Rantings and tirades of a frustrated economist.
You'd suggest legalizing some form of terrorism to be practiced only among licensed vendors and establishments in the name of attempted re-establishment of "economic stability"?
Watch the movie 99 Homes (2014). It is about the aftermath of the 2008 Housing Crash and debt collection.
Honestly, I read the article here: http://archive.is/EPMGm Archive.is is some good stuff, I can share news without supporting a mainstream media website hits or ad revenue.Anyway, good stuff. I hope more mobster minded folks here in the states get into debt collection.
I worked at First USA Bank ( FUSA ) for 3 years, before quitting in disgust. FUSA management was trying to hide customer attrition and came up with a brilliant plan. They sent packs of credit card convenience checks to the address of many closed and dormant accounts. If a check was used, the account auto reopened. The only problem was, they never verified the old address. So, if you had moved in the five years since you closed the account, the new resident got your convenience checks. Can you see the massive potential for fraud? Many people found thier credit ruined years later when the fraudulent bad debt was sold off to predator collection agencies after FUSA wrote off the debt. Would you give this much power to a fucking bank or collection agency? I generally agree with you but not this time.
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