John Oliver on subprime auto-lending and its killswitches


#1

Originally published at: http://boingboing.net/2016/08/15/john-oliver-on-subprime-auto-l.html


#2

Repossessed again / Sold again

Late stage capitalism.


#3

Also, from last year:

Also- video link for countries which are region blocked by the one in the main post:


#4

Well how else are you suppose to sell cars when more than half of Americans are one paycheck away from defaulting on something? And insert part about Apple selling shit tons of iPhones…


#5

I have a lawyer friend who took on a client who had his car repo’d by a shady lot. He was in the Navy and while out on deployment, his wife parked somewhere and the car was towed. Before she could get the car from the impound place, the lender/seller swooped in and repossessed the car (lender was notified the next morning of the impound), sold it at auction and said the couple was still liable for the remainder of the loan. They were not behind on payments. Also, the guy who ran this “business” had done things like this before and specifically targeted young kids in the Marines and Navy here locally. One more also - he was retired from the Navy.


#6

The point Oliver keeps making over and over is that the country is, quite factually, warring against the poor; Every system, every body of laws discriminates in some way against those who are impoverished.


#7

Look, I think we can all agree that this is due to Elizabeth "Pocahontas” Warren and her CFPB’s job-killing regulations and industry-destroying oversight. What we have to do is free the Free Market to be free to do far, far worse than this, with impunity.
The first thing I’d do is take that terrible John Oliver and his hate speech-spewing show off the air, so we don’t have to hear anything more of this. Us Moral Americans have already started, by leaning on HBO’s advertisers to drop their ads from his program.


#8

That won’t work. They’ll just do product placement, like Game of Thrones does.


#9

It’s the last frontier - of where wealth can be extracted. Or rather, from whom.
Started with Reagan lowering taxes on business and the wealthy. You know, voodoo economics. Which also strangled cities/counties/communities and set our infrastructure on a path of destruction.
Cutting back on regulations so Wall Street can steal your pension, go bankrupt and get bailed out.
For profit prisons, civil forfeiture and our judicial system at large which grinds huge swaths of the poor, working poor and the like (mostly of color) through to enrich people running/building prisons and to extract payments for local law enforcement.
The last, last frontier is Social Security, but with more boomers every day starting to receive their benefits and the older gen x’ers like me queueing up to take them in another 10 or 15 years, I have to say I am confident that’s still going to be intact. In my lifetime… I hope.


#10

I know, right? I barely noticed Ned Stark chugging that brawndo before he got beheaded…but its true: brawndo: it’s what plants (and people) crave!


#11

Dude, spoilers.

People aren’t supposed to know about the significance of Brawndo until Season 5.


#12

This reaffirms my belief that the best possible anti-poverty program to support the working poor is a robust bus system.


#13

Yeah, you can almost imagine the lobbyists for skanky car dealers and repo men going to Congress and saying “if we invest in dependable public transit systems, we won’t be able to make any money!”


#14

And raising the minimum wage up to a level so that it’s caught up with inflation over the last 40 years…
Investing in our schools in EVERY neighborhood.
Vocational training.
Free birth control.
Universal health care.
Union membership.

Basically everything that the right wing has fought against for a generation or more.


#15

well…

a) you could require less than usury interest rates which would help people keep the car they’ve bought

b) you could require that if a car is repossessed and re-sold that the debt the original owner had was offset ( rather than in current practice generating two loans )

c) you could invest heavily in public transportation to lower the need for a car in the first place

d) you could stop garnishing the wages of people who owe debt so that the lenders actually have some risk involved in lending

e) you could stop the securitization of loans to remove a marketplace which primarily benefits the investment class at the expense of the labor class

( and while you’re at it, you could enforce existing laws around the selling of debt to collectors, ensuring that only one entity owns a loan at a time )

if you applied those sorts of principles to credit cards, pay-day loans, and home loans – you’d wind up with less people on the edge of bankruptcy in the first place.


#16

I wonder if a show on HBO could ever cover DRM…


#17

Has to be acknowledged:
George Carlin “The American Dream” Best 3 Minutes of His Career …
Video for carlin social security
:arrow_forward: 3:13


Aug 1, 2010 - Uploaded by Dan K Schroeder
George Carlin “The American Dream” Best 3 Minutes of His Career … And now they’re comin’ for your …


#18

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