No Helping The Poor Allowed

I don't know who said it, but someone said that Socialism guarantees equality of poverty. When I read the story below about People in the business opposing micro-loan banking for poor people because the bankers get rich in the process, regardless of the fact that the loans enable extremely poor people to start businesses and work their way out of poverty it did much to solidify my loating of those who would keep people poor for the sake of equality. Well, here is the story by Mary Anastasia O'Grady...

"Helping the poor may be virtuous, but when the poverty industry starts losing "clients" because the market is performing good works, watch out.

"Compartamos Banco knows what it's like to have a tarnished halo. The Mexican bank specializes in microfinancing for low-income entrepreneurs in a country that never used to have a financial industry serving the poor. Compartamos not only figured out how to meet the needs of this excluded population, but also how to make money at it.
Capitalism is bringing financial services to the poor in Mexico. But will nonprofit groups allow it? The Americas columnist Mary Anastasia O'Grady speaks with James Freeman. (June 30)

"As a result, the bank has been growing fast. With an average loan size of only $450, it now has more than 900,000 clients – 15 times as many as it had in 2000.

"This strong growth suggests that the bank's for-profit model makes both borrowers and lenders better off. Yet the triumph is not good news for everyone. In the economic sector that Compartamos serves – those making about $10 a day – the international charity brigade is at risk of becoming obsolete. Perhaps this explains why people who make their living giving away other people's money are badmouthing Compartamos for the vulgar practice of earning "too much" profit." Read the whole thing here.