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Governor Perry hired the Vice President of Cash America as head of his payday loan consumer watchdog agency. Wendy Davis of course is calling for his resignation.
William J. White, the official who oversees Texas' consumer watchdog, says payday-loan customers - not the lenders - are responsible when the loans trap them in a cycle of debt. White says it's out of line to even question an industry that has had its practices called exploitative by many critics. White was appointed by Gov. Rick Perry to chair the state agency that oversees the Office of the Consumer Credit Commissioner, which is responsible for protecting consumers from predatory lending practices.
Down here Texas way, we-uns ain't the least lil' bit surprised.
We been around ol' Ricky-boy for awhile now and his f**k-ups are pretty well routine by this time.
Buncha y'all Pubs thought he was somethin' special a coupla years back. That is, 'til he started blurtin' out a lotta really stupid stuff. Kinda like Palin, only not near as amusin'. Just dumb.
Down here Texas way, we-uns ain't the least lil' bit surprised.
We been around ol' Ricky-boy for awhile now and his f**k-ups are pretty well routine by this time.
Buncha y'all Pubs thought he was somethin' special a coupla years back. That is, 'til he started blurtin' out a lotta really stupid stuff. Kinda like Palin, only not near as amusin'. Just dumb.
very colorful. Lacking in logic and facts, but unsurpassed in terms of color.
Don't people CHOOSE to use the pay day loan businesses? Can't they CHOOSE not to use them?
Do we need politicians completely patronizing us, treating us like helpless little children?
??? Have you ever been poor? Have you ever had an unexpected expense you couldn't immediately cover, yet needed to be paid right away? Like what do you if your car breaks down and you need it to get to work but you don't get paid until next Friday? Or the rent is due in two days and you don't get paid until next Friday? Let's say you're a landlord - how would you deal with someone who CHOSE to pay you late rather than take out a payday loan?
The feds have already sanctioned Cash America for violating the law and obstructing the investigation.
From the article:
"Among the laws the U.S. Consumer Financial Protection Bureau said Cash America violated was one that says payday lenders can't charge members of the U.S. armed services annual interest that is higher than 36 percent.
In her statement, Davis said predatory lending is a major problem facing the military.
"A 2006 Department of Defense study concluded that payday lending and other high-cost lending products are a threat to military readiness and destructive to the morale of troops on active deployment," the statement said. "The President of the Navy Marine Corps Relief Society called payday lending in particular 'the most serious single financial problem that we have encountered in [a] hundred years.'"
Question for conservatives:
Why is it wrong and unlawful to charge military personnel more than 36% APR, but it's okay to charge others 500%?
"That's really is not worth responding to," White said. "People make decisions. There's nobody out there that forces anybody to take any kind of loan. People are responsible for their decisions, just like in my life and in your life. When I make a wrong decision, I pay the consequences."
I agree 100%.
Except that government makes it illegal for people to make decisions that would save them money on housing, thereby helping them avoid payday loans. If someone takes out a payday loan because he spends 60% of his income on rent, why don't you support that person's freedom to choose to rent cheaper housing of lower quality?
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Wendy Davis of course is calling for his resignation.
