Catholic Social Teaching

"Infinite Debt" by Thomas Geoghegan, Harper's Magazine,Apr2009, Vol. 318 Issue 1907, p31-39. 9p.

The article presents the author's opinion that the financial crisis was caused, in part, by the dismantling of usury laws. In the author's view, exorbitant rates charged on credit card balances and payday loans created a bloated financial system that drew capital away from manufacturing and into financial services. He presents a plan for remedying the situation which includes passing new usury laws, giving financial assistance directly to working people and installing "public guardians" on the boards of banks that receive government assistance.
Available in print at Reeves Memorial Library