Unfair servicing practices can worsen a family's already difficult economic situation, and the injury echoes from the family to the community and ultimately throughout the economy.
Interpretation
Unfair service practices can negatively impact families and communities economically.
Elizabeth Warren highlights how unjust servicing, particularly in financial contexts, can exacerbate the financial struggles of families. This ripple effect of economic harm not only affects individual households but also extends to the wider community and can influence the overall economy, demonstrating the interconnectedness of economic practices and societal well-being.
In practice
This quote could be used in a speech advocating for consumer protection laws.
Families rely on financial services more than ever, but those who need them most - who struggle to make ends meet - too often must contend with sky-high interest rates and tricks and traps buried in the fine print of their loan products.
There's been such a sense that there's one set of rules for trillion-dollar financial institutions and a different set for all the rest of us. It's so pervasive that it's not even hidden.
Mitt Romney is the guy who said corporations are people. No, Governor Romney, corporations are not people.
I talk to nurses and programmers, salespeople and firefighters - people who bust their tails every day. Not one of them - not one - stashes their money in the Cayman Islands to avoid paying their fair share of taxes.
'Middle class' used to be synonymous with secure, with steady, with boring, because middle-class people were people who were pretty much safe from the time they first started work on through retirement and until their deaths. No longer.
Does anyone believe that Goldman Sachs is gonna give up a deal that would yield millions of dollars because someone fussed at them behind closed doors?
Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.
To get back to the kind of shared prosperity and upward mobility we once considered normal will require another era of fundamental reform, of both our economy and our democracy.
Developing economies may not have much control over the headwinds that they face today, but that does not mean that they are powerless. Much can be done not just to sustain moderate growth but also to secure a more prosperous and resilient future.
We all knew this. We all knew that it would take more time than any of us want to dig ourselves out of this hole created by this economic crisis.
I agree that income disparity is the great issue of our time. It is even broader and more difficult than the civil rights issues of the 1960s. The '99 percent' is not just a slogan. The disparity in income has left the middle class with lowered, not rising, income, and the poor unable to reach the middle class.
There is slow growth, but it is positive slow growth. At the same time, ratios of debt-to-incomes go down. That's a beautiful deleveraging.
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