Most people remember P.T. Barnum for the line – “there’s a sucker born every minute.” Great – if not cynical -line, but Barnum never said it.
I have been thinking of him in a slightly different context lately, however. Over the past two weeks or so I’ve made a series of posts on my Facebook page concerning consumer debt – all of them pretty sobering. Like the New York Times article about car repossessions and military personel.
I seems that when cars are illegally repossessed by lenders, there is no recourse through the courts. There is a clause in many – many – financial contracts that require all disputes be settled in binding arbitration. Only. Continue reading P.T. Barnum and Consumer Debt