Wednesday, March 10, 2010

A Consumer Bill Gives Exemption on Payday Loans

 So, there's this Senator from Tennessee named Corker, whose buddy, W. Allan Jones, starts up a "payday" loan company in 1993, cleverly named "Checks Into Cash," that cleverly robs thousands who live paycheck-to-paycheck of their inadequate paychecks. The good senator stands up to the injustice of regulation and protects his buddy's business from unfair, socialist legislation that would limit a lender's options for robbing these hard-working wage earners of their hard-earned wages (pity W. Allan Jones and his "Payday" colleagues -- cue the violins).

Read an article that outlines Senator Corker's efforts, and eagerness to accept campaign contributions from this hard hit benevolent industry:  A Consumer Bill Gives Exemption on Payday Loans

Of course, here's my irascible comment:
So, if you can't pay back the loan whose 400% interest just consumed your last three paychecks, and a guy with a crowbar shows up at your door and breaks your kneecaps, and you can't afford health insurance, so you die a slow, painful death of gangrene, and your wife and kids end up on the street because they can't make the rent, and a pimp comes along and drags your daughter off to prostitute her, and your son knocks over a liquor store to come up with rent money to put a roof over your now alcoholic wife's head, but instead goes to jail, so now your wife ends up in the mental ward of a city hospital, and your daughter turns up dead of a heroine's all good, right? It's just free-market capitalism, in which government has no business intervening, and these four people are just low-rent-losers who deserve their Dickensian fate, and this could never happen to the family of a clever guy like Senator Corker, right?
 Bravo, Senators.

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