Suzie's RRJ

Reference

The Associated Press (2009, May. 02). Hard On Needy. Korea Times. Retrieved Dec. 10, 2009, from http://www.koreatimes.co.kr/www/news/opinon/2009/11/202_44058.


Summary

The domestic banks are making lower interest rates for poor people and bigger interest rates for rich people. It could be harmful to poor people. And bankers think it is right according to market principles and covering the costs of attracting cash-laden depositors. They should think who helped them when they suffered from the 1997-98 financial crisis. It was a lot of working-class people. The rich-become-richer, poor-become-poorer banking practices can make lots of bad situations. That is why nationwide banks need to try their business for lower-income working-class customers by reinvigorating micro-financing systems, the government should try to check discriminatory practices, and the regulators also need to provide a lot of information for their customers. It can bring about the rehabilitation of working families' finances.





Reaction

In Korea, poor and normal people cannot make big money well even though we save money a lot in the bank. Our interest rates are too low and our salaries are always similar. It is difficult to get big money suddenly, so poor people are always poor and rich people are always rich. Because of these problems, some people try to buy land and sometimes, they think they can get big money by buying interest in a company. However, it cannot also solve our serious situations and cannot be a good way for them. In addition, in Korea the costs of renting and buying a house are too high. Even though poor or normal people try to save money to buy a house, it takes too much time. On the other hand, rich people don’t care about that. They can get a lot of money easily and can buy a house easily with high interest rates. With problems like these, the rich-become-richer, poor-become-poorer banking practices can come about the number of serious accidents, such as borrowing money from loan sharks, human trafficking, and suicide. I really agree with author’s suggestions that banks need to try orienting their business toward lower-income working-class customers by reinvigorating micro-financing systems, and the government should try to check discriminatory practices. If the banks and government don’t try ways like these, our economy will be going down more and more and will have many problems. I hope they can care more about these things for their citizens who always sweat at their job and work hard to walk a path strewn with roses.