Restoring Faith in Capitalism

[Peace Patriot]

Source: IncaKola News

(10/26/2009) Sometimes I get the weirdballs mailing me with their "you commie dumbass" lovespreading. This is fine, cos as long as they're taking it out on me they're not bugging somebody that might give a rat's ass about what they think. It's also plain wrong, cos even my lefty pals recognize they have a capitalist on their hands.

But not the kind of screw-you, hatred-filled capitalism now preached North of the Rio Grande. Why not compare the attitude towards the world shown by Citi or Goldman to the attitude of Mexican bank Compartmos (COMPART.mx). Here's an extract from today's post from the evergreat Mexfiles featuring this bank. Click through for the rest (you'll be glad you did).

"Given that Compartamos works with the client to assure they are able to pay the loan, what started as a not-for-profit microlending service became a normal business in 2000 and the next year became the first microlender to issue debt in the capital markets. In 2006 it was transformed into a “normal” commercial bank… with one important difference. It’s not only considered one of the best employers in Mexico, it’s doing what banks aren’t supposed to do… turn a healthy profit in an economic slump..."
http://mexfiles.net/2009/10/26/doing-well-by-doing-good/

Read more: http://incakolanews.blogspot.com/2009/10/retoring-faith-in-capitalism.html

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IncaKola News is a great website with focus on financial issues in Latin America. This is a good example of news that you will get nowhere else.

[Warpy]

1. Well, that explains why so few Kiva loans are needed in Mexico

That bank realized that poor people have a much better repayment record than the big boys do, something that would seem to be the case worldwide.

[Overseas]

2. K&R !! //nt

[Judi Lynn]

3. Banks could NOT do much better with their resources than this. It improves the entire community.

Radically different from anything we've seen here, isn't it?

Makes you yearn for days we've NEVER seen before in our own lives. Can't recall ever hearing of a bank in the entire US like this one.

I can imagine their betting on individual human beings will be rewarded far beyond their expectations.

Thanks, Peace Patriot.

[Vidar]

4. K&R