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Siding With 'Loan Sharks' Over Consumers, Trump CFPB Moves to Gut Payday Lender Regulations


#63

Responsible people don’t think that credit cards are a bad idea. That’s silly. Irresponsible people do irresponsible things. The credit card itself does nothing.


#64

Just mentioned about that universal basic income cannot eliminate the liquidity need in certain circumstances. It’s not an open piggy bank. You can still end up strapped for cash.


#65

Of course! Some people will never successfully handle money. That’s a given. But when otherwise responsible people are driven to usurers by BS like government shutdowns, everything can quickly spiral out of control. For too long, hard-working people have been so fleeced and strapped by the rapaciousness of the moneyed class that minor events become crises. There will always be usurers and their hapless victims. Accepting it as so broadly inevitable that we need institutionalized usury supported by and benefiting oligarchs is pretty sociopathic. It is way past time to redistribute the 1%'s ill-gotten, hoarded wealth back to the people from whence it came.


#66

Another thing: Why do some people assume that the elderly want to live their final years in poverty and lonliness? That is not living. Many old people ( a record) are committing suicide and the MSM does not want to mention that- only young people who party on drugs including opioids.


#67

You’re a wise Mom.


#68

While most of the media is focused on the Venezuelan so-called “threat”, Trump’s minions are steadily hollowing out the regulatory carcass of what’s left of "government of, by, and for the people".


#69

Along with making huge profits for the greedheads who invest in these abominations.
Ditto for the Private Prison Companies. Ditto for military, security and “intelligence” contractors.


#70

CFPB needs to be sued for vlolating it’s mission statement.


#71

I know Glass was undone under Clinton. I had read a veto would have been over turned. Was this public relations on On Clinton’s part?


#72

Any and every scam that brings in money is embraced by Wall Street and the upper echelon of the Republican Party. And let me add the average Republican is like the average Democrat, they really don’t know what’s going on in the back ground of financial skulduggery.


#73

Well, there’s is the occasional article (couple times a year, maybe) noting that suicide is increasing most rapidly in my own demographic category: old, white men. I think it goes deeper than just financial ruin. When an old, white man who never “made it,” or who made it but subsequently got busted down to nothing for whatever reason (illness, natural disaster, Trump not paying up after one went all in on a contract and delivered a project only to be stiffed and denied because one can’t afford to marshall the legal horsepower for a long legal fight), the fact that one “failed” in the face of white, male “privilege” comes back to haunt. It’s one thing to be poor in a rigged system that is overtly stacked against one–one can see that, at least to some extent, it’s not one’s fault. As conventional wisdom insists, a person of color “has to be twice as good and work twice as hard (as a white man) to get an even shake.” The finger points at me.

On the other hand, failing in a system that is stacked in one’s favor? It must be all one’s own damned fault. If a white man can’t “make it” in a white man’s world tilted in his favor, where does he turn? To the white men who took it all from him, who out-competed him in this zero-sum game of winner-take-all? Pshaw!

I know the thoughts above are ill-formed, but I’ve been mulling over why suicide rates are undeniably rising fastest in the most undeniably privileged demographic. Your thoughts? Anyone?


#74

When my sons were college age they got card offers. They each got one and never used them. Got them only to help establish a credit record. Responsible use.


#75

Careful. You’re making my point about guns.


#76

Wish I’d had your parents. Mine taught me to spend like a drunken sailor. Which is bad if you have money to spend. But since I worked my way up from nothing to a case of extreme abject poverty, the loss wasn’t too great.


#77

I’ll send you some good karma Ed.

May prosperity follow you all your days, for the rest of your life.


#78

Nope. Loan sharks are bad. Period.


#79

Good post EdsNote. The phrase above strikes to the very fundamental flaw in our society, our politics, our economy and our foreign policy.


#80

Payday lenders are not loan sharks. Loan sharks are illegal enterprises. Payday lenders are legitimate businesses. When you make payday lenders illegal you increase the black market…aka loan sharks.

I don’t think you know what you’re talking about.

Anyways, if you made payday lending illegal, what’s your replacement? Eliminating options helps no one. At least give me a replacement. Free loans no matter what from the taxpayer? Good luck with that.


#81

Ok. So they are legal loan sharks. Got it.
Solutions for starters would be:

  1. legit low interest loans to people earning minimum living wage or just beyond - government guaranteed
  2. requiring longer time between billing and payment due for penalties 3. federal state and local true living wage laws not this 15$ shit
  3. Single payer national healthcare that has as its founding premise that quality healthcare is a right…

See there are solutions. You just don’t like them as they don’t fit your crony capitalist worship playbook.


#82

Yes, they do- do not be naive.