On November 1, 2012, I wrote a post called The Informed Voter’s Guide to Election Day. Looking back, I was seriously drinking the Kool-Aid thinking it was Republican’s that were in bed with the crooks behind Payday Loans. Little did I know, the crookedness crossed party lines and included several corrupt politicians taking the equivalent of bribe money. Today, more than ever, I don’t believe in “Party Politics” anymore.
Here’s a portion of what I wrote that day:
Why You Should Follow the Money
One example of grotesque behavior is the case of check-cashing lobbyists spending massive amounts of money to defeat regulations that would limit the fees payday lenders could charge.
In 2009, payday lending was a $40 billion industry made up of about 23,000 lenders. (Update: in 2015, profits grew to $46 BILLION) These lenders include Check ’n Go, Advance America, Cash America and Check Into Cash. These lenders provide short-term loans to borrowers who agree to pay back the loan plus interest at their next payday. This industry charges extremely steep fees for loans that generally last two weeks. When calculated at an annualized rate, these loans reflect a rate that amounts to 391 percent. (Update: some are charging as much as 700%) via Yahoo Finance and CNN Money
WHO DOES THAT?!?!?! And even worse – WHO SUPPORTS THAT?!?!?!
In 2009, that made up about $7 billion in fees. The payday loan industry spent $440,000 for six lobbying contracts in Q4 of 2008.
Consumer advocates rallied behind a bill that would enforce a 36 percent annual cap on interest rates. However, according to a research analyst that follows that industry, that cap would shut the payday loan industry down. As far as I know and have seen, payday lenders are still thriving by taking advantage of people who are in desperate need of money or are too ignorant to figure out exactly how much more the loans will cost them in the long run.
So where did that money go? Who voted to shoot down regulations? You can follow the money on Open Secrets! Follow the money in politics and you’ll clearly see where a politicians loyalties lie. Are those loyalties with you or are they connected to those who line their pockets?
Dig in – I think you’ll be as surprised as I am that politicians are being bought on both sides of the isle – many of them, in a very big way.
Another great resource for following the money is the Business and Lobbying section of The Hill
Now, back to today…
The chairwoman of the Democratic National Committee (BFF to Hillary Clinton and foe to Bernie Sanders) is pushing a bill that would DELAY new payday lending regulations.
Rep. Debbie Wasserman Schultz (D-Fla.) is co-sponsoring the Consumer Protection and Choice Act, which would delay for two years pending rules from the Consumer Financial Protection Bureau (CFPB) meant to CRACK DOWN on ABUSIVE payday lending. She has started rallying Democratic support behind the bill. PLEASE – Go to her OpenSecrets page and look at all the money she rakes in and from what industries or organizations. THAT’S WHY they want SO desperately for Hillary Clinton to be POTUS – because Donald Trump would put an end to that kind of fraud, waste and abuse!
Does that sound like the party that has the best interest of poor American’s in mind?
Please don’t drink the Kool-Aid people!
The Democrats THRIVE on keeping people weak, poor and dependent on government. They feed you a steady stream of bleeding heart bullshit! They promise you freebies, higher wages, better jobs, better education – all to secure your votes – YET, they know that keeping you POOR will make you more likely to peruse the resources they WANT you to use – like Payday Loans.
LISTEN carefully to them speak – they WANT American’s segregated and divided into small groups, micro organizations and defined by race, gender, religion or sexual preference – THAT is HOW they control you better.
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