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A Fitting Financial Planning Reply to Sub-Prime Rogues (Part 2)

4 February 2008 - Miscellaneous - Editor

A Fitting Financial Planning Reply to Sub-Prime Rogues (Part 1)

The political structures of democratic functioning, and the financial interests of major stock market operators are closely aligned. Networks serve as mutual customer satisfaction rings. The sub-prime phenomenon of 2007 must be seen in the light of the fact that the wealthy, the privileged, and those who part of the customer-service provider network, have not lost their homes. Woe betides the bank executive who would dare sell a sub-prime scam to a connected person!

Ontario has proved that the poor can also join hands just as their celebrity kin. A credit union deploys the savings of common people back in to their local communities. This form of financial institutions has a very Islamic tone, with customer interests firmly in view. It also promotes diligent and honest repayment behavior by customers, because the credit union is their own. This is an extreme form of customer integration, with lenders and borrowers committed to each other, rather than to one-sided, personal gains, or with extraneous interests.

Credit unions are also biased in favor of small business owners and wannabe entrepreneurs. It is a sound way to deal with unemployment, and provides in-built protection against faulty business planning as well. That is why the growth of the small business sector is one of the most beautiful jewels in the Ontario crown on financial planning. Slashing interest rates may be expedient from the lofty towers of power, but it is the rolled-up short sleeve approach of credit unions at ground zero, which produces real and lasting results.

Please come back to our web site for a companion piece to this article titled “Customer Benefits versus Profits for Financial Planning Service Providers”. This topic is currently being researched, and we hope to publish it soon. Do remember though that the series is meant to be interactive, so our forums are ready and waiting to delve in to your experiences with credit unions, sub-prime abuse, and related matter. Please do make posts even if you strongly disagree with this article, and feel that large international banks are better than credit unions. We would love to hear and learn from you!

 


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