this post was submitted on 17 Oct 2024
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Asklemmy
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Sounds like 'pay day loans' in the US.
Back in the day, a loan shark was a criminal who charged an outrageous 20% interest for money. Working class folks were at the mercy of these "six-for-fivers."
Ronald Reagan became President and now established banks could charge 35% or more.
(Looks at my credit cards)
Yall got any more of that 20% interest?
Yeah, a factory worker would get $5 and pay back $6 the next week. That was a terrible crime. Then Reagan deregulated the banks and it became business as usual.