Newsweek Discovers Banks Want Your Money, Algorithmically
Newsweek insightfully (and a decade late, judging by the article's 2018 URL) points out that banks' algorithms encourage debt by increasing credit limits. Meanwhile, mainstream financial news consistently fails to connect this behavior to larger systemic issues, like how the same financial institutions lobbied for deregulation that enabled predatory practices. For example, Dodd-Frank Act rollbacks
in 2018, pushed by banking interests, quietly weakened consumer protections, making it easier for these 'algorithms' to do their job—your financial detriment. It's almost as if the banks aren't your friendly neighborhood savings and loan, but rather finely tuned profit machines. One might wonder if their 'algorithms' are just highly sophisticated ways to implement basic capitalism. How many more
articles do we need to grasp that their success often depends on our indebtedness?