Southern Exposure was an award-winning print journal published by the Institute for Southern Studies, publisher of Facing South, from 1973 until 2011. Southern Exposure earned a national reputation for its writing on a broad range of political and cultural issues in the South, with a special emphasis on investigative journalism and oral history.

On the 50th anniversary of Southern Exposure’s birth, Facing South and the Institute will be publishing a full digital archive of the journal over the course of the year. The initial installment of the archives available in March 2023 includes issues from the magazine’s launch in 1973 through 1981.

Vol. 31 No. 2 - Summer 2003
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Magazine cover with photo of hand holding cash, text reads "Banking on Misery: Citigroup, Wall Street, and the Fleecing of the South"

Banking on Misery

  • Front Porch: Letter From the Editor

    4

  • Southern News Roundup

    6

  • Armed for Armageddon

    Under cover of the war on terror, the Bush Administration plans to turn South Carolina into the production site for a new generation of nuclear weapons—and a new arms race. By Becci Robbins

    16

  • Introduction: The New Loan Sharks

    By Michael Hudson

    20

  • PART I. Banking on Misery: Citigroup, Wall Street, and the Fleecing of the South

    Millions of Southerners have been ensnared by "subprime" lenders who target consumers made vulnerable by discrimination and financial need. By Michael Hudson

    22

  • PART II. The Poverty Industry

    48

  • Perpetual Debt, Predatory Plastic

    From the company store to the world of late fees and overlimit penalties, credit cards go predatory. By Robert D. Manning

    48

  • From Pawnshops to "Financial Supermarkets"

    Fringe banking gains a foothold in the mainstream. By Mary Kane

    54

  • Simple Courtesy

    Banks have discovered overdraft fees to be fertile ground for innovations in profit-making. By Taylor Loyal

    60

  • PART III. Fighting Back

    62

  • Journey for Justice

    Citigroup shareholders confront an unfamiliar sight: the orange t-shirts of a borrowers' group determined to get fair treatment. By Michael Hudson

    62

  • Battling the Odds

    Consumer advocates fight for a voice in Alabama's legislature. By Bill Barrow

    65

  • "You Can't Pass It On if It Belongs to Someone Else"

    A South Carolina woman speaks out against the people who took her family's home. By Kenneth A. Harris

    68

  • Predatory Lending and the Law

    How predatory lending can be attacked through legislative reform. By Keith Ernst

    69

  • Seven Signs of Predatory Lending

    How to know you're being cheated.

    70

  • Resources for the Fight Against Predatory Lending

    72

  • Review

    74
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