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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsDNC Chair Debbie Wasserman Schultz Is Taking A Ton Of Heat For Helping Payday Lenders
Huffington Post....3/10/15...1:32 eastern time
Zach Carter
Senior Political Economy Reporter
http://www.huffingtonpost.com/entry/debbie-wasserman-schultz-payday-lenders_us_56e1a9d6e4b065e2e3d50764
this is pure ugly shit...payday loans....hurt the poorest of the poor. ... please look at the last 2 paragraphs ..thanks
WASHINGTON -- Democratic National Committee Chair Rep. Debbie Wasserman Schultz (D-Fla.) has been working to gut new rules intended to rein in predatory payday lending. Her fellow Democrats don't seem pleased.
Allied Progress, an activist group headed by the longtime liberal operative Karl Frisch, is airing a new ad in Florida hammering Wasserman Schultz's efforts to undermine the regulations. The ad assails Wasserman Schultz -- the nominal head of the Democratic Party -- for teaming up with Republicans to defeat a policy backed by President Barack Obama.
The Consumer Financial Protection Bureau is expected to present a final set of payday lending regulations in the next few weeks. The idea is to prevent lenders from trapping borrowers in a vicious cycle of debt, in which borrowers take out a loan expecting to pay a one-time fee, but end up taking out several more loans when they are unable to make ends meet at the end of the loan period.
Wasserman Schultz is trying to gin up support on Capitol Hill for a bill that would nullify the CFPB's rules in states that adopt payday loan rules similar to those in her home state. The Florida law is supported by the payday loan industry and has not prevented lenders from preying on the poor. The CFPB's regulations would be stronger, but Wasserman Schultz is seeking to block them.
More than three-fourths of payday loans issued in Florida are so-called "turned" loans that borrowers take out to help them pay off a previous loan, according to Americans for Financial Reform. The average annual interest rate on a Florida payday loan is over 300 percent, according to data compiled by the Pew Charitable Trusts.
Wilms
(26,795 posts)Who would have thought?
Merryland
(1,134 posts)it all seems so sleazy.
starroute
(12,977 posts)As all the money flows towards the finance industry and the 1% and away from industries that actually make stuff, the rich people are running out of things to invest in. Payday lending may be sleazy, but it promises huge returns -- and it's a growth industry that feeds on the poverty of everyone else.
So the loan firms themselves don't have to have contributed to DWS. It could just be their investors.
tomm2thumbs
(13,297 posts)she knows everyone will forget about this a month after it is over, if not sooner
Hortensis
(58,785 posts)valerief
(53,235 posts)Stuart G
(38,436 posts)But....getting support from some of the ugliest assholes, worst bloodsuckers, vicious predator lenders that anyone could imagine..
...300 percent interest... ...
says something about her character.....more than than she would anyone to know..and it is well known.!!!!!!
Chair person of the Democratic National Committee... Tell me it ain't so....
LiberalArkie
(15,719 posts)the poor is a profit center.
Cobalt Violet
(9,905 posts)So blatantly they. Some maybe just so out of touch but that doesn't excuse them from their hateful actions.
Raster
(20,998 posts)...she's going to need them.
Eleanors38
(18,318 posts)But wait! Order now and get a FREE CARPET CLEANING to clean up that very loose change!
KamaAina
(78,249 posts)This is one of many reasons why she has opposition from the Democratic wing of the Democratic party in her own primary.
http://www.timcanova.com
TreasonousBastard
(43,049 posts)she'll get through this crap and be around for more.
nilesobek
(1,423 posts)streets will be chock o block full of payday loan stores, pawn shops, casinos and places where you can pawn your car.
Predatory lending doesn't seem to me to be a democratic value. What a terrible election this is. We are going to miss Obama bigtime.
awoke_in_2003
(34,582 posts)dmr
(28,347 posts)She's got to go.
She must be reaping more than campaign funds. I say this because I've read that she's really flushed with campaign money. So why would she "risk" going against her party?
And, since she's the head of the Democratic party, why is she betraying the party? It's gotta be more than campaign contributions. Wonder if there are skeletons in her closet she wants to keep secret.
jalan48
(13,870 posts)Make sure every neighborhood in every poor Southern town has a corner PayDay lender. Because she cares.
Geronimoe
(1,539 posts)Debbie a ardent supporter of everything Hillary, and here she is on the wrong side of predatory banking.
jwirr
(39,215 posts)the stance your temple has on usury. Shame on you.
zentrum
(9,865 posts)
.running the Party? We must oust her or nothing will get better.
Jack Rabbit
(45,984 posts)Go, Tim Canova!
FailureToCommunicate
(14,014 posts)Plucketeer
(12,882 posts)She needs to be run outta town by an angry, pitchfork-weilding crowd!
earthshine
(1,642 posts)900+ state legislators, 12 governors, 69 congresspersons, 12 senators
Could it be that these losses are part of the three-dimensional chess game he's been playing with Republicans?
That to him, these are just pawns?
One could argue that not enough Democrats went to the polls in 2010.
One could also argue that those of us who were inspired to vote/canvas/phone for him in 2008 were no longer inspired by him by the time 2010 came around. We saw what Obama did when he had majorities in Congress, which was to move the ball to the right and away from the left.
Now his approval rating is once again over 50%. This infuses him with political capital. How does he choose to spend it?
We have a chance to do something about this. A vote for Hillary is a vote to continue these disastrous corporatist policies as well as the tenure of DWS. She will feature prominently in Hillary's cabinet.
gregcrawford
(2,382 posts)... then that jelly bean-gobbling, nap-taking, pathological liar, Reagan, happened. A third-rate actor did more damage to this country than all the dirtbag Republicans before or since.
I'll bet DWS has ol' Turkey-neck tattooed on her ass. Talk about a DINO...
Helen Borg
(3,963 posts)iandhr
(6,852 posts)But I remind myself he is human, and like every other member of the human species he makes mistakes. DWS has been one of the biggest ones.
dreamnightwind
(4,775 posts)If Obama thought she was a mistake, he could have her removed, no? I think perhaps your assessment of President Obama needs a closer look.
On the other hand, I guess your statement was "in your lifetime", depending on how old you are it's a pretty low bar. Jimmy Carter? I'd say Obama is clearly better than either Clinton, though not by much.
fredamae
(4,458 posts)congress-people like her remain influential, hardened, greedy, apathetic and wealthy. She'd likely get a real cushy job lobbying.
She couldn't have not known "heat" was coming. She likely is not and will continue to feel no pain no matter how many constituents call her, tweet her, email her and call her. One on one with a commoner is highly unlikely. She is well insulated. The Corrupted and very broken System will shield her...and her ilk.
Warren DeMontague
(80,708 posts)pdsimdars
(6,007 posts)saying that Bernie has changed the Democratic party to be more progressive.
NO!!!
What I say is that WORDS are NOT DEEDS. They need to SHOW us that they can be trusted . . and THIS is the same old corporate bought and owned party that DWS works for and that HRC is campaigning for. Only the words, the messaging has become more progressive, their actions speak for themselves.
Bluenorthwest
(45,319 posts)guardian of the Obama Legacy?
Vinca
(50,278 posts)myrna minx
(22,772 posts)Stuart G
(38,436 posts)She represents some of the very worst aspects of humanity...blood suckers...suck the blood from very sick and poor...
CAN YOU IMAGINE............300 PERCENT INTEREST ON SHORT TERM LOANS????????
Yesterdays rate on a 3 month note from the U.S. Treasury is..are you ready..................0026%........yes that is correct.....
1/4 of one percent on a 3 month loan....the interest that U.S.gov pays..to lenders who will lend it money for 3 months....
so..poor people, who need a payday loan.....backed by Shultz.......pay 1200 times the going rate the U.S. Government gives on similar loans................pass the word around......please.......................................................................................................
1200 times the going rate...!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
sidenote...supporting that rate, in my honest opinion, makes the oil companies, pharmaceutical companies, and even drug dealers on the street, ..........................look like benevolent, kind, and wonderful people................
dreamnightwind
(4,775 posts)OConnor: Payday loan act is a payday for somebody
More Democrats are taking another swipe at the Consumer Finance Protection Bureau, this time coming to the rescue of that downtrodden and unfortunate group of billionaires known as payday lenders. The leader of the effort, chairwoman of the Democratic National Committee Debbie Wasserman Schultz, thinks its just fine and dandy to give desperate borrowers interest rates of 312 percent cuz thats what her campaign contributors do in Florida, where Burmese pythons rule the Everglades and snakes of an entirely different kind slither in to donate to members of Congress.
Naturally, I am not suggesting that anything as unseemly as filthy lucre would intrude on the decision-making process of Rep. Wasserman Schultz and her colleagues, aside from the $13 million that the nonprofit Americans for Financial Reform found payday lenders have spent since 2013 on lobbying and campaign contributions to 50 lawmakers. In the last election cycle, according to the Miami Herald, payday lenders contributed $31,250 to and prepare to be shocked here! Wasserman Schultz.
OK, so youre not shocked.