Category / Bat Segundo

by Edward Champion

The Bat Segundo Show: Dan Ariely

In this 40 minute radio interview, the famed behavioral economist discusses uniqueness in relation to behavioral norms, emotional cascades, and human comprehension of disaster.

Dan Ariely appeared on The Bat Segundo Show #344. Mr. Ariely is most recently the author of The Upside of Irrationality.

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Condition of Mr. Segundo: Looking about for Dichter’s egg.

Author: Dan Ariely

Subjects Discussed: [List forthcoming]

EXCERPT FROM SHOW:

Correspondent: The question is whether or not there is some kind of maximum threshold. An escalation of that one item that makes something unique before we realize that it’s really a ruse.

Ariely: I don’t think so. I think that we’re actually going the other way in terms of society. A long time ago, we had to hunt and spend time finding food and cooking and so on. And right now, you can do it in thirty seconds. So what do you do with the rest of the time? I think we get conceptual conception. I mean, we’re still occupied with consumption. But it becomes much more about the idea behind it right now rather than the thing itself. You know, we can get enough food. That’s no problem. It’s about: what does the food mean and what do the clothes mean and the vacation that we get. And so on. As we strive more for meaning and ideas and stories, I think that actually we get more and more involved in this aspect of loving what we create. By the way, I also think this has a lot to do with how things turn out in the housing recession. As the housing market was going down and down and down, Zillow — the website — they did a survey that asked people, “Have houses in your community lost value?” People said yes. “Has your house fallen in value?” And people said absolutely no. And I think that the reason is that we have our own house and we’ve tailored it just to ourselves. So we put much of ourselves into it. And we expect other people to value it. Maybe not as much as we do, but to a much larger extent. So people become immune from thinking that other people don’t see things in the way that they do.

Correspondent: We’re talking about that interval between social norms and market norms. Obviously, you’re dealing largely with behavioral economics. But in this case — like, say, a home — we almost have a social and a market norm. And so, as a result, it becomes a dicey proposition when we’re trying to analyze why people place this extraordinary value on their own particular possessions. Because it may not necessarily be interpreted — at least from their perception — as a possession.

Ariely: Yeah. So housing is complex. Again, it’s one of those things that, when you try to get people to think about the house from the perspective of the market, they have a hard time. First of all, they are connected to the price they bought the house at. It’s irrelevant, right? It’s irrelevant how much you bought the house versus how much you can sell it for. But people get attached to it. But on top of that, I talked with many real estate agents. And they say that when they get a seller to express a price, if they get an offer that is way too low, they take it as a personal offense.

Correspondent: Yeah.

Ariely: It’s not a personal offense! But, no, people really get upset.

Correspondent: Well, you were upset when they did the same to your house. When you had taken out the walls and they asked you to put them back in so you could sell the home.

Ariely: That’s right. So assuming that I did lots of changes to a house and made it just so — so we loved it — lots of other people loved it as well, but didn’t want to live in it. And eventually what we did was we put some walls back. We changed some of the beautiful things we’ve done for our purposes. And actually so many people wanted to see it afterwards then. All these changes. It was really heartbreaking.

Correspondent: But there’s also an interesting irony there. About something that you’d customized.

Ariely: Yes.

Correspondent: It becomes off market.

Ariely: That’s right.

Correspondent: So I guess we need to start off with a baseline item for market value. And then we get into a tricky situation where our own personal — the unique qualities we place…

Ariely: The unique taste that you have might also make the house less valuable.

Correspondent: Yeah.

Ariely: But it’s very hard to see it. Because if you like blue, it’s very hard for you to understand that people might not like blue windows. Or blue something. Especially if you spend lots of time and energy on it. And you do it just so. It’s really hard to imagine. I mean, I can tell you as somebody — so I wrote a couple of books. It’s the same thing. I invested a tremendous amount of effort and energy into those things. And if somebody doesn’t like them as much as I do, I don’t understand how can that be. Right? I expect everybody to love these books. In fact, in my view, they’re better than any other book in the world almost.

Correspondent: (laughs)

Ariely: But once you invest so much effort, you get blinded to the projection of other people.

Correspondent: But how does humility factor into something like this? Just from a scientific standpoint. I mean, I don’t think you really believe these two books are the best books in the world.

Ariely: No, I don’t. (laughs)

Correspondent: I’m going to have to break it to you. You know, if I had a choice between your book — which is great!

Ariely: (laughs)

Correspondent: I would choose Ulysses over that. No offense.

Ariely: Well, talk to my mother.

Correspondent: (laughs)

The Bat Segundo Show #344: Dan Ariely (Download MP3)

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by Edward Champion

The Bat Segundo Show: Marcy Dermansky

In this 40 minute radio interview, novelist Marcy Dermansky discusses Bad Marie, French geography, potential alliances between authors and copy editors, and people who ask you to sign books for Alexa.

Marcy Dermansky appeared on The Bat Segundo Show #343. Ms. Dermansky is most recently the author of Bad Marie.

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Condition of Mr. Segundo: Misidentifying French landmarks and attempting to make peace with copy editors in sketchy motel rooms.

Author: Marcy Dermansky

Subjects Discussed: [List forthcoming]

EXCERPT FROM SHOW:

Correspondent: I want to touch upon coincidence. Because it does create possibly a problem for a reader who is looking for a plausible reality.

Dermansky: Yes.

Correspondent: And I’m wondering if you can justify the use of coincidences or convenient run-ins because this is a work of fiction.

Dermansky: Right.

Correspondent: Because anything goes in fiction. Because you should be aware that it’s an artifice. Do you think that verisimilitude was just not required for this particular work?

Dermansky: Well, I think to some extent. There are crazy coincidences in life. And why not? I mean, there goes a motorcycle.

(A motorcycle passes.)

Dermansky: You never know who you’re going to run into or what’s going to happen. When I was signing books at BEA, someone came up to my table and said, “I want you to sign this for Alexa.” And I said, “Okay!”

Correspondent: Who was Alexa?

Dermansky: I have no idea. It was like her cousin or her niece. But at the table next to me, somebody walked up and said — and I just overheard; we were right next to each other — she said, “Could you sign this book to Alexa?” And it was just a different person next to me. And I just thought, “How many Alexas are there in the world that other people want?” And so that happened. And that’s not as dramatic as reading a book in prison and then coming out and finding out that your best friend is married to that author. But there are coincidences.

Correspondent: Did you make any efforts to track a third Alexa?

Dermansky: No. (laughs) I should have done that.

Correspondent: I mean, maybe there was a run-in of Alexas. Maybe there are a lot of Alexas in the publishing industry!

Dermansky: I stopped signing the book and said, “Isn’t it strange that there’s another Alexa?” And the woman whose book I was signing thought I was odd. And she’s just like, “Sign my book.” And I kept going on about how I thought that was interesting.

Correspondent: Did you find out what her name was?

Dermansky: No. I didn’t find out her name.

Correspondent: Oh.

Dermansky: Yeah.

Correspondent: Maybe she was Alexa. Maybe she liked to refer to herself in the third person. We don’t know.

Dermansky: Possible. Yeah, you don’t know. The normal people are often that. That’s what I was saying.

Correspondent: But on the other hand, we are dealing with narrative vs. reality.

Dermansky: I know. It’s true.

Correspondent: And while we can accept numerous coincidences, numerous associations, numerous situations, numerous parallels — that’s not necessarily going to line up neatly in a book. And in this, it seems to me, reading it, that you just didn’t care.

Dermansky: I think I didn’t care. I mean, I could put it back on you and I could ask you that. And you could be truthful. If that bothered you as a reader. Did you say, “Oh my god! She’s gone too far!”?

Correspondent: Well…

Dermansky: (laughs)

Correspondent: It did and it didn’t.

Dermansky: Okay.

Correspondent: I mean, I would say that it is rather curious that your book has a lot of outsider characters who are observing the situation. And then they mostly get involved with the narrative. And I wanted to actually ask you about that. There isn’t a single real stranger who’s looking upon all these weird characters — or unusual characters — or characters who came from a normal author.

Dermansky: Okay. (laughs)

Correspondent: They don’t just sit back and express disgust, save for that waiter. And I’m curious why you felt the need to pull in all these side characters into the narrative like this. As opposed to just letting them look at the situation and offer some expression of disgust, some expression of dismay, or what not.

Dermansky: Right. I was trying to remember who’s the waiter. He’s the waiter at the French restaurant.

Correspondent: Yes.

Dermansky: And he’s very disgusted because they put all the food on the table. And the cat on the table.

Correspondent: Yeah.

Dermansky: Well, I mean, don’t you, when you introduce a character to the story, they have to become part of the story?

Correspondent: Not necessarily. I mean, if you’re in a crowd, and these characters are often running into crowded situations when they’re not in rooms, you’re going to have people give them glances or expressions and the like.

Dermansky: Yeah, that’s true.

Correspondent: So to me, it was interesting that you decided any remote run-in with someone, I mean, immediately they become a supporting character or even a minor walk-on character.

Dermansky: Yeah. I guess that’s true. Like there’s that scene in the bathroom in Paris.

Correspondent: Yeah.

Dermansky: Where the woman walks into the bathroom. And she doesn’t just walk in and out. Well, they’re two teenage girls. They walk in and out. And they give Marie a dirty look. But then a woman in a hijab comes in. And she actually helps Marie change Caitlin’s diaper. So she becomes a character just for that scene. I don’t know. I think, if you put somebody into a room, you want to use them. Or why do that? You can’t just have a book with four characters either. It gets very claustrophobic. And so I do that a lot. I feel that as a writer — I’ve taught writing. So I’ve told students that you don’t introduce a major character in the third act of your book. You don’t. You have to have all of the players in there. But at the same point, it gets so flat and stale. Like new people come in. It’s a little bit like life. So a movie star walks in at the very end of the book.

Correspondent: That’s right.

Dermansky: And that seemed okay to me.

Correspondent: Is this, I suppose, the mark of a very socially inclusive personality?

Dermansky: I don’t think of myself as a very socially inclusive person.

Correspondent: (laughs) Just like you like to introduce people at parties, you like to introduce characters in novels? In your writing?

Dermansky: (laughs) No, I’m the person at the party who stands back and just gets introduced to other people.

Correspondent: You’re just defying all the expectations here. This is great.

Dermansky: I think I defy the expectations without thinking! (laughs)

(Image: Rachel Kramer Bussel)

The Bat Segundo Show #343: Marcy Dermansky (Download MP3)

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by Edward Champion

The Bat Segundo Show: John Waters

In this jam-packed 40 minute radio interview, the filmmaker discusses taxes, Leslie Van Houten, 3-D porn, horror, William Castle, and numerous other subjects.

John Waters appeared on The Bat Segundo Show #342. Mr. Waters is most recently the author of Role Models.

(Considerable gratitude to Wayman Ng, who resuscitated this conversation from the data grave.)

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Condition of Mr. Segundo: Comparing himself to unspecified reference groups in Mertonian social situations.

Author: John Waters

Subjects Discussed: [List forthcoming]

EXCERPT FROM SHOW:

Correspondent: You observe that listening to what Tennessee Williams has to say could save the reader’s life too. But how can Tennessee Williams save the life of, say, a humorless tax auditor?

Waters: They won’t read him. So I’m not saying he can save anybody’s life. But if the humorless tax auditor — and I actually know one tax auditor who does have a sense of humor.

Correspondent: Yeah.

Waters: If they read Tennessee Williams, maybe they could save their life. Maybe they would overlook one receipt that wasn’t exactly deductible for business if they thought the person was doing art.

Correspondent: Yeah. That’s true. In Role Models, you note that you drink every Friday night. Now in Crackpot, you observe that in your final year of smoking, you smoked only on Fridays.

Waters: Yeah.

Correspondent: Why would you confine vice to one day of the week?

Waters: Well, because the cigarette thing. Didn’t smoke. I used to. I haven’t smoked in — I write it down every day. I could tell you how many days. I’d have to look at my file card. But today — and even before then, I only smoked for three days. I fell off the wagon. But when I smoked every Friday night, it got to be — I couldn’t do that. Because at Thursday night at 11:59, I would light up and hotbox. Do you know what that means? Where you take one drag on a cigarette burn.

Correspondent: Oh yeah.

Waters: A carton! Like right in a row. So I learned that I can’t chip. I am an addict with cigarettes. So that’s why. Friday nights? Because I don’t work on Saturday. And every other ngiht’s a schoolnight to me. I write in the morning. I can’t write with a hangover. I can’t. And when I drank on Friday — I did smoking on Friday night because I knew that I didn’t have to work the next day. I was going to drink too. I might as well do it all.

Correspondent: This is your answer to Shabbos?

Waters: No. It’s just how I get through life really. That I’m very organized during the week. And as I said, I believe if you’re going to have a hangover, it should be planned on your calendar three weeks in advance.

Correspondent: But you can’t plan everything.

Waters: I do plan everything.

Correspondent: You do plan everything.

Waters: Everything! I never have a spontaneous moment. I don’t want a spontaneous moment.

Correspondent: Really.

Waters: Order is important to me. It brings me happiness. Which makes my assistants insane.

Correspondent: Really?

Waters: Yeah.

Correspondent: What do you do when a curveball shows up?

Waters: I plan. Well, a curveball? I deal with it. But I’m saying that I won’t not do something that’s going to be great fun because I didn’t plan it.

Correspondent: Yeah.

Waters: But I make sure that I have great fun planned so I don’t wait around for someone to knock on my door and give me great fun.

Correspondent: (laughs)

Waters: I go out to have great fun. And plan it.

Correspondent: Well, how rigidly do you plan your life?

Waters: Rigidly enough.

Correspondent: Are you like a senator?

Waters: Let’s just say…

Correspondent: Do you schedule when you shit? I mean…

Waters: No. But I usually do that around the same time too. And I get on an airplane. And I can adjust my watch to whatever time it is. Get off and be on that time. I’m organized, yes. But if something — you know, when I go out on Friday nights, something can happen. It’s not like I know what’s going to happen. But I have certain people I go with to different places. Because I don’t want to drink and drive. So I have a great pool that I go out with. And they’ll go to any weird bar. You’ve seen the bars I like to go to. There’s a whole chapter on that.

Correspondent: But I’m curious. Do you allot a two hour time to just go out and observe people? Or something along those lines?

Waters: Well, I’m always observing people. It doesn’t matter. On the subway, I’m observing people. I take the bus in San Francisco a lot to observe people. I watch people in airports get off the plane. I make up stories about every person. And if you look, the ugliest people get off first. They aren’t first class. The cuter they are, the worse seats they have on an airplane. It’s awful. It almost is foolproof. I know that sounds ridiculous. The poorest planners. The ones that lasted till the last minute and got the middle seat in the last row?

Correspondent: Yeah.

Waters: They’re cuter than the ones who are rich or smart enough to plan to use their frequent flyer miles to get one of the few seats available in first class. They’re never that good looking.

The Bat Segundo Show #342: John Waters (Download MP3)

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by DrMabuse

The Bat Segundo Show: Reed Cowan

20 minute radio interview with Reed Cowan, director of the documentary 8: The Mormon Proposition.

Reed Cowan appeared on The Bat Segundo Show #341. Mr. Cowan is most recently the director of 8: The Mormon Proposition, which opens in numerous theaters on June 18, 2010.

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Condition of Mr. Segundo: Conducting investigations on Dick Van Pattern’s possible Mormon connections.

Guest: Reed Cowan

Subjects Discussed: [List forthcoming]

EXCERPT FROM SHOW:

Correspondent: I wanted to also ask about the box of secret documents. You don’t actually cite a source. And there’s no indication in the film that you made efforts to corroborate this with the LDS. Or to even contact the names that were possibly on the emails or the memos. I mean, I’m a viewer — let’s say — who is on the fence. I see this. There’s no provenance. Did you make any steps to confirm the provenance? And why isn’t this in the film? I mean, is there some sort of website component here that one can use to find authenticity?

Cowan: I’ve actually met the person with the documents out of the Church offices. Out of the archives. So there was some corroboration that went on there. And also, what a lot of people don’t know is that, during the federal case that’s going on right now, those documents were provided to the case as well. Which led to subpoenas of other documents from the Mormon Church. In those subpoenas, we were able to see that the documents the Church had to hand over correlated with the ones we have. So it’s a matter of court record, from my understanding with the people inside the trial, that they match.

Correspondent: Which court record is this? Which case?

Cowan: In the federal trial that’s going on right now. Perry vs. Schwarzenegger.

Correspondent: Okay. Got it. And speaking of which, I actually wanted to ask you why you didn’t cover Strauss vs. Horton — the three cases that were consolidated into the California Supreme Court. And the Supreme Court upheld Proposition 8. It would seem to me that that’s just as much a part of the story as the Mormon mobilization. And also the efforts to try and take Proposition 8 off the ballot that were again rebuffed by the California Supreme Court.

Cowan: Well, the thesis of our film is “8: The Mormon Proposition.” And so really the onus is on us to prove their strategy, right? And to prove to the audience how it came together, how the strategy was formed. And so we feel like we did that. And anything else is outside of that focus. And, you know, there’s so much here. I mean, you’re right. There is so much here that if the citizenry really wanted to see what’s going on, I mean, you could produce ten, fifteen hours of programming. Just in the federal trial alone. I mean, the fact that they are not allowing the testimony to be televised, to me, is sickening. And could be hours and hours and hours of documentary material that we could obviously add to the film.

Correspondent: Hours and hours of dramatization as well.

Cowan: Sure. Sure. But I don’t know an audience that wants to sit through ten hours of documentary. And so look for the books, I guess. Look for other documentaries. And I hope there are more made.

Correspondent: I’m wondering if you believe that any Mormon can believe in same sex marriage.

Cowan: I do. I know that some of my high profile Mormon friends believe that I have the same rights as they do. And I have the right to claim those rights. It would be surprising, I think, to a lot of Mormons to know that one of the most popular governors in the state of Utah, Jon Huntsman, and his wife Mary Kaye are dear friends of mine. Jon has now been appointed the Ambassador to China by President Obama. And they are very close friends of mine. And Jon Huntsman has gone so far in that state — now a lot of people wouldn’t like that he didn’t come out and advocate for marriage, but he advocated in that state for civil unions. And that was a huge step. And Mary Kaye said to me, “You realize why we took this stand and took the heat. It was because of you and your partner. It was because of our relationship and friendship with you.” So can Mormons get it? Absolutely. Absolutely.

Correspondent: Then I’m wondering why you didn’t profile, for example, Laura Compton, who started that site MormonsforMarriage.com. I mean, that seems to me a decided apostasy in relation to this particular issue. That not all Mormons are some sort of Borg-like collective.

Cowan: Yeah. You know, there were a few who did dare speak out. There were many who were punished in certain ways for speaking out. And that created a culture where they didn’t dare. So people like Laura are heroes. But again, the thesis was to prove “Look, this was their proposition.” It wasn’t the Catholic proposition. The Mormons were the man behind the curtain. And so again, I welcome any documentary who can profile her or the other few, the minority of Mormons who stood up for marriage equality. And continue to do so. And who are now crossing the aisle and seeing where the inequity happened.

Correspondent: Surely deflecting criticisms from the Mormon Church by having someone like Laura Compton in your documentary would have allowed, I suppose, for those sitting on the fence to consider the issue perhaps a little bit more.

Cowan: Maybe she would have provided a light that people could follow. But again that’s not what the film was about. The film was to show the inequity. Because that was the great wrong that happened. And, you know, in an hour and twenty minutes, that’s the time we had. The time we had to try to prove that case.

The Bat Segundo Show #341: Reed Cowan (Download MP3)

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by Edward Champion

The Bat Segundo Show: Gary Rivlin

Rivlin: One in every five customers is taking twenty or more payday loans a year. So suddenly this effective interest rate of 400% becomes the actual interest rate. I mean, if you’re taking out twenty payday loans a year, that’s pretty much a loan every two weeks. And so you’ve got a couple million people a year in this country who are essentially paying 400% for their money to put it into dollars and cents. For that $500 loan, they’re paying $2,000 in fees for the year. So it’s the trap that a payday loan becomes, that I focus in on.

Gary Rivlin appeared on The Bat Segundo Show #340. Mr. Rivlin is most recently the author of Broke USA: From Pawnshop to Poverty, Inc. — How the Working Poor Became Big Business.

Listen: Play in new window | Download

Condition of Mr. Segundo: Considering the advances of a seductive loan shark.

Author: Gary Rivlin

Subjects Discussed: [List forthcoming]

EXCERPT FROM SHOW:

Rivlin: One in every five customers is taking twenty or more payday loans a year. So suddenly this effective interest rate of 400% becomes the actual interest rate. I mean, if you’re taking out twenty payday loans a year, that’s pretty much a loan every two weeks. And so you’ve got a couple million people a year in this country who are essentially paying 400% for their money to put it into dollars and cents. For that $500 loan, they’re paying $2,000 in fees for the year. So it’s the trap that a payday loan becomes, that I focus in on.

Correspondent: I wanted to talk about Martin Eakes, the man behind Self-Help and the Center for Responsible Lending. He offers a more reasonable APR through his credit union. His crusading has helped to initiate reform in numerous states. High-interest loans. Mortgage premium penalties. He’s been on it. His opponents, they point to his self-interest in creating caps that are uniquely beneficial to Self-Help. I want to address this. I mean, what of a credit union’s interest fees on overdrafts? Just to give you an example, if a consumer gets a hit, the median overdraft fee is about $27 on a $20 debit card transaction. They repay the charge in two weeks. And, according to the FDIC, that’s a 3,250% APR. That far outshines that $33 per $100 cap in Indiana. That works out to 858% on a two week loan. So I’m wondering if credit unions are, in some way, just as problematic. Or perhaps even more problematic on the overdraft charge than payday lenders, when we consider this?

Rivlin: Right. You’re giving the argument that the payday lenders make that I was starting to make myself before. That you could look at our 400% interest rate. But go start doing the math. As you just did. On bounced checks or late credit card fees. And again, that’s a legitimate point. Martin Eakes is one of the main characters in my book. He’s just a really interesting, quirky fellow. A few fun facts. He claims he’s never had a sip of alcohol in his life. He testifies all the time before Congress. Gives speeches. He owns a single suit to save money. His wife cuts his hair. My favorite quote from him is “Half the people I know would take a bullet for me and the other half would fire the pistol.” And that’s accurate. He’s really been out there as a leading crusader, not the leading crusader, against subprime mortgage abuse. Against the payday lenders. Against some of the more abusive policies.

Correspondent: And the people who work for him have salary caps as well. It’s not exactly a lucrative prospect to work for him.

Rivlin: The payday lenders and others try to tar Martin Eakes. But he’s a little bit Ralph Naderish in that way. He’s hard to tar. There’s a rule within his credit union that no one can be paid more than three times more than the lowest paid employee. And that means that this guy, who runs essentially a billion dollar operation — they’ve done a lot of home loans — is getting paid $69,000 a year. I guess everybody roots for the receptionist to get a raise.

Correspondent: Yeah. Well, hopefully the MacArthur money was disseminated around. But you do have to make some kind of money. And as we’ve determined with this overdraft situation, that’s quite an interest.

Rivlin: Well, a few things. One way you misspoke was that his credit union doesn’t offer payday loans. His colleagues in North Carolina. The big North Carolina credit union for teachers and state employees. They offer a payday loan with an effective annual interest rate of 12%. 12% versus the 400%. And I met with the fellow who runs that credit union. And he called it the single most profitable loan that they offer. But getting back to the criticism that they level at Martin Eakes — that isn’t he just a competitor? Isn’t he just fighting the payday loan industry because he’s looking out for the bottom line of his own credit union? Well, one problem with that is — it was in 2001 that Martin Eakes and others in North Carolina kicked the payday lenders out of the state. Martin Eakes’s credit union — you’re only eligible to participate if you live in North Carolina. So he won the fight in 2001. Why is he still fighting the payday lenders across the country given that his bottom line is only affected in North Carolina? I find the argument — I heard it from every payday lender I met with — that Martin Eakes is just a competitor; it’s just very specious. He’s a crusader. He might see the world in black and white, where these things should be outlawed period. But I think he’s genuine in his criticism. I don’t think it has anything to do with his credit union. His credit union doesn’t even offer credit cards to rack up the late fees.

Correspondent: But how much does he charge for overdraft fees?

Rivlin: Twenty bucks.

Correspondent: Twenty bucks.

Rivlin: I was really curious about that question too.

Correspondent: I mean, that’s just — you’re still dealing with a pretty substantial APR. When does that $20 kick in?

Rivlin: Yeah. Well, you know, the problem with APRs on a bounced check is that it depends upon how long it takes for you to become whole again. I mean, there’s that $20 fee. But then there’s interest and other penalties when you’re late. But we can just say it’s enormous. It’s typically higher than 400% for the payday.

Correspondent: It’s below the median rate. That’s for sure.

Rivlin: Martin Eakes runs a not-for-profit credit union. He charges a bounced check fee like everybody charges a bounced check fee. It’s lower than the average, but still high. You know, I don’t know what to say about that. But I do think, as long as we’re talking about Martin Eakes, that this credit union he started, dating back to the 1980s, they’re a subprime mortgage lender. I mean, I hasten to add, given the association people have that he’s a different kind of subprime mortgage lender and started charging four or five or six or seven percent above the conventional rate. He charges 1%. You know, his loans didn’t have huge up-front fees. He made sure that you could pay it back. That if you make $25,000 a year, that you’re buying a house for $50,000, let’s say, rather than a $300,000 house that you’re never going to be able to afford. But this credit union is specifically for those of modest means. About half his customers are single moms. About half the people who bought homes using loans from him are people of color. He’s making loans in rural communities. People who live in trailers who can move into a modest-sized house and have, as he would put it, a bricks-and-mortar savings account. A home. He is doing a lot of good. Thousands and thousands of North Carolinans are living in a home who wouldn’t otherwise.

The Bat Segundo Show #340: Gary Rivlin (Download MP3)

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