Louis Jacobson

Recent Articles

Bank Failure: The Financial Marginalization of the Poor

In poor areas across the country, banks have been replaced with check-cashers and pawn shops. While both liberals and conservatives extol the virtues of savings, the recent trend encourages just the opposite.

As Ross Perot might say, there's a great sucking sound coming from America's poor neighborhoods these days -- the sound of large chunks of paychecks and benefit checks flowing into the pockets of check-cashers, at five times what it would cost a typical bank to provide similar services.