Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
Related: About this forumWilbur 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 agencys credit union is charging nearly 9%.
By David J. Lynch and Damian Paletta January 24 at 8:25 PM
The Commerce Departments 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 were 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 unions 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 unions 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 dont 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 Trumps.
-snip-
By David J. Lynch and Damian Paletta January 24 at 8:25 PM
The Commerce Departments 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 were 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 unions 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 unions 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 dont 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 Trumps.
-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
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
2 replies, 1015 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (12)
ReplyReply to this post
2 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Wilbur Ross says furloughed workers should take out a loan. His agency's credit union is charging ne (Original Post)
Eugene
Jan 2019
OP
sprinkleeninow
(20,136 posts)1. Teacher and Johnnie....
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.
He supports and enables a broken government then uses it to make a profit. How much more exploitative can capitalism get?