2016 Postmortem

Ferd Berfel

(3,687 posts) Wed Mar 2, 2016, 05:24 PM Mar 2016

Debbie Wasserman Schultz Shouldn't Be Welcoming Loan Sharks Into the Democratic Party

http://www.huffingtonpost.com/tim-canova/debbie-wasserman-schultz-payday-loans_b_9360186.html

Why is my opponent -- Debbie Wasserman Schultz -- introducing legislation in Congress to deregulate an industry that is already profiting from ripping off millions of Americans?[/b

We know that the most vulnerable among us were hit the hardest during the 2008 financial crisis. Millions of people lost their jobs, their homes, and their bank accounts. That's enough to make you sick to your stomach. But for many, it got worse.

Predatory payday lenders stepped in to profit during the financial crisis. They targeted poor communities -- and people without access to credit from banks -- by offering them short-term loans at sky high interest rates.

On an annual basis, these companies charge late fees and rates as high as 300 to 400 percent and many companies have even charged up 1,900 percent interest on loans, which is obscene. Worse, they target people -- particularly people of color -- who are unable to pay the loan back. If they fall behind, they are offered another payday loan to help cover the cost of the prior payday loan, with fees and percentages get higher and higher, trapping them in an process that never ends.]

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THIS is a 'Democrat" ? AYFKM?
I guess the 'leadership" is planning on all of the disenfranchised republicans to finish coming over and finalize the conversion and change the name to ?.... THe Corporate PArty?

5 replies

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Highlight:

Debbie Wasserman Schultz Shouldn't Be Welcoming Loan Sharks Into the Democratic Party (Original Post) Ferd Berfel Mar 2016 OP

Payday loan sharks are just that, legitimized loan sharks. Raster Mar 2016 #1

THis is not the Democratic Party. Ferd Berfel Mar 2016 #2

You nailed it MissDeeds Mar 2016 #3

but she stands strong when it comes to putting medical marijuana users in prison! Warren DeMontague Mar 2016 #4

DNC Chair Joins GOP Attack on Elizabeth Warren's Agency---Payday lenders get a new ally.---> Petrushka Mar 2016 #5

Raster

(20,998 posts)

1. Payday loan sharks are just that, legitimized loan sharks.

Reply to Ferd Berfel (Original post)

Wed Mar 2, 2016, 05:30 PM

Mar 2016

Payday lenders are predators, plain and simple. ANYONE that supports them or their "industry" is just as bad as they are. I have seen the damage these predators can do first hand. If it were up to me, they would be taken out into the street and horsewhipped, along with anyone that aids their nefarious enterprises.