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Eugene

(61,595 posts)
Fri Jan 25, 2019, 01:32 AM Jan 2019

Wilbur Ross says furloughed workers should take out a loan. His agency's credit union is charging ne

Source: Washington Post

Wilbur Ross says furloughed workers should take out a loan. His agency’s credit union is charging nearly 9%.

By David J. Lynch and Damian Paletta January 24 at 8:25 PM

The Commerce Department’s federal credit union is charging furloughed employees almost 9 percent interest on emergency loans to cover their missing paychecks, despite Commerce Secretary Wilbur Ross saying Thursday that financial institutions were offering “very, very low-interest-rate loans to bridge people over the gap.”

“During the Government Shutdown we’re here to help our members and non-member employees of the Department of Commerce & NOAA and its affiliates, the Executive Office of the President and the White House Management and Administration Offices,” the credit union’s website says.

Emergency loans of up to $5,000 are available for furloughed employees with repayment terms of up to two years, the site says. Two loan officers reached at the credit union’s telephone number confirmed the terms, which include interest rates “as low as 8.99 percent.”

In an interview with CNBC on Thursday, Ross made waves by saying he does not understand why federal workers are visiting food banks during the partial government shutdown. He urged them to seek loans from banks and credit unions to supplement their lost wages.

“I know they are, and I don’t really quite understand why,” Ross said when asked about federal workers going to food banks. Ross is a billionaire and a longtime friend of President Trump’s.

-snip-


Read more: https://www.washingtonpost.com/business/economy/wilbur-ross-says-furloughed-workers-should-take-out-a-loan-his-agencys-own-credit-union-is-charging-nearly-9-percent/2019/01/24/be1c9f1e-2020-11e9-8b59-0a28f2191131_story.html
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Wilbur Ross says furloughed workers should take out a loan. His agency's credit union is charging ne (Original Post) Eugene Jan 2019 OP
Teacher and Johnnie.... sprinkleeninow Jan 2019 #1
Capitalism at its best...making profit off of suffering workers. Farmer-Rick Jan 2019 #2

sprinkleeninow

(20,136 posts)
1. Teacher and Johnnie....
Fri Jan 25, 2019, 01:52 AM
Jan 2019

Teacher: "Use the words 'wicker basket' in a sentence."

Johnnie: "Mr. Ross is a wicker basket."

Farmer-Rick

(10,072 posts)
2. Capitalism at its best...making profit off of suffering workers.
Fri Jan 25, 2019, 09:33 AM
Jan 2019

He supports and enables a broken government then uses it to make a profit. How much more exploitative can capitalism get?

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