Thursday, January 29, 2015
The working poor: a wonderful biz opportunity
What a long story which I had to read in installments. I think the writer is giving it a human interest angle to help readers make an emotional connections. The short story is that the poor are a wonderful business opportunity and the means to their pocket is the auto loan. You can drive your car to work but you can't drive your house to work. These folks try really hard not to have their cars repossessed. The interest they are charged with is easily above 20%.
Fortunately we have no equivalent in Singapore. We should never allow anything similar to be a permitted business here. You can't blame business people from getting involved if you allow them as that is the nature of business.
I don't think the auto sub prime market will become anything like the one on property mortgages that did us in.
Soros is also doing the same.
There is a pot of gold here eh?
Posted by PengYou at 3:12 PM