Payday Loans - The Perfect Way to Exploit the Poor
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- Опубліковано 13 вер 2024
- This video turned into more of a rant than I expected.
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Sooo... A weekend Blaze, huh?
Welcome from your Meme Accountant. I don't get paid overtime for this one. I still have to spend 25 minutes watching it, noting everything I can and then typing it up here.
What's the going rate for an hour of my time? One Dino shaped chicken nugget? You nugget you!!!!!!! Ha!
Script slaps: 1
Script taps: 10
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Don't sue me: 1
Smash that dislike button: 4
"Memes": 2
3 Wolf Mug on display: 5
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Allegedly: 4
Lobbying is kind of shady: 1
Simon moves to the left (politically): 3
Simon starts a Mukbang channel: 4
Cries in Mukbang: 1
Simon lets Danny out of the cellar: 1
Puts leg up on what we think is his heater: 1
"I am the law": 2
Sam: "Am I a joke to you"?: 1
John Oliver references: 1 (I like John's show. Perhaps it's because I am also a British ex-pat living in America?)
"That's Real": 1
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Family Guys clips: 4
"And it's gone"/Please Step aside (same character): 2
Trouble with Math montage: 1 (I agree with the sad looking dog)
Pawn Stars: 1 (I agree with the "Old Man" - they lied to you)
Wonga: LOTS
Bonus Fact: 1
You watched to the end/Give me all that sweet watch time: 1
My Total Count: 71
So today, Simon is untucked - at least not too wrinkled. He obviously has a heart somewhere inside that cold, uncaring, capitalist torso of his, as he moved a bit to the left in today's episode, but not too much I think. Social issues are obviously a weakness of his.
Thanks for the email during the week and thanks for the shout-out today too. Thank to everyone for the comments (good and bad) and the thumbs ups.
I'm considering starting my own channel counting memes everywhere, not just Business Blaze, but as doing this doesn't pay me anything (except maybe one nugget an hour and that's the time and a half overtime rate) and I've still got to feed the family, pay the rent and put gas in old Betsy (the car), so perhaps a pay-day loan is the answer? What do you think? Maybe I could do Patreon?
See ya all next time.
I don't see anything wrong with a Payday loan. Go for it! I'll offer you 100 Dino Nuggets at an interest rate of 25% if you pay it back in 2 weeks but for every week thereafter the total is doubled and the rate increased 1.25%. If you pay early there is an early pay penalty of 0.5 nuggets per nugget you pay back early per day that you pay back early. If you pay back early on a weekend or during peak hours this rate will increase to 0.75. For every day after two weeks, including holidays which we will not be open for, your loan has 1.5 nuggets added to it automatically. If you opt for the optional honey mustard or bbq sauce plan you can simply pay us back within three weeks plus the interest previously explained but you will be allowed to pay us back on holidays for only one extra nugget per 10 nuggets you've borrowed.
He's not in America?
I live in constant fear of your immense analytical power.
Brian Richman absolute hero!
@@notatemplar9112 Never fear. I pledge to use it only for peaceful purposes.
True pay day loans are worst just ask Danny he defaulted on his loan and now Simon basically owns him
Chained to radiator in Simon's basement writing us scripts.
Love you man
We will free you one day.
Shivansh NA #freeourboydanny
@@sterling9314 yes #freeourboydanny
No we need him for scripts xD free entertainment isn't free guys. Maybe just let him take a stroll in the sunlight for a couple minutes a day or something to keep the muse but idk about all this, "freeing" nonsense.
@@NightwingOVO Simon should at least return Danny legs back .
#freeourboydanny
Pay day loans. How to make a temporary problem into a long term problem.
Well said.
@@brainblaze6526 😎✌
Lay day pones. Prong lerm toblem. Suh, yes suh.
When you've lost a major chunk of income, qnd have a girlfriend and little boy to take care of, you don't always research like you should. It was a tough and expensive lesson
WE just need to get rid of the poor people if they do not want to make money then they do not need to be helped. Poor people are just a bad investment so stay away from them.
Being poor is incredibly expensive
This is what Sam Vimes, Commander of the City Watch in Terry Pratchett's Discworld books, described as the Boots theory of socio-economic unfairness. A good pair of boots cost 50 dollars while a cheap set of boots, which might last for a year or so and then start leaking, cost 10 dollars. Good boots would still be keeping your feet dry in 10 years time, while someone who could only afford cheap boots would have spent 100 dollars over the same time and also have wet feet.
True I know from personal experience
That is how is perceived; however, in the US you would not die of starvation for there is alternatives to supermarkets like Whole Foods or Bristol Farms:
99 cent store it sells groceries, milk and cheese
Aldi which is a gourmet mini market that offers inexpensive pastrami at $5.00 compared to other stores or Thanksgiving Ham for $30.00.
Dollar Tree everything is $1.00
Family Dollar
Food banks are also available
There is also great discount clothing stores like Ross or Marshalls that sells quality clothing at low prices.
I am surprised that many poor areas lack a community bank or credit union and there is no investment firm why is that? The answer is to keep them poor.
@@s45gr32 So what happens when you don't have even a dollar? You've become disabled because of health reasons and are unable to work. You wait 18 months (so far) for disability to play their games even though you've paid into the system for 25 years and everyone who applies is immediately deemed a scammer who doesn't want to work and really isn't disabled. In the meantime you're ineligible for any state benefits because unless you sell your 10 year old car which is deemed by the state to be an asset then you're ineligible. But you need your car to get to your doctor appointments because there is no public transportation where you live. You live where you do because your family was kind enough to let you pitch your tent in their backyard (sorry, two bedroom house and there's already five people living in it). If it wasn't for your sister feeding you and helping with gas money you would most likely be trying to survive living under a bridge or dead. Thankfully you live in a state where if you're below poverty level you're eligible for free medical care under state medicaid, so at least there's that (can I get a hallelujah?). The only reason you can even write this is because you rescued a ten year old laptop someone threw out because the battery didn't work any longer. You've got power to it from an extension cord running from the house to your tent and you're piggybacking off the neighbors wi-fi who don't have their network password protected. By the way, 99 Cent Store or Dollar Tree's food prices are a rip-off using a cost per ounce formula (I don't have a dollar anyway). You're rationale might work for some, but it doesn't work for the desperate. You really don't know what it's like to be hurting, in chronic severe pain and then pile on being desperately poor on top of that. Wonder why suicide rates are so high? By the way, lets thank Trump for making sure long term opioid based pain medications are no longer an option for those who truly need them. What a compassionate empathetic person he is. (Do I need to point out that last sentence was sarcasm? Wouldn't surprise me).
The best way to save money is to buy in bulk due to sales, but the poor can't take advantage of the sale, so they get less for more money per unit. Also, I noticed that the main thing keeping people poor is the need to show off a fake social media lifestyle and buy brand name clothes like cutup jeans or worn-looking jeans. You can get non-cut and clean-looking jeans for like $20 that you can wear down yourself instead of $100. Fashion is expensive and poor people let it happen.
I'm a fiscally conservative libertarian and I've been saying payday loans should be illegal for the last 20 years.
I mean, if we're gonna have a government, it should be doing something useful.
I'm surprised no ones commenting "but that's communism"
@@jidk6565 Dude, I'm an eeeeeevil arch-capitalist, and even _I_ think payday loans are wrong. It's one thing to beat someone in business. It's another to beat them while they're down.
Im a conservative librarian too.......is that a good thing btw?
nice... the rest of your fiscal beliefs are just as stupid based off my prior experience with libertarians.
I had a finance teacher in a summer class try to justify this type of thing. He worked for a payday loan company before he became a teacher.The whole class was not having it and two kids in the back booed him. Summer classes are much more chill than regular semester courses thankfully so they didn't get in any trouble. I think back and love how sick of his shit we all were. Gives me a little bit of hope.
Does anyone else feel like this whole channel is Simon having some sort of breakdown just in manageable, entertaining and sometimes informative segments? Because that’s why I’m watching!
Cheaper than therapy.
is it any wonder hes having a meltdown, hes single handedly taking over youtube lol
I’ve been a victim of payday loans, and now my brother has made it his mission to put them out of business in his capacity aa a lawyer. He’s running for district attorney, even. You’ll see no dislikes from me about this video. Fight the power, Danny and Simon!
Victim of payday loans? That puts a whole new spin on the word “victim”. You talk about fighting the power. But if your plan is to call yourself a victim for the rest of your life and never take agency for your own actions, you will continue to feel powerless. Victim..LOL
A customer can be a victim if the company was predatory and/or dishonest.
I love how the top comments from ppl who took out payday loans & suffered are getting all sorts of sympathy & support, but this one is getting nothing but accusations, blame, & shaming.
If you can watch the entire video about WHY getting into or out of payday loans is so complicated, & STILL sit here & judge the other Blazers, then you are missing the chance to actually learn anything from Simon!
I too got trapped in this vicious cycle for a few years. Hooray for your brother! If he's in CA, I would definitely vote for him!
It costs a lot to be poor. People don't understand how scummy businesses like this prey upon your fear and desperation. You're going to do whatever you have to, to feed yourself and/or your kids, to keep the lights on, or keep a roof over your head, and they know this.
I think it takes a special kind of evil in a person to make them do work like this, or work in collections. You have to be some kind of soulless monster to help an industry bent on destroying people.
@@tomcat8662 STFU, asshole. You have NO IDEA what you're talking about. Typical of someone who's never been poor. There but for the grace of God go each one of us. Never forget that.
Also chicken is already dino shaped. chickens are dinos.
🤔
Turkey are closer to them I imagine. They even have extra thin bones not connected to main skeleton inside legs just to support all the muscles.
Very clever. Didn't think of that.
@@crafty_badger Actually, birds are what's left of dinosaurs after evolution made its magic.
They are not close to dinosaurs, they are dinosaurs direct descendants.
Yeah, don't they refer to dinosaurs as "Non-Avian Dinosaurs" now because technically all birds are dinosaurs due to how animal classifications work?
I want someone to just see Simon out in public and say,
“wait....
is that the boy with the blaze?”
I go to hockey camp in the CR every fall (not last year obviously). Always wanted to go to Prague/was invited by a friend who lives there..
It would be so wild to see him there
"I am sounding so far left"
No, Simon, you are sounding compassionate and humane. Folks thinking *not being a dick* is what makes one a leftist is just... Weird.
Exactly. People being called a "socialist" seems to be prevalent in America as well. I'll gladly cop that and the universal healthcare provided here in Australia.
Lol
I agree. Esp cause (he didn't mention this) one huge thing is people think they've paid it back often and it turns out they get a call that they still owe on the loan... Cause there's the loan, the % and then like multiple fee worded in a way they makes it seem like borrow $100 at 40% and pay us 140 in 2 weeks but then 2 weeks later it's 200 cause of fees in the small print. I watched a documentary about these and it was super alarming...
Politics bad
@@camwhit8892 I'm just wondering about the apparently insane wait times to get seen by a specialist in australia everyone I've talked to have seemed to have nothing but problems with it.
yesterday, someone asked me if this channel was educational. Me "I think the scripts are but considering we're basically watching a guy read the scripts for the first time while someone throws in memes it's kinda hit or miss if I end up taking away actual business information or information about Danny's weird diet and zebra sex masks." other person "then why do you watch it" Me: "where else am I supposed to learn about Danny's weird diet and zebra sex masks while occasionally learning a random business fact?"
Just say we have to watch it. Otherwise Danny, who's the writer, who's chained to the radiator in Simon's cellar, won't get food and Simon might slap him. Obviously the script slapping is a threat
Meh, I'd say it kinda is, I've used one of their videos as a bibliography source for one of my assignments, they do have some educational credibility, as it saves me time from having to read up on certain things ahahah
@@warwickeng5491 not gonna lie, wrote a paper for a final on recycling because of the business blaze episode on it lol
Anne Grey I was hoping to be able to share this but I think there’s too much kidding around. A shame really.
I am also confused.
I did these pay day loans for many months 🤦♀️ years ago (early 2000's). YES!! I was smack dab right in all of the demographics of people who do these loans. Female, mid 30's, divorced, made around $32k a year (US), 3 kids to support without child support from ex-husband.
I would take out the max $420 every 2 weeks. Every time I got paid I'd go pay it off, then before walking out the door take out another $420 loan. It was a vicious circle but I needed the original loan because my car broke down and I had no other way to get to work (no public transit in rural areas in America).
I talked to my financial advisor at my bank and she told me that the state government was going to ban these loans within the next month. Her serious advice was to not pay it back - period. Because they would be out of business before they could even process my late loan.
Turns out she was RIGHT!! It never showed up in court or on my credit report.
That woman is a 100% hero. It sucks that you had to go there, but glad it worked out so well. Also, your ex husband is getting some bad thoughts thrown his way right now.
I had a similar resolution, wasn't a single mom (you are a hero, btw) but needed to take one out for vehicle repair. Laws changed after 19 months rolling them over, haven't ever had it show up. The collection calls were pretty intense (if I was sensitive) and somewhat laughable. Good for you!
So lucky! My mom got stuck a few times at one of the payday loan places. It's still there, I believe, in Indiana. Never live in Indiana. It is terrible.
Did the same thing. What's great is the phone calls saying they are going to come arrest you for not paying it 🤣🤣 never had anything happen, never hit my FICO
You won! =)
Many years ago I found myself in a legit bind and used a Payday loan so I could make my mortgage payment. It was a one-time thing and helped get through what was just a minor financial mistake. I knew these business were awful but sometimes you gotta do what ya gotta do. Well, when the topic became a thing in my states (Ohio) political spectrum I didn't hesitate to vote for outlawing these businesses. Not because I thought short term loans are bad in general, but because it was very clear to me this method was a detriment to society. Clearly there was a better way to provide this type of service without the extreme side effects and absurdly unfair fees.
Yeah well interest is partly based on how likely you are to pay it back and it clearly isn't true that people only pay it back on in ten times
@@joelcairns8375 Although, that's true generally speaking, I think the bigger issue with the short term loans (as far as how they used to operate) was the lack of collateral. When we obtain a loan for a house or a car or a boat, theres something of value that the bank can seize if we fail to oblige our end of the deal, and thusly sell to recoup some of their losses. Short term loans as they were structured utilized no collateral. It was basically just based on blind faith that somebody with regular income would pay their debt, but with no tangible way for a bank to recoup losses, they balance the risk with insanely high rates. It makes sense, but it was a poor business model and certainly didn't have the customers best interest (no pun intended) in mind.
@old Goat Wow, That' quite interesting. What state were you operating in?
@old Goat So, what policies were in place hurting the operator? I'm curious about your side of that situation.
@old Goat I can understand your frustration. Sorry to hear of your bad fortune.
It says a lot about the political discourse and the Overton window when Simon has to kind of apologise for empathising with the poor.
he doesn't have to. Most right leaning people would agree with him.
@@vyor8837 most left leaning people also agree
Vyor I’ve heard a number of right leaning people disregard circumstances and will just end the conversation, saying that people are poor because they make bad decisions
@@awearysonata4147 going to loan sharks is making a bad decision. That doesn't mean said loan shark should be around.
It has nothing to do with politics, It has to do with social media and cancel culture. He’s empathetic to both sides, just to be in the safe side haha
You know you’re in a rough neighborhood (or most around here) when you see bail bonds, liquor stores, and payday loan shops everywhere
Like Dave Chappelle's stand up story about being taken to the ghetto: "Gun store, gun store, liquor store, gun store? Where you takin' me??" Lol
I New York, we call that the old neighborhood.
Welcome to the jungle.
You forgot the Titlemax car loan places, and adult toy-stores, and all the "We Buy Ugly Houses" signs tacked up lopsidedly on phone poles. (My experience in several different states.) Oh, and of course the meth heads and crack whores.
True
@@poughkeepsieblue the good ol days. Shit be fucked, shit is fucked, and shit will stay jacked.
Technically, every time you eat a bird, you're eating a dinosaur, so dinosaur-shaped chicken nuggets make sense.
Probably why I like chicken so much.
So they're dinosaur-shaped dinosaurs?
If plastic is made from crude oil and crude oil comes from dinosaurs, then plastic dinosaurs are made from real dinosaurs. 😉
@@robbytheremin2443 Eat that, John Hammond! We don't need no stink'n park.
Huh. Imagine that. And here I figured it was just breaded, deep fried pink slime.
I worked for a credit union for a few years (many years ago) and while there attended a conference hosted by a former president of one of the largest credit unions in the US. He brought these payday loan operations up in his material and said at the time, there were more of them in the US than McDonald's, Burger Kings, and Taco Bells combined. He also did argue for offering a fiscally better alternative to this predatory industry through legitimate financial institutions (like credit unions). His argument did boil down to "there's an obvious demand which is why it's become so predatory, so we should strive to offer the supply for a product that fills the need without financially damaging our members".
Credit unions and building societies are miles more ethical than payday loan companies
@@warwickeng5491 That sounds like the solution we need: more credit unions coming up with fairer alternatives and desperate people knowing that those better alternatives are there.
@@emilymarthasorensen1516 would be nice, but that conference was more than 10 years ago now, and I haven't seen too much movement on that front by legitimate institutions. I think the speaker was pretty alone on his opinion within the industry. He also said that if a member of the credit union declares bankruptcy, doesn't reaffirm debt, then comes back seeking a new loan, that we should give it to them. Meanwhile, my boss's opinion of that scenario was "we don't forgive or forget" (literally, she said those words to me).
@@joehemmann1156 Ah, that's a shame.
Criticizing a shady business practice that ruins people's lives isn't especially leftist.
Or...it shouldn't be.
i'd have thought it wouldn't have been especially rightist.
edit: right after posting this i realized you might have meant it should be an "everyone" thing to do. which, yeah, it should be.
edit 2: fuck, i'm biased aren't i
I really do hate that internet leftists never believe me when I tell them that. The bastards seem to think they have a monopoly on being decent human beings.
@@stevenschnepp576 That's because many of them live in the U.S., where progressives who want to regulate against terrible and immoral business practices are labeled as commies and wide-eyed idealists. As a progressive in the U.S., I can tell you that criticizing business even runs afoul of some dems, let alone the GOP.
@@HaydenX Progressives like AOC are the reason people look sideways at progressives. I lived in the Bronx. I would have been happy to take a nice cushy Amazon job there... she nixed that.
“He donated large amounts of money to legislators to see things from his perspective”
So much for land of the free and equal
Actually I kinda like that system. It takes the concept of voting back to it's roots.
@@Numbers_Game I, for one, do not like the idea of bribery in politics. If that's how voting used to be, it should never revert to such a thing.
@@theunclethatdoesnttouchyou In the days of ancient Rome you only had the right to vote if you owned land and it was expected of you to fight for the empire if it were to be attacked (you know, you actually had to have some skin in the game). Now a days this right is given to everyone, another hypocrisy of the lower class. They cry about how no one deserves to be born into power, yet they are given voting power solely based on being born. What do the bottom dwellers give to deserve the right to vote, pay taxes? I don't know about you, but someone who pays thousands of dollars in taxes shouldn't have the same voting power as someone who pays millions. With bribery, the rich can increase their political power and the lower class can go fuck itself.
@@Numbers_Game I see. So what you're basically saying is money is everything and bribery is ok. And that those with money should dictate everything. If someone happens to be poor, they can fuck right off and shouldn't be able to vote. Am I understanding your words correctly?
@@theunclethatdoesnttouchyou That would be the gist of it. I mean you could keep voting as it is, but then you would have to introduce regressive tax. If everyones vote is equal, everyone taxes should be equal.
When I used payday loans, I couldn't barrow from friends and family since they were poor too. Often times those of us that are poor come from financially insecure families.
IKR?! I love the idea that the top solution is, "Just borrow from friends & family!" *facepalm*
You're a European centrist. That's far left in the US.
Right leaning centrist.
@@Carewolf Europe here: left-leaning centrist
Anything centrist in the first world is alt left in the backwater 2nd world USA...even Bill back in the day never fixed the iron grip Texas evangelists have on their education system. Hell even Obama did sweet fuck all for it.
in the united states that makes you literally stalin and your opposition to payday loans is the equivalent of killing 100 trillion billion million people big govt tyranny.
Unfortunately.
When can we buy Simon's "Allegedly. Don't sue me." t-shirts?
He really needs merch for this channel. That one should kick it off.
I think this channel will end up having the most subscribers of all of his channels!!
Merch here. Don't sue me still a work in progress :)
outloudmerch.com/collections/today-i-found-out
@@brainblaze6526 OMG I need that dislike button tee shirt in my life!! It is the best merch I've ever seen! Mad Props!!
I remember 10 years ago as a kid we would hit the payday loan store a couple times every month. The family car got repossessed and parents credit score went to shit in a handbasket. I did enjoy my dino nuggets in innocent ignorant bliss. Manage your damn money folks.
The thing is, you can be managing your money. But not all people have generous salaries that allow them to pay for the necessities of life and have money to set aside in savings or investments. Sometimes people are doing ok, but do not have an excess of money after paying the necessary bills. All it takes is one financial jolt (a job layoff, a major car repair or medical bill) to move a person from having their head above the (financial) water to a point of drowning. I can see a necessity of payday loans as a last resort, but there must be some kind of genuine oversight and control on the interest rates. Otherwise, the person's financial problem simply gets larger and larger and larger.
@@balesjo everyone who makes money can save money. If you can’t then you’re living beyond your means and need to adjust your lifestyle.
Simon: "I am sure I said something that made people smash the dislike button"
Likes 2 days after publication: 6k
Dislikes after same time: 124
I'm glad to hear that you let Danny out to play sometimes. We need to make sure he's taken care of. ❤
I think Danny is sending us subliminal messages to tell us that he's hungry.
He's sneeking codes in the script to reveal that he's in danger and hungry in the basement...hold on Danny!!!😂😂
I love how Sam always leaves at least one swear word unbleeped.
Cracking job editing this one mate! 👍
👌
I remember Wonga when I lived in the UK. Whenever I saw their ads on TV i had to go searching for my eyeballs on the floor when I saw the APR at the bottom of the ad.
I couldn't believe they had the gall to even put such a thing. Mad.
They had no choice. The APR (which they were legally required to state) assumed that these loans were paid back over a whole year using compound interest, instead of the 7-14 days they usually were. The figure is 100% meaningless. Borrow £100 off a mate - pay it back and a fortnight later, he buys you two pints worth £6 as a 'thankyou'. Sounds fair, doesn't it? The maths for that calculates at just under 3000% APR.
@@KevinBower-gy5be
Thta part I understand.
Considering that the people who are the target consumer for these sorts of loans are those who are most likely to be caught in a debt spiral, it's outrageous
@@KevinBower-gy5be although if your mate short again next month. You don't add on extra pints??
I saw a lot of them during the 2008 financial crisis. Some people really love exploiting people, don't they?
"If it's a hate watch, that's okay". Sadist viewers are still viewers.
Cindy Lewis I didn’t know there was such a thing! Of course there is!
Actually, I like to hate watch one of Simon's other channels.
It's fun nitpicking every irrelevant error in the script (and the occasional doozy). It's s kind of sport.
for the youtube algorithm, any form of participation is a good thing. So as a channel-owner you want obsessed viewers. Whether they are obsessed with loving or hating you, does not really matter, as long as they watch the content, press either like or dislike and maybe even comment. That's what helps a channel. Ignoring a channel is what really hurts it.
A co-worker got caught up in these loans. He actually went as far as getting loans from competing companies to pay his past due loans. He wanted to file bankruptcy on it and wanted my opinion so I read the agreements he signed. Holy crap there was some seriously shadey terms with some of them stating you can't file bankruptcy against them. I advised him to have an attorney look over them because I didn't think that not being allowed to file was not legal.
The payday loans are now being replaced by title loans. You take a loan out against the title of your car and if you don't pay it gets repo'd. Many of the vehicles being parted out on craigslist are ones due for title loan repos.
Wait a minute, are you saying that the creditor can just collect their car and sell it for a fixed price? All by themselves? If so, how do they determine the price? And are they required to give back any extra money that the sale may produce on top of the due debit? I'm genuinely curious, because here in Italy a creditor needs to involve a deputed court official who comes, collects the car and puts it on auction. Then anything more than the due amount and the collection costs is handed back to the owner (of course this process makes credit recovery slow which is very bad).
@@giacintoboccia9386 From what I understand (which admittedly isn't much) if the written agreement between the lender and the borrower names the car as collateral against default, then the lender can send his employee to take the car if the borrower fails to meet the repayment agreement. From what I've heard, the lender does not give the defaulting borrower any of the extra money. This is just one more way in which title loans are very dangerous and must be avoided. In the past I had a coworker who was somewhat familiar with that process, and although we did not discuss it often I still managed to learn a little.
Tux Penguin
,
This is how banks put houses on the market, often for a fraction of their estimated value as said bank is simply trying to cover the value of the contract and any associated fees.
Friend of mine got an insanely good deal on some prime land because of this, so good that the real estate agent originally refused to hand over the keys until the bank manager and a police officer had to get involved. For you see, the old owner had only 10 or so thousand dollars left on the loan when they defaulted. On hearing this little rumor, my friend went straight to the bank and offered to pay the rest of the loan and any associated fees, which the bank quickly accepted.
The Real-estate agent was a little annoyed, they wanted it to go to auction where it would bring in hundreds of thousands... not be sold for less then fifteen grand!
That is something I try and keep in mind having seen my friend benefit from this:
Banks, and all businesses, do not think! They function on policies and regulations, often set in stone by people several times removed from the situation being addressed. Many times, this reliance on regulations, will put short term gain far ahead of long term profit and even prevent a thinking human being from interfering. That is what the people at top want, after all, their order to be obeyed....
Now you and I could see, like the Real-estate agent, that there was money to be made in this situation but the bank couldn't care less. All the bank saw was a failed contract that made less then what was projected. Matching that projection instantly is more valuable then waiting a few weeks to see if greater profit can be made. Anyone offering to 'fix this discrepancy' has a chance at profiting, for the bank will side-step the whole 'risky sale' even when there is no actual risk involved.
@@lostbutfreesoul buying tax liens is a great way to profit, or end up with a dirt cheap house. Either the owner pays it and all the late fees landing you usually 10% interest, or they default and you get a house and land for pennies.
@Giacinto Boccia
Tux Penguin commented right below you and outlined it fairly well.
If an actual loan shark charged interest rates like that, YOU'D break HIS legs.
Sharks dont have legs ...
@@robinderoos1166 I really shouldn't laugh at this. Ignore that gigglesnort sound. I was sneezing, really.
@@robinderoos1166Sharks with enough money to start giving loans probably just bought some.
Robin de Roos This is why bull sharks are so pissed off, someone told them they have no legs. So pissed off they can swim from salt water into fresh water.
When I was a kid those were the kid of interest rates that loan sharks used. If you got caught charging that kind of rate you went to prison. This is a business for sociopaths,
Yeah, my mother fell into that hole with Money tree, POS it is. Every 2 weeks she would get paid and have to take out another loan because she would not have enough money to make it until the next payday so once more with the loan.
Rent-A-center got her too, it was all she needed and could make minimum payments but the interest rate spiked so high that paying the minimum exactly covered only the interest rate.
I grew up poor, so obviously I knew about how all of this worked. If there were still debtor's prisons my mother would be serving life.
One day you need food or gas money and it would be "Cheaper" to rent a washer than spend all the money in the mat.
Screw them, poor people know how numbers work but gas money gives no fucks.
I remember always going with my mom to the local payday loan scam center every two weeks for that exact reason. Had to take a loan to pay the loan. Luckily she ended up getting out of it but damn if I didnt learn at 7 years old these places are scams
Rent-A-Center advertisements are always so enticing, advertising the low rates. But you have to pay careful attention, because that enticing rate is PER WEEK, not per month. IF you take that extra moment to calculate the monthly rate, it's far more than if you simply financed it. But that's the point, these places are, like the payday loan places, the place you go when you have bad credit, or your income is so low that it's hard to qualify for regular credit. It's really sad that here in the USA with all the wealth here, a person can work 2-3 jobs and still not make enough to be able to afford the basics (rent, utilities, food, clothing, and transportation. Healthcare and anything else becomes a remote option). Callous people like to say, "they should have worked harder and made something of themselves so they could earn a living." That's spoken from a place of privilege. Not all people had the same opportunities. In times of economic downturns, even well educated people can end up having to work multiple lower paying jobs just to get by, a problem that gets worse as you grow older (speaking from experience). Nothing about life is simply black and white; there are a lot of shades of grey in between.
Paying the minimum will always only cover the interest, thats why its the minimum. I can remember paying 600 bucks on a 900 dollar debt over two months at the end of still owing 900 dollars.
Honestly, the humour was saved by Sam with the memes 👍🏻
Industries like payday loans simply prove why very strict government regulations of corporations are required, because these business people can't be trusted in the slightest.
Government can't be trusted either
The more you look into banks, lenders, predatory car loan companies, lobbying... the further left you end up. Come on in, the water is fine and the molotovs are getting cold.
Oh, and big up Last Week Tonight!
@@WhichDoctor1 But then you can apply for food stamps, section 8, and all of your meals are free at the public kitchen. Depending on what state you're in, you might even get free healthcare once you're homeless. Just don't look at a cop sideways.
@@WhichDoctor1 Thank goodness the doctor gave me that choice when I was unconsentially ejected from my mothers womb.
@drew pedersen - Your wasting your time, people like Jody are a lost cause. I love that Oliver is the vulgar one (Late night show), and trump gets the "age related cognitive deterioration" pass. He's the god damn president not a night show host, I expect him to act like one and not a angry 10 year old.
Jody Owen - That's not true at all, how can you prove "He's an America hating propagandist hack". Enjoy your freedom of speech as you try to step on his rights. That's okay however, he has a show on TV and you have comments on a You tube video with no fact's, points, or proof.
It's the stupid people who make this possible. No one saves their money any longer. No one plans any longer, they just go with the flow and buy stuff beyond their means and borrow, borrow, borrow.
We need a live chat between you and Danny, discussing his culinary selection!
A few years back I was broke, my mom got sick and i ended up getting payday loan to help out. Got stuck in there for a long time, I was giving them my whole paycheck before I realized what was happening. It took my over a year to pay it off while trying to feed my kids at the same time. I have been away from them for 4 years now and would consider turning tricks before ever going back again. Some of the biggest crooks out there praying on the poor
In Australia, if you're on government provided social security payments, you can get a 500 dollar, lump sum payment for emergency situations and then it gets taken out of your future payments in instalments with no interest. You can only do it once a year and it needs to be paid off before you can do it again. It works and makes sense.
OMG the video montage of people trying to do complex calculation while Simon describes how it could make sense killed me. Sam that was pure genius!
Sam is such a great editor. I don’t know how he edits out all of dannys screams
He's got some incredible noise removal tech.
Business Blaze truly amazing. Sam really is gifted.
Simon the man. I loved him putting payday loans like this. They are a product of the devil.
@Supadupa Swaggascoopa Apparently, advertising works very well.
Well, technically, you're correct, insomuch as that the 1% of the 1% are the devil. As far as that dude with the horns, he doesn't exist.
This rant was definitely amusing. Outrage is better with a smile and a meme lol.
In my province/state they recently capped the cost of pay day loans to "a payday loan costs $17 per $100 that you borrow, which is the same as an annual interest rate of 442%" it used to be even higher.
End of my rope a few years ago - nothing left to sell, no friends with cash, too ugly to hook - and I went shamefaced into a loan place. I was shaking while I was filling out the paperwork work, humiliated that I had to pull up my bank statements to show the nice woman behind the counter. I got the $400 (yup, I needed $400 to pay my rent) then paid it back 2 weeks later. Luckily, they had a promo on where first-loan-is-free so I dropped the $400 back to them, declined the offer to reborrow, and never looked back. I needed that loan and it was the best of a bad situation. I guess I would do it again if needed but both my eyes are wide open and I know paying the whole thing off after the two weeks is the only way to survive it.
Why not go to a bank? Unless you already have your credit maxed out, you can easily get one.
Carewolf No I can’t. I work in the movie business - going from job to job several times a year - so I come off as risky. I never considered going to a bank ‘cause I knew - even without Simon hammering it home - that you can only get a loan from a legitimate source if you can prove you don’t need one. I learned a lot in that time of need though, and in the boom since I put away thousands so I would never have to go though that again. *KnocksOnWood*
@@lesleydehaan5898 A big loan perhaps. But most banks offer minimal credits of a few thousand dollars as a basic service. The people that use payday loans are those that have already courted disfavor with the banks.
Seriously I had unsecured loans in banks when I had no job and was still under education. Even got one of 20000$ when I later quit my job though that was secured by a cheap life insurance.
@@Carewolf 'minimal credits of a few thousand dollars' - Yeah, that doesn't really line up with her need for a $400 loan. How would she have ever been able to pay back a 'few' thousand dollars? I think you are missing the bigger point of her story, which is that small loans needed by desperate people are NOT covered by most banks and/or if they are, the people who need them don't qualify for them.
I don't understand how one adult can read a few sentences about someone else's life, & be like, 'oh i'm so much smarter than you, i just figured out how to fix your whole life after the fact.' Like I know you aren't being rude, but there are so many ppl on the internet that are so quick to tell others, 'why didn't you just ___?' It's usually not that simple.
@@bluesira You don't have to take a full loan. For small amounts like that you can get a credit line on a debit card (assuming US banks work like European ones) You don't pay interest on what you don't use, and you really shouldn't use all of it. It just means the card can go into a well defined minus without the bank complaining. Of course people do max it out from time to time and then needs to get a full loan, or creative.
Can we get more videos about things Simon absolutely hates? I really like watching him rant about things that actually do suck!
Yes. :D
"I swear I'm not on the left, I'm more in the middle!"
I feel this, Simon, it's almost like extreme views on any subject cause problems and in order to fix any issue you need to do some deep research and work on the topic while most governments are built with the idea of making a compromise between them that gets closest to the perfect solution.
He seems like he might be slowley drifting left, in part as a result of what he reads for his job, he will probably still be more middle ground than anything else in the end though.
That's how I feel! I'm more in the middle, too.
I think the majority of people are somewhere in the middle, the issue comes with the fact there are no real parties in that position, in 🇬🇧 at least. So at the moment your either limped with, Far Left Labour, or Mid Right Tory 🤷🏼♂️
@@garethbaus5471 I don't speak for Simon, but in my experience as an American moderate, everyone left of center thinks you're right, everyone on the right thinks your left, it's an issue to issue thing based on research and personal belief.
@@almostanengineer there's no middle in the US either, I agree that the majority is likely more middle, but at least here, they're a quiet majority, there's been a shift to tribalism to the point that neither party can agree with the other as a whole just because it's the other group and that's leaked into the populace. It's exhausting.
I've had this happen to me. I was a mechanic, and major road construction cut off access to the shop I worked at. I went from making $800 a week to about $300 a week. Wound up burning through my savings, finding a job I could make a living at. But I had to take out a payday loan to help out with some bills. It took me over a year to pay back the $700 because of all 9f the damned interest.
Simon you need to release a merchandise shirt that says “ALLEGEDLY don’t sue me” aside from that “”SMASH THE DISLIKE BUTTON” one.
My debit account at the bank does what's essentially payday loans in a way that actually fair. I can be in the red for some amount (I set it at 500 euros, which is the minimum), and they expect me to be in the black numbers for some time every month. Students don't pay any interest. Non-students pay some. They also tend to slowly lower my limit.
Marco Meijer That’s basically a credit card
Edit: credit card is better, because you never need to pay it of fully, no interest for everyone not just for students, and you get perks (insurance, cashback etc...), so you basically got a credit card without its benefits.
No interest on credit cards? Where? Credit cards have some of the highest interest rates out there, sure you do often get a grace period, but if you have to say shell out for an expensive repair to your car or something you probably won't be able to pay it all back, if you could you would probably just have paid the repair in full in the first place.
Anyway, overcharging your debit card is something most banks "allow".
ColtaineCrows Almost all credit card is interest free until the end of the month, plus a few weeks until your payment is due. Basically you can have an extra month of salary, and use it forever for free...
It is basically harder to find a credit card which does NOT have this benefit.
@@juzoli It's a bit of both. It normally functions like a debit card, but if I do have less than 0 euros, it effectively becomes a credit card. My limit is 0 by default, though. You have to activate this type of option.
Marco Meijer The only thing you get from debit card, which you don’t get from credit card, is cash from ATM.
It depends on your lifestyle, I personally almost never use cash.
Man, I've said that so many times. I've known people that paid back $1,000 for a $250 loan. Love that you interact so much with the comments.
Also, legend.
Ridiculous.
@@brainblaze6526 It absolutely is, there are more of these than banks and pharmacies in KY, USA. FN terrible!
@@brandonsizemore3619 In my city, Ogden Utah, there are more title loans places than there are actual banks.
Yep, and you may have heard the news, but we have a LOT of pharmacies!
It's a lot harder to open a pharmacy than a payday lending office. Just think of all the stuff you need for a pharmacy: pharmacists (doctorates with very high malpractice insurance), safes for schedule II's, licensure for the store and every single employee... For lending, you just need a couple grand.
Simon, can we get a "capitalism with lube" t-shirt?
Simon at the start of the video: I'm probably gonna piss some of you off
Me: I can respect that *smashes that like button*
"Thank You For Smoking" is one of the funniest - and truest - movies ever made! I concur, Simon; if you haven't seen it, you really must.
Thank you for smoking was party funded by Elon Musk... The private jet in the movie? Yeah that's Elon's jet he lent for the movie!
On my comment for last blaze - Cyptocurrency scam video - someone commented trying to get me into a cryptocurrency scam. I have high hope for a great loan oppertunity from a friendly Nigerian prince
🤴 have I got a deal for you...! 👀
I want to offer you a small loan of a 100 bucks with a tiny 5% monthly interest rate. You have to pay the interest until you pay it back but you have no deadline on that so you can keep that 100 bucks forever. Interested? :))))
If you want the $1,000,000 USD that was just awarded by the National Funds Institute to you, please reply with your bank name, account number, as well as your routing number, so we may quickly deliver the monies for your amazement! Congratulatens! In winning the loto! Very rare people win and must reply quickly before new winner is chose 👌 so please delay no and hurry with info!
Thanks be to you,
From Royal Crown Prince of Nigerian!
I have recently come into a large amount of money but your help is needed for to move the sum into the us. This 100% risk free transaction will give you 30%. All you need do is send $150 via Western Union to me in Cameroon to show your can handle large sums.
It's not a loan program... you are really his long lost cousin and he wants to give you your inheritance.
7:00 - weird edit..... Kinda cut off mid sentence. Was that a "might get a cease and desist" kinda moment? 😂😂😂
I noticed that hard 'cut' in the editing. I wonder how many letters like that he gets a week?
Not sure what he was about to talk about there...
Nailed it.
As someone working for one of these companies I really still have to agree with all of this
The saying "You need money to make money" is, sadly, very true in our world...
I've worked for a few pawnbrokers, which is a very similar industry. All our customers were on benefits, they relentlessly bought every game, movie, gadget, and thing imaginable. They lived a much better life than those of us who worked there. All the money came from the taxpayer. Education and personal responsibility is the answer. I came from a background of extreme poverty, violence, and starvation, and I had no option but to drag myself up from living in a stairwell to owning my own business. Personal responsibility!
Being a centrist myself this is one of the few issues I'm solidly on the left with
It has nothing to do with Left or Right. It has everything to do with whether or not someone is a shit human being.
Really a true fiscal conservative would not get any loan let alone a payday loan. Actually if you are opposed to this payday loan concept you would more on the right of this issue. Simon got this very wrong in the video. Opposing payday loans is a fiscal conservative position.
@@Skyrunner_84 then everybody agrees that poor people need banks, because the left has been saying this forever.
@@2piix I don't remember anybody saying poor people don't need banks. When did that happen?
@@Tux.Penguin bankers said that in thre 1970s.. leading to the rise of payday loans...
One solution that you almost hit upon:
Postal Banking.
Look it up!
For the Mother Fucking Win!
"If it's a hate watch, THAT'S O.K!"
And these moments are why I watch this madman lmfao
All sweet watch time in the end :D
@@brainblaze6526 Watch time is more important than those ads I don't watch...
Most ads I see are useless to me
Just found this channel, I love how unleashed you are here
The amazing thing is that I got a Payday loan advertisement at the end of this video. At first I thought it was a joke, but it was a real advertisement. I've never gotten that one before.
7.50 for a bounced check?!??!?! here' it's a MINIMUM of 25.00 and USUALLY 50.00!!!!
I know, right? Sometimes it's $25 from the bank and $25 from whatever business you wrote the check to. And I mean, you already were at $0. One time I got in the hole for over $200 from overdrafts. I went to the bank and begged then to waive the fees, and I was able to get back up to $0.
$35 for the bounce, and of course the bank had some messed up hours for when the stuff hits so it bounces before a paycheck hits, and as many hit as possible. If you call, they will "forgive" part of it because they are such wonderful people.
@@flowertrue Wow that's ass. I've over drafted a scant few times to the tune of 19.99 from the bank. Lol the last time I did it, like back in 2014, I took the ladies at local bank branch in town I visited the most a plate of chocolate chip cookies and got them to remove the overdraft fee.
Cheques are only a payment method for businesses in uk. Personal cheques were removed years ago.
@@skylarius3757 It's a holdover term - if you use your debit card, and there's stuff that is "pending", the payment is still considered in your account. This can lead to a quick glance at a total, and not seeing that you've got $20 pending, and buying something and bouncing for $1.
Some things are still done by check, as well, like older people doing anything, and smaller landlords renting directly to people.
I haven't had checks aside from the ones from opening an account in decades. I rarely even pull out my card, since I have a modern mobile.
One word: USURY
It was illegal before the lobbyists. The newest trick is "short/micro term" loans because there is often a loophole that allows higher rates on 90day or less. Then the 'loan agent' will "lower" the interest rate but the "refinancing" starts a new 90days. The interest is lower than previous but still higher than the limit for over 90day rate.
Another nice blaze from Comrade Whistler
Dah.
I don't understand how this channel doesn't have millions of subscribers
I didn't realize till Simon said it, that I like this channel because it's the same type of humor like Last Week Tonight. Gotta love those Brits!
I swear Danny just puts in those bizarre culinary tidbits to wind Simon up.
I was caught in this cycle for years in Silicon Valley as it gentrified. Glad I had the sense to get out with a sizable tax return one year. I lost THOUSANDS during that time...
:(
These kind of predatory "loans" got hammered hard by laws in Finland, capping interest at 20% or something.
I don't think they are legal anywhere but in the US. And only because usury laws are either ignored or have been removed.
Carewolf: They’re popular here in Canada, I don’t know exactly what the “fees” or interest rates are.
@@Carewolf As mentioned, very much a thing in the UK.
@@brainblaze6526 Right. the Anglo-saxon sphere then, where usury laws are frequently ignored or unenforced.
@@Carewolf They're not even legal everywhere in the US. They're illegal in my state.
Been there, done that, never again. Between payday loans, and the "build your credit rating" credit cards usually landing in your junk mail, it's a ridiculously easy path to get sucked into if you're desperate.
That's not to say that some of the regular banks aren't guilty of some exceedingly dodgy practices too.
In the us military, we have a program called 'emergency relief' that offers no interest loans, which are paid back in installments from your future paychecks.
The caveat is you have to get your command involved in the process. Many struggle with the idea of getting their 'boss' involved in their personal finances. But there's something to be said that if you're having troubles like this, there's a good chance you could use some help getting your finances in order.
We need to teach financial literacy with as much zeal as we teach "literacy." It's very easy for me to say that, having benefited from several significant instances in which the basics of finance have been taught to me in various ways throughout my life, but by the same token, that demonstrates my point.
Silly as it may seem, I actually learned A LOT through trial and error while playing "Sim City 2000," all those years ago. There's something really humbling when you see the "city" you've "built" turn all brown and gray because you raised the taxes to 90% and maxed out your city bonds, and turned the time scale up to max speed, just because you wanted some quick cash to build more stadiums and zoos and didn't consider what effect that would have on your "citizens."
It isn't as gut wrenching as ACTUALLY confronting poverty, but it does stick with you a bit. At first it's just inconvenient and irritating to have to admit you've dug yourself into such a hole that you have to delete your "city" and start from scratch. So then you start taking a little more time and being a bit more strategic... but if you haven't really figured out the core concepts, you still end up in the hole, just with more time and energy invested when you have to start over from scratch. So then you really sit down and think about how no one is going to move into "residential" areas which are right across the street from "heavy industrial" zones, and you start to figure it out.
Then, years later, you're an adult, driving through Youngstown, Ohio, amidst the rusting hulks of the Steel Mills that are now empty and lifeless. You look at the rows of abandoned houses, and vacant storefronts right across the street from the Mills. You see lots where obviously there was a house at one point, because there is a crumbling concrete stairway leading up from the crumbling sidewalk... to an empty space with nothing but weeds and scrub reclaiming it. Then you see a few families, staking their claim on the few undamaged row houses still standing... JUST like in the game! There would always be a few squares of houses in full color amidst the bombed out ruins of the "city" you tanked out of impatience and greed... and it hits you.
I can't save Youngstown. I don't know if I would, even if I could. But you EMPATHIZE with the people who bet their LIVES on those Mills, or Mines, or Factories. And you go back to the lessons you learned. Patience, planning, sacrifice and hard work in the short term, for measured gains, and attainable goals in the long term. I've sold my blood plasma bi-weekly for 2+ years, just to buy Ramen noodles and PB&J, while putting myself through college and pharmacy school, and I'm STILL eating Ramen and PB&J now that I've finally started my "career" so that I can claw out from under my crushing debt. I understand how the game is played, figuratively and literally, but so, so many people never get the chance to burn their city to the ground and have to start over, until they finally learn how the world works. =/
Games taught me more about the importance of saving than any platitudes from someone wanting to help me. There's no substitute for experience, even if that experience is virtual. Great point!
God this is beautiful
This is beautiful, totally agree. As a game designer myself, I feel that games can be very educational, especially when they're paired with a robust lesson plan built around the game in question, delivered by a good teacher. They can drive home a point so hard because you're getting your hands dirty in the math and the strategy and the *mental work* behind the core concepts. We need more games that are about finances, economies, business strategies... We need more education about those things in general, but maybe games can bridge the gap while education catches up. I hate to say it like that, but it's true.
The citizens of Minneapolis know what it feels like to burn your city to the ground.
Beautifully said, great insight
This is one of the best videos you have produced. We all need someone to help us deal with situations over which we have little control. Not all people can have a sophisticated knowledge of finance and how these lending companies work. Oh and by the way ignore the trolls in the comments section, you can not please all the people all the time, nor should you even try.
Your rants are what make this channel amusing.
He is rants? (Okay, thank you for correcting it.)
@@0ldFrittenfett OP got it right. Don't quibble (says this spelling Nazi lol).
I love how all of Simon's channels get progressively more relaxed and kicked back. I like to imagine he starts the day with the serious channels, and as the day wares on, he gets progressively more and more loose, and by the end of the day, he's just done with everything
Its funny, the way other countries deal with this is by just capping the amount of interest that can be charged in a loan. Weird, sounds so hard to manage a product that is already regulated by financial institutions.
Unpacking the shopping and this is uploaded just in time. Woop woop!
Funnily enough, same here.
Whoop! Whoop!
BIG MOOD! 😂
24:04 - Sam, you're the real legend, ma boi! 😂😂😂
Legend.
Simon, your “center” is American “firmly left”. It’s ok it just means you’re not a psychopath.
Except for california and the DNC. For them, he would be a nazi (as any normal people...)
That is why a lot of "conservative states" ban payday loans.
@@dragonofparadise Centrism is vile. You cannot ethically compromise with right wing ideals.
Vaelophis Nyx if you think every right wing ideal is inherently bad and left inherently good then you are firmly in an echo chamber.
@@vaelophisnyx9873 you're right!!!! You can't compromise with with right-wing ideals. Full on right wing !!!!!!!
I like you.
Simon, Danny and Sam, thanks for doing this one. Payday loans are evil trolls abusing the cycle of poverty many people are trapped in.
Holy shit. That's me. I remember commenting on a video of yours about credit cards, and mentioning payday loans. When I saw the title I thought "nahhh no way". Thanks dude. Hopefully you get your mind blown. Keep up the good work
Simon, doing business blaze, is like me when im asked to stay a bit longer on friday to finish a project.
Yes, i will do it; no i won't be serious about it. and you can bet i'm going to find a way to have fun with it.
(By the way, is it called business blaze, because "business burns" was too obvious ? 🤣)
You can't make good puns about "blazing" together with the other name, though!
Simon: 6:56 “Like, as a” something wholly inappropriate but probably true was said right there.
Also I love capitalism but this is just financial slavery.
Wish our public schools trained the current teenage generation in financial realities, but they don't. Today's parent can't teach it to their kids because the idea is foreign to them.
capitalism is by definition financial slavery; there has to be a social class that's always fucked or there wouldn't be billionaires
@@TheWizardboy5 Admit it, you have no first hand knowledge of how the economic system really works and you're just repeating back the sad old propaganda used by Stalin and Mao.
@@billolsen4360 have you ever had a job in your life? my wages a below subsistence, my coworkers wages are the same, we all have to work 60 - 70 hours a week MINIMUM to make ends meet you self entitled prick
@@TheWizardboy5 I've had 17 jobs in my life. What's the issue for you & coworkers, education?
Simon: "I'm gonna get so much shit for being a socialist on this one."
Me, a left leaning liberal capitalist: "Mixing socialism and capitalism, while trying to get the best of both worlds, is the way to go."
Full on unregulated capitalism is the only true and proper path. Never mind that it looks exactly like communism. with the piss poor masses being exploited by the super wealthy ruling class.
The only real difference between unregulated capitalism and full on national communism is who chooses who are the wealthy elite and who are the worker slaves.
"Pure" Capitalism in the U.S. used to be practiced by large companies and corporations with the idea that their employees were (more or less) part of the company "family", and thus their personal wellbeing was a significant part of business plans. Also pertinent at the time was the employees' loyalty to the company, bolstered by the company's reciprocal loyalty to the individual employees. While this philosophy proved to be beneficial to both sides, the focus of large companies later turned to purely short-term profit displayed to stock holders on a quarterly basis. This business philosophy aimed at short-term profits not only resulted in a decline in the interests of and fair treatment toward the individual employee, but also a decline in the quality of the product provided to loyal consumers as quality and product-life diminished, sometimes intentionally. These factors, together, have resulted in disposable products made by employees who can no longer take pride in the quality of their work and have no reason to feel any loyalty toward their employer, who is obviously only interested in bleeding the most production out of each employee for as little compensation as can be successfully managed. Is it any wonder that employee theft has become such a major issue over the years?
This current situation is not an example of "healthy" Capitalism, but more akin to a feudal society, and the result is that Socialism begins to look attractive to those who are being exploited by extreme Capitalists. Of course, extreme Socialism (or Communism) then easily becomes a near mirror image of extreme Capitalism, with a polarization of the extremes of rich and poor, and the middle-class becoming a minority. (Take Venezuela's recent and sudden political journey from a very prosperous nation to a nation spawning economic refugees at an alarming rate.)
The best practice is probably the mid-twentieth century U.S. model, or governmentally regulated, conservative Capitalism practiced with the liberal mindset (or heart) of Socialism--in other words, Capitalists who care about their products and employees.
When Sam Walton ran Wal~Mart (note: WITH the "squiggle"), the hourly pay rate for the average employee was not high, but the company did provide good benefits and offered an attractive stock-option program to all levels of employees, which potentially provided a very comfortable retirement to even the most lowly worker. Today, the philosophy and practice of Walmart ("squiggle" officially removed) is to severely limit the hours and benefits of its employees as much as possible, to the point that the vast majority cannot make even a modest living from a job at Wal-Mart; the company now seems intent upon wringing every drop of blood and sweat possible from each employee, while providing as little compensation to the employee as is legally possible.
Welcome to modern Capitalism in America; it looks a lot like the Socialism of Soviet Russia, doesn't it?
@@radvideo6569 I'll take it you've never heard of the labor wars of the early 1900s and the outright shit conditions that most people lived and worked in as well as the damn near 50% poverty rate.
Of you did, you would know better than to say half of what you did. Companies didn't care about their employees because employees were easy to find and as easy to replace.
The only workers who got half decent anything were skilled workers that you couldn't find on the streets.
what is best about socialism?
@@luizcastro5246 The weight loss from starvation. The best system that I see is a capitalist system with a social safety net that works on a gradient with a free localized trade school system to teach people how to perform jobs for local industries.
For example, if there are shipyards nearby, they classes for welding, shipfitting, etc. If there are breweries everywhere, they can teach classes on how to build and maintain the machinery as well as classes on brewing to get people into these jobs.
This can be done for no net cost because the tax revenue increase that the students will be paying will pay for the schooling.
God I love a good Simon rant. And the visuals that Danny edits in for them.
he said sam does that, danny writes the script
As product of the American education system, if the school system just taught us basic economics and book keeling skills this wouldn't be a problem. Don't expect our parents to do it. Very few will and not that many know how to.
In the words of C. W. Lemoine, "Don't be a douche."
Simple
Simon to us: "The poor are screwed"
Simon to haters: "I work for the Soviet Union"
I've seen every episode of last week tonight, he does hit every point you do, and it is hilarious, but your voice is nicer on the ears than John Oliver's 😂
Hahaha, I guess they are kinda the main talking points behind this :). Glad I didn't watch it before hand.
John Oliver talks like Jimmy Carr laughs.
I worked at a payday loan company. I really agree with you about the issue. I carefully explained to everyone EXACTLY how much they would pay on the loan. It was tiny company (the owner and one employee) so it was policy to explain the policy clearly and try to make sure they understood. People would extend the amount and make weekly payments for years.
But I needed the job, and most people using it could never qualify for an actual bank loan. Also they needed a loan for $300 (the maximum amount that company would do) and a bank loan is usually a much larger amount.
There should be a clause that once you'd paid double the original amount the loan is waived. Then at least there would be an ending.
Massive assumption that people’s families or friends can help them. Often times, they are in the same cycle of poverty. 🤷🏻♂️🤷🏻♂️
Like befriends like. A phenomenon that's been around since before the Internet.
Or they've already lent money to the person and never seen it back. I'm in this situation with my mom. I've lent her over $8000 combined. She always promises to pay back 500 a month "as soon as her situation improves". Then the situation improves and I still dont't get money. In total, I've only gotten 700 back from her.
MichiruEll I get that, I’ve loaned money to family before and never saw it again 🤷🏻♂️ but some don’t even have it to loan to begin with...
@@stephenwright8824 Poor people don't all run around saying, 'hey are you poor? let's be friends!' You're making it sound like poor people are incapable of socializing with other groups. What OP was saying was that if you are from a poor community, then turning to your friends & family for money is not an option.
I am 31 this year, I still enjoy turkey dinosaurs every now and again.
Simon: "I don't know why people like this channel, I don't care if they do, as long as the views come in and the watch-time stays up"
It's like when bands don't care if we pirate their music, so long as we buy concert tickets. 😂
I'm not left at all. These loans are 100% predatory and should be illegal. Yes at risk people will pay more for loans, risk/reward but they could charge 5% and still make a lot of profit.
Bless you guys for making this video!!! And rock on, you LEGENDS!!! (And rock on, socialism!!!) Seriously, when did people get all paranoid about being labeled as socialists? I'm a socialist, and I lead a very fulfilling life! Considering that capitalism is to humanity what cancer is to a human body, I'd be a lot more depressed about being labeled a capitalist. Come on, Comrades, let's rise up together and destroy the capitalist murder-machine!! We'll start by ending all the payday loan-shark rackets, and go on from there! Thanks again- this video tells the truth, and the truth is a beautiful (and sadly rare ) thing to hear.
I'm absolutely a Socialist, as in workers owning the enterprise, and an Anarchist of the Syndicalist/Mutualist/Commie variety. I'll be 67 next month and I fear I shant be alive when the system crashes. Then again, the tipping point for the Amazon rain forest has been reached, so agriculture could crash in the US very soon.
I keep hearing Simone say "porn brokers" instead of "pawn broker" LOL
I'm right there with you. I had to stop and really listen and think for a good half minute. I mean when you say something ambiguous like, "go and take some of your valuables to the local pawn shop." but have an accent that makes "pawn" sound like "pron", it doesn't seem weird beyond that people would be buying back um....used goods. But then Simon went on about his friend going to a local "pron" shop and how in the UK they're not called "pron" shops and then it clicked. Simon could really have a hay day running us around the yard by just doing an April Fools Business Blaze about "Pawn Pron, Pron Pawn" Shops for chess players. Most Americans, myself included, would be confused for a good 9/10ths of such a video.