Saturday, September 30, 2006

Talent's PayDay Loan Bill

From the Associated Press:

WASHINGTON (AP) - Interest rates on payday loans to military service members would be limited under an agreement reached Friday by House and Senate Republicans.

The measure imposing a 36 percent cap on the annual interest rate for payday loans to service members or their spouses will be included in the defense authorization bill. The House passed the authorization bill Friday, but it stalled in the Senate.

"We need to enact these new protections for our troops and their families because a growing predatory lending problem has impacted our operational readiness," said Sen. Jim Talent, R-Mo., who pushed the measure in the Senate.

Talent and other lawmakers contend payday lenders target military personnel, offering quick cash advances at outrageously high interest rates that trap unsavvy borrowers in a cycle of debt.


Show Me Girl said...

36%? This is a good thing? How? Why should military families, or anyone else, have to pay a "poverty tax?" Because that’s what these greedy lenders are doing, preying on those most desperate for money and no where to turn. Despicable blood suckers....

Anonymous said...

I thought the same thing as Show Me Girl: 36%!!!

This is protection?

It seems that every corner in Springfield now has the same quick cash stores.

Citizenkan said...

.....yet another example of what happens when capitalism remains becomes predatory. That's what the current crop of republicans have shown me. No profit is too big, no matter the cost.

And no, Bobi, I'm no communist. I'm a capitalist through and through.

marcus alrealius alrightus said...

I hear/read the communist epithet thrown about by commentors on the right on a fairly regular basis and I doubt they even have a clear understanding of what the word means. No doubt their intent is to conjure up visions of Soviet Russia, which was a totalitarian state, while not taking the time to examine the economic system. Which didn't seem to do to well either.

I see a lot of similarities in the way the word islamofascist is being used to further vilify terrorists. But, since terrorists are stateless, and fascism requires a state this ends up being more nonsensical name calling from the right.

bobicus tomatocus said...

Actually, there is a very good reason why it is used, because it is the truth. The shoe fits.

When you are talking about the government controling elements of society social, business and giving out entitlements, its communism. Period.

So if you want the title to drop, then stop advocating socialism/communism. Since that is a tennant of today's Democratic party I doubt that will happen.

Also, if you were to look up fascism in the dictionary you would see that it applies to these islamic extremist.

These people are bent on taking over the world and forcing their brand of religious at the point of a gun. That is a fact. By definition they are islamofascist. They are extremist who believe the ends justify the means.

I think the problem both of you have here is that both of those things are very bad and evil things. In the cast of the islamic extremist (islamofascist) you probably just dont understand who we are fighting.

Regarding communism, I dont know, maybe you dont understand. I cant speak for you. I know its a populary theory among those who call for "social justice" to "bring down the man" but it is wrong and goes against the very foundations which this country was founded on.

That discussion is for another day, though.

As for the thirty odd percent - its better than the hundred plus percent.

Is it satisfactory? I would say no, but its better than what we have now.

Once again we have a choice of moving the ball forward or being obstructionist and keeping status quo. I vote for moving the ball forward and getting somthing done.

marcus alrealius alrightus said...

Like I said above fascism requires a nation state. For the sake of conversation here is a list of generally accepted elements of fascism.

1. Powerful and continuing expressions of nationalism
2. Disdain for the importance of human rights
3. Identification of enemies/scapegoats as a unifying cause
4. The supremacy of the military/avid militarism
5. Rampant sexism
6. A controlled mass media
7. Obsession with national security
8. Religion and ruling elite tied together
9. Power of corporations protected
10. Power of labor suppressed or eliminated
11. Disdain and suppression of intellectuals and the arts
12. Obsession with crime and punishment
13. Rampant cronyism and corruption
14. Fraudulent elections

Sometimes reflection requires looking inward as well as outward.

Citizenkan said...

Like I've said before to Bobi.....we are much closer to fascism, OURSELVES, than we are to communism.

Take a look at the concept of the North American Union! Corporate America is running the show, but they're using the religious right as their front....unbeknownst to the religious right.

thinkingthings said...

I understand this proposed legislation has some merit--payday loans are a necessary evil for many, many Americans, and they tend to become a vicious cycle. But why is this only focused on military families? Does this mean that if you're not in the military, a payday loan company can charge you 40% interest?

In Springfield, as busplunge noted, payday loan stores are ubiquitous, and I'm certain the majority of borrowers are not active military.

Either enact the legislation for everyone or leave it alone.

bobicus tomatocus said...

Nice to see you trying to move the conversation off topic and denote that with democrats blocking the bill that vets will still be forced to pay into the hundred plus percentage range of interest rates.

That is typical, though. Bankruptness of ideas brings out straw men.

As to your list nice try there bud, but I reject your list on its very foundation. At least we know how extreme and warped of an individual you are.

Webster's dictionary defines fascism as: a political philosophy, movement or regime that exatls nation and often race above the individual and stands for a centralized autocratic government headed by a dictatorial leader, severe economic and social regimentation, and forcible suppression of opposition.

If I were using your logic I could imply that many in the Democratic ranks where facist. (unable to ask Clinton challenging questions, fairness doctrine, co-operation with MSM media, pro "social justice" stance which advocates strong central government which "knows better than the citizen"). However I choose not to.

The definition does fit Al Qeada though. They are seeking to convert the world to Islam by sword. You either submit or die. They are fascist.

marcus alrealius alrightus said...

bobicus -- Well....... The Webster's defintion is not meant to be all inclusive. I only brought the word up in order to make a comparison with a similar misuse of the term communism. As for the 14 points of fascism that I referenced, the definition was drawn from Dr. Laurence Britt, a political scientist. Dr. Britt studied the fascist regimes of: Hitler (Germany), Mussolini (Italy), Franco (Spain), Suharto (Indonesia), and Pinochet (Chile). I can't claim that he is the final authority on the subject, but other writers I have read refer to his material, so that does lend some credibility to his work.

As far as the topic goes. Thinkingthings has pretty well summed up my opinion. Payday lenders profit on other people's misery. It's shameful whether it's our men and women in uniform or my neighbors down the street.

bobicus tomatocus said...

I would agree with you that somthing should have been done regarding payday loans, but apparently a certain group in congress did not. The result was status quo.

So, as of right now, soldiers are paying excessive rates because of partisan obstruction.

Citizenkan said...

Bobi. It's funny that you say a certain group in congress did not want to do anything to curb loan sharking. The democrats wanted the rate to be LOWER and the republicans stubbornly refused to compromise. Once again, at the expense of the little guys. Greed, thy name is republican.

bobicus tomatocus said...

Nice try Kan, but if Democrats wanted somthing done, they would have signed on.

Instead, they wanted a political argument.

I hope it gets brought up in the debates because that is exactly what Claire is going to do, obstruct.

See, that is the funny thing. When people complain about nothing being done and whine about this and that they dont look at the reality of the matter.

In most cases it is always better to come away with somthing than nothing. In this case nothing is status quo and the "little guy" gets hosed while Demomcrats get talking points to preach their class warfare message.

kabby1 said...

Again, the Republicans have the majority. If they wanted to do something, they could have done it 12 years ago when they won majority.

Stop blaming the Democrats for the Republican's inability to pass good consumer legislation.

Chris Fluharty said...

The left is really clueless on this issue. The problem is not the intrest rates but the fact that 18year old kids start spending money like there is no tommorow and like the lifestyle it brings and then ends up borrowing more to live a higher lifestyle. Go to any city next to a base and you'll see the truth. Our joke of a public school system does not teach these kids how to budget, balance a checkbook, or refuse credit cards. Do not blame the business for the persons own downfall. Put blame where it belongs. Their pay is pretty high compared to many here in Springfield. I have several family members serving now and they live in their means and have no need to visit loan sharks. So your crying should be at our school board telling them to teach some common sense.

Citizenkan said...

Yeah Bobi, nothing like agreeing to a crappy fix the first time around, only to have to go back and start over. Kinda like your republican war strategery.

PbBut said...

Is this what is called a stretch? Is this the best topic you could come up with to trash public education? If you hate public school education, say: "I hate public school education." When did it became the public school's responsibilty to teach common sense, make a budget, or tell kids its not a good idea to run up the credit card. Is this what you endorse, abdication of parental responsibilty? What next, will the public school be responsible for breast feeding?

kabby1 said...

I should also point out that high school students in Missouri are now required to take a consumer education class prior to graduation.

However, if parents were being a better example of how use credit cards responsibly and how to budget and save, this requirement wouldn't be necessary.

Kara said...

I agree that taking out payday loans regularly can be a bad habit to get into, but in times like these it is necassary for a lot of people. As long as these people are paying back their loans on time, the interest rates aren't above normal credit card rates.