Business of looking at news. Someone will have a shot to tell us what pictures to influence us literature and drama or poetry what does it mean . What does it do to us . [laughter] still one of the early generations with the systematic attention in the 18th century the promise of news was enormous with the idea if you have information about the workings of government and of other countries and a free throw one dash free throw of information that you will have flourishing entry. For what news was meant to be. Even if it did not deserve the workout that way but now it seems if you try to keep the population confused confused, supine, unsure how to go across the space you have two options. The first is from north korea. You stopped anyone getting from any information. But the other way is much better if you keep things as they are to flood people with news. So much so they could figure out what was happening last week. You dont know because cleverly it is not ignorance but we are flooded
Too often, however, the response from some of my friends on the other side of the aisle is to see something new and panic. Lets talk about some of these new products. One of them is called the pay now, pay later or, im sorry, buy now, pay later, or bnpl. Bnpl typically allows consumers to make purchases now, often online, and repay them in for interest free installments later. The service can be a very attractive way for consumers to manage their cash flows, to paying goods and services any interest. Thats especially true for consumers who dont have or dont want to use a credit card for such purchases. This may explain why bnpl is most popular among younger consumers who have shorter credit histories. If customers are late with payments, bnpl companies sensibly suspend further purchases until they are paid. And some charge a late fee. Interesting we, bnpl companies do not primarily make their money from consumers at all. But rather from retailers who pay them a small percentage of tran
Large variety of small dollar personal, auto, and Small Business loans, as well as critic, arts mortgages, and home equity credit lines. These can generate consumer benefits by lowering the price of Financial Products, expanding Consumer Choice and increasing competition. Often, they provide access to credit for higher risk borrowers such as consumers with lower incomes or no credit history, all through a highly supervised financial institution. Unfortunately, some bureaucrats and some lawmakers seem to react with hostility to almost any new Financial Products. Democrats in congress have majority branded bank fintech partnerships in general as rent a bank schemes. Last year they overturned and obc occ rule that provided over unfortunately, by attacking legitimate bank fintech partnerships, our democratic colleagues risk restricting access to needed credit for lower income consumers. And then theres the cfpb. Under director chopra, the cfpb has repeatedly demonstrated hostility to innov
The committee on tanking will come to order. We apologize for the delays this morning. Well like to start a hearing late. Sympathy have to so thank you for joining us. Its good to see all of you. You have been around this committee before worked here before soar welcomed olivia. This hearing is a hybrid format and their witnesses are in person. Witnesses have the option to appear in person or virtually. The dignity of work is a concept that the 13 spoke of in the late 19th and early 20th centuries and a concept authorized by dr. King. When work is dignity you can support yourself and your family and your future. We on the whats happened over the last four decades. Corporate profits have gone up the stock market has soared and executive compensation has exploded. Wages haveio not kept up with te cost of living. Millions of workers with fulltime jobs who aspire to the middle class can join at no matter how hard they work and people who make it in middleclass dont feel much stability. Wor
Most companies fail, even a successful entrepreneur who has done this before has a accept out of ten chance has a seven out of ten chance of failing the next time he tries to start a company. So the most interesting thing i actually learned was how amenable bad failure attitudes are to change. And i learned this in my own way. As a writer i have what psychologists call a fixed mindset. Basically, theres two ways you can approach a challenge, as an opportunity to learn something and expand your brain, or you can approach it as a dipstick that is measuring your innate level of talent and ability. Most writers are the latter kind of person. They call that a fixed person, a fixed mindset. Growth mind people tend to learn more from the challenges they do face. They do it again, and they grow more, but its a hard mentality to develop, especially you look at the way most kind of bright kids go through school, its easy, right . And you earn from that success is about finding work easy. When yo