Mehrsa Baradaran shows.
Category: Business & Economics

Bootstrap Capital

Author : Lisa J. Servon
ISBN : 0815778058
Genre : Business & Economics
File Size : 67.85 MB
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The microenterprise strategy ¿helping people start small businesses ¿has generated attention among policymakers and the media as a way to create jobs and help lift people out of poverty. Through extensive interviews and case studies of five diverse microenterprise programs in different U.S. regions, Lisa J. Servon examines the potential and limits of these programs. In the late 1980s, the microenterprise strategy came to the United States from less-developed countries such as Bangladesh, where the Grameen Bank flourishes. Since then over 200 programs have opened their doors in nearly every state. This book identifies the current discourse on microenterprises, discusses how this approach represents a departure from traditional economic development and social welfare strategies, and examines the wide range of results. Boot strap Capital tells the story of both the programs and the people who use them. One program, Women's Initiative, targets very low income women in the San Francisco Bay Area and requires all clients to undergo three months of training before they can apply for a loan. Some of the participants are true entrepreneurs; others pursue self-employment because the mainstream economy has failed them. Servon finds that microenterprise programs combat the problem of persistent poverty by serving a broad socioeconomic group and by focusing on the goals of empowerment, economic literacy, and community organization. She shows that microenterprise programs do more to help those who exist at the margins of the mainstream economy than those who are completely cut off from it. She calls for a rethinking of expectations for this strategy, based on the experience of programs and entrepreneurs in this country. This book provides the basis for reframing policy support for these programs.
Category: Business & Economics

Act Of Congress

Author : Robert G. Kaiser
ISBN : 9780307744517
Genre : Business & Economics
File Size : 65.4 MB
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This is an account of how Congress today really works, and doesn't, that follows the dramatic journey of the sweeping financial reform bill enacted in response to the Great Crash of 2008. The founding fathers expected Congress to be the most important branch of government and gave it the most power. When Congress is broken, as its justifiably dismal approval ratings suggest, so is our democracy. Here, the author, whose career at The Washington Post has made him a keen and knowledgeable observer of Congress, takes us behind the sound bites to expose the protocols, players, and politics of the House and Senate, revealing both the triumphs of the system and (more often) its fundamental flaws. This book tells the story of the Dodd-Frank Act, named for the two men who made it possible: Congressman Barney Frank, brilliant and sometimes abrasive, who mastered the details of financial reform, and Senator Chris Dodd, who worked patiently for months to fulfill his vision of a Senate that could still work on a bipartisan basis. Both Frank and Dodd collaborated with the author throughout their legislative efforts and allowed their staffs to share every step of the drafting and deal making that produced the 1,500-page law that transformed America's financial sector. The author explains how lobbying affects a bill, or fails to. We follow staff members more influential than most senators and congressmen. We see how Congress members protect their own turf, often without regard for what might best serve the country, moreeager to court television cameras than legislate on complicated issues about which many of them remain ignorant. In this book the author shows how ferocious partisanship regularly overwhelms all other considerations, though occasionally individual integrity prevails.
Category: Business & Economics

Financial Inclusion At The Bottom Of The Pyramid

Author : Carol Realini
ISBN : 9781460265529
Genre : Business & Economics
File Size : 35.62 MB
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As incredible as it may seem in this hyper-connected, technologically advanced era, half the planet's population exist as "Financial nomads"-those who nourish and shelter themselves without using traditional banking services. While the wealthy live at the top of a metaphorical pyramid, taking financial security and banking services for granted, there are billions of people who struggle at the pyramid's base in an exhausting state of financial exclusion and insecurity. Times are changing rapidly, but despite global uncertainty, technology has the capacity to reach and equip people in all walks of life. Advances in communications have reconfigured the ease with which we interact with our money-and these advances can provide innovative financial services to the unbanked and underserved around the world. Financial inclusion for all is indeed within our reach, and with this conviction, authors Karl Mehta and Carol Realini propose a vision for a better world and a blueprint to get there....
Category: Business & Economics

Bourgeois Utopias

Author : Robert Fishman
ISBN : 0786722843
Genre : Social Science
File Size : 61.47 MB
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A noted urban historian traces the story of the suburb from its origins in nineteenth-century London to its twentieth-century demise in decentralized cities like Los Angeles.
Category: Social Science

Downtown Inc

Author : Bernard J. Frieden
ISBN : 0262560593
Genre : Architecture
File Size : 82.19 MB
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Looks at the new partnerships between public officials and private entrepreneurs that have helped revitalize the downtown areas of many American cities, and presents studies of big-city malls in Boston, St. Paul, Seattle, and San Diego
Category: Architecture