Economy
As part of its economic development, the tribe started a business "Plain Green Loans," for online lending to Native Americans who are underserved by the lack of banks on many reservations. Critics such as Delvin Cree (Turtle Mountain Chippewa), a reporter with the The Tribal Independent, wrote in an Opinion piece on Indianz.com that the tribe's practices of high-interest, short-term lending are generally classified as predatory lending. Such loans can result in annualized interest rates as high as 360 percent. Because the Chippewa Cree Tribe is a sovereign nation which enjoys tribal immunity, it is not subject to state laws which seek to prevent usury by regulating high-interest lending.
Read more about this topic: Chippewa Cree
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)