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BUCKNACKT'S SORDID TAWDRY BLOG We should not be a journey to the grave with the intention of arriving safely in an attractive & well preserved body, but rather to skid in sideways, chocolate, bier or wein in hand, body thoroughly used up, totally worn out and screaming "WHOO-HOO, WHAT A RIDE!!!!!!"
Showing posts with label payday lenders. Show all posts
Showing posts with label payday lenders. Show all posts
12 August 2018
POLITICAL MOJO FROM MOTHER JONES: The Most Vulnerable Trump Clone in Congress AND MUCH MORE 10AUG18
05 June 2016
Wasserman Schultz reverses opposition to new payday lender rules 3JUN16
PRESSURE from Bold Progressives has forced rep debbie wasserman-schultz D FL (as well as rep patrick murphy D FL) to drop their sponsorship and support of pending legislation in the US House opposing the new CFPB regulations on payday lenders. Debt Trap Debbie is eating crow now, but that doesn't mean she isn't a DINO. wasserman-schultz needs to be removed as the chair of the DNC, and it has to happen before the convention in July. Doing so will not be a sign of chaos and infighting in the Democratic Party. It will be a confirmation to the American people that the party is dedicated to representing us and our best interest. From the +Tampa Bay Times .....
Wasserman Schultz reverses opposition to new payday lender rules
Rep. Debbie Wasserman Schultz on Friday became the second Florida Democrat to back away from opposition to new payday lender rules pushed by the Consumer Financial Protection Bureau.
In a statement, Wasserman Schultz said, "it is clear to me that the CFPB strikes the right balance and I look forward to working with my constituents and consumer groups as the CFPB works towards a final rule.”
Her support of a bill to delay the new regulations was a source of controversy, drawing TV ads from a liberal group that called her "Debt Trap Debbie." It also put her opposite President Obama, Elizabeth Warren, Hillary Clinton and other advocates of a crackdown on the lenders.
The proposed rules were published Thursday. Rep. Patrick Murphy, a candidate for U.S. Senate, also retreated from the House bill, which held up Florida regulations as a model.
“As a strong supporter and partner of the Consumer Financial Protection Bureau in Congress, I stand with the CFPB in its efforts to protect Americans from predatory lending," Wassserman Schultz said. "From the outset of this process, I have said that I trust the CFPB to do what’s right for consumers, and these proposed rules are an important step towards that critical goal."
“I am pleased that the proposal includes lender reporting requirements to track loans and assess each borrower’s ability to repay. Florida has tracked loan data for over ten years and it has been pivotal in protecting consumers and helping to end the cycle of debt for many. The CFPB proposal also curbs the abusive lending practice of repeatedly attempting to withdraw funds from consumers’ accounts. This practice results in heavy overdraft fees for borrowers, and I support the CFPB’s plan to help rein it in and preserve access to credit without the burden of unexpected costs.
“After reviewing the proposed rule, it is clear to me that the CFPB strikes the right balance and I look forward to working with my constituents and consumer groups as the CFPB works towards a final rule.”
Allied Progress, which ran ads against Wasserman Schultz, declared victory. “This is a wake-up call for progressives in Congress and every state legislature around the country. Getting in bed with the payday lending industry isn’t only bad policy, it’s bad politics,” said Allied Progress executive director Karl Frisch. “Now that both Patrick Murphy and Debbie Wasserman Schultz have endorsed the CFPB’s proposed rule to rein in predatory payday lenders, we can say without hesitation that the push to spread the disastrous ‘Florida model’ of payday lending nationally is dead. Anyone who thinks this effort is still a viable alternative to the CFPB’s proposal without the continued support of its two most influential congressional backers is delusional.”
03 June 2016
DEMOCRACY NOW DAILY DIGEST 2JUN16
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27 May 2016
Democrats Can’t Unite Unless Wasserman Schultz Goes! & Debbie Wasserman Schultz goes to bat for predatory lenders 23&1MAI16
FOTZE rep debbie wasserman-schultz D FL, chair of the DNC / Democratic National Committee, is a political whore. She is working for the 1%, for corporate America and especially for the bank-financial cabal to screw the poor, the retired, vets and active military, the working class and the middle class. Her latest action in support of the bank-financial cabal is co-sponsoring legislation that will nullify the new rules the CFPB / Consumer Financial Protection Bureau is enacting to regulate payday loan lenders (see below) to the financial detriment of the poor and working class. She has also welcomed lobbyist to dictate the Democratic Party Presidential Campaign Platform, the result will be little different than the republican's presidential campaign platform if she is not removed from the DNC. If the Democrats loose the presidency to donald drumpf it will, in large part, be thanks to wasserman-schultz. She needs to be forced out as the DNC chair and might as well change her party affiliation to repiglican. Then she will be able to sell herself to the highest bidders without needing to explain her actions. Word of warning to anyone thinking of getting in bed with her. You should tie a board across your ass so you don't fall in. Think she isn't a political whore? Take a better look at the picture above, schlempe has a lot of "miles" on her.....These from +Daily Kos
Democrats Can’t Unite Unless Wasserman Schultz Goes!
To paraphrase the words of that Scottish master Robert Burns, the best laid plans of mice, men — and women — go often astray, or “gang aft agley,” as they say in the Highlands. No one knows this better than Hillary Rodham Clinton.
Twice now, the flight of her presidential aspirations has been forced to circle the airport as other contenders put up an unexpected fight: In 2008, Barack Obama emerged to grab the Democratic nomination away and this year, although all signs point to her finally grabbing the brass ring, unexpected and powerful progressive resistance came from the mighty wind of the Bernie Sanders campaign.
Certainly, Hillary Clinton is angered by all of this, but the one seemingly more aggrieved — if public comments and private actions are any indication — is Democratic National Committee chair and Florida Rep. Debbie Wasserman Schultz, a Hillary surrogate who takes umbrage like ordinary folks pop their vitamins in the morning.
As we recently wrote, “… She embodies the tactics that have eroded the ability of Democrats to once again be the party of the working class. As Democratic National Committee chair she has opened the floodgates for Big Money, brought lobbyists into the inner circle and oiled all the moving parts of the revolving door that twirls between government service and cushy jobs in the world of corporate influence.”
And that ain’t all. As a member of Congress, particularly egregious has been her support of the payday loan business, defying new regulations from the Consumer Financial Protection Bureau (CFPB) that would rein in an industry that soaks desperate borrowers. As President Obama said, “While payday loans might seem like easy money, folks often end up trapped in a cycle of debt.”
In fact, according to an article by Bethany McLean in the May issue of The Atlantic, “After studying millions of payday loans, the Consumer Financial Protection Bureau found that 67 percent went to borrowers with seven or more transactions a year, and the majority of borrowers paid more in fees than the amount of their initial loan.”
A recent editorial in the Orlando Sentinel notes that 7 percent of Florida’s population “must resort to this predatory form of small-dollar credit – nearly the highest rate in the nation…” What’s more, “Based on a 14-day loan term, the typical payday loan… had an annual percentage rate of 278 percent. Many lenders advertise rates of more than 300 percent.” Let us repeat that slowly… 300 percent!
So why has Wasserman Schultz been so opposed to the CFPB’s proposed rules? She has said,“Payday lending is unfortunately a necessary component of how people get access to capital, [people] that are the working poor.” But maybe it has something more to do with the $2.5 million or so the payday loan industry has donated to Florida politicians from both parties since 2009. That’s according to a new report by the liberal group Allied Progress. More than $50,000 of that cash has gone to Rep. Wasserman Schultz.
But we digress. It’s the skullduggery going on within the Democratic Party establishment that’s our current concern and as we wrote in March, Rep. Wasserman Schultz “has played games with the party’s voter database, been accused of restricting the number of Democratic candidate debates and scheduling them at odd days and times to favor Hillary Clinton, and recently told CNN’s Jake Tapper that superdelegates — strongly establishment and pro-Clinton — are necessary at the party’s convention so deserving incumbent officials and party leaders don’t have to run for delegate slots ‘against grassroots activists.’ Let that sink in, but hold your nose against the aroma of entitlement.”
Now Wasserman Schultz has waded into the controversy over what happened or didn’t happen last weekend when Sanders supporters loudly and vehemently objected to the rules at the Nevada State Democratic Convention. In truth, some behaved badly at the event and others made trollish, violent and obscene threats to Democratic state chair Roberta Lange via phone, email and social media. There’s no excuse for such aggressive, creepy conduct, and Sanders was quick and direct in apologizing for the behavior of the rowdies and bullies.
But there is a double standard at play here. Why, pray tell, shouldn’t the peaceful majority of Sanders people be angry at the slow-motion, largely invisible rigging of the political process by Wasserman Schultz and the Clinton machine — all for the benefit of Secretary Clinton?
Wasserman Schultz claims the party rules over which she has presided (and manipulated) are “eminently fair.” She told CNN on Wednesday morning, “It is critical that we as candidates, we as Democratic Party leaders, everyone involved needs to make sure that we can take all the steps that we need to, to ensure that the process is not only run smoothly but that the response from the supporters of both candidates is appropriate and civil.”
In response to the DNC chair’s remarks, Sanders campaign manager Jeff Weaver talked to CNN, too, and said Wasserman Schultz had been “throwing shade on the Sanders campaign since the very beginning… Debbie Wasserman Schultz has really been a divider and not really provided the kind of leadership that the Democratic Party needs.”
The Nation’s Joan Walsh, a Clinton supporter critical of the Sanders campaign, concurs: “Once again, Democratic National Committee chair Debbie Wasserman Schultz escalated a conflict that she should have worked to defuse,” she writes. “… Wasserman Schultz is not helping her friend Hillary Clinton with her attacks on Sanders. Just the appearance of fairness can go a long way in assuaging worries about fairness. Wasserman Schultz’s defiant rebuke to the Sanders camp has made it worse.”
So, too, has her abolition of the restraints that had been placed on corporate lobbyists and big money — now they can write checks bankrolling what doubtless will be swank and profligate parties during this summer’s Democratic National Convention. At The Intercept, Lee Fang and Zaid Jilani report that a number of the members of the Philadelphia host committee “are actively working to undermine progressive policies achieved by President Barack Obama, including health care reform and net neutrality. Some… are hardly even Democratic Party stalwarts, given that many have donated and raised thousands of dollars for Republican presidential and congressional candidates this cycle.”
This is a slap in the face to progressives calling for a halt to big money and allowing lobbyists to buy our elected officials. And it’s contrary to what Hillary Clinton herself has said about money and politics on the campaign trail. The Sanders movement has shown that lots of cash can be raised from everyday people making small donations. His supporters and all of us should be outraged that Debbie Wasserman Schultz and convention officials have kowtowed not only to the corporate wing of their own party but also to those high rollers who back the opposition and ideas antithetical to a democracy.
Rep. Wasserman Schultz is facing a primary challenge for the first time this year, her opponent a law professor, activist and progressive Sanders supporter named Tim Canova. But the primary’s not until late August, long after the Democratic National Convention. Unless she steps down now or Hillary Clinton has her removed, Philadelphia will be dominated by someone who represents everything that has gone wrong with the Democratic Party and Washington. At the convention’s opening session, Debbie Wasserman Schultz will be bringing the gavel down squarely on progressive hopes of returning the party to its legacy as champion of working people and the dispossessed.
We’ve said it before and we’ll say it again: Time for her to go.
AN E MAIL FROM DAILY KOS ON PAYDAY LENDERS 23MAI16
Craig, payday lenders are known for their predatory practices, which include exorbitant interest rates (390% is the national average), transaction fees, penalties, and contracts which keep people in a vicious cycle of debt that is damn near impossible to break.
These operations target the poorest populations, primarily operating in low-income and communities of color where they perpetuate the cycle of poverty.
The Consumer Financial Protection Bureau (CFPB), the brainchild of Elizabeth Warren, wants to change these practices by placing new rules on the industry, which currently operate on a state-by-state regulatory basis.
Unfortunately, some Democrats are siding with the payday lending industry to restrict CFPB's ability to regulate the industry.
The CFPB has been the target of Republican ire since its inception—and now corporate Democrats are jumping on the bandwagon.
DNC chair Rep. Debbie Wasserman-Schultz is co-sponsoring a bill to restrict the CFPB from enacting rules, BEFORE they have been issued.
The CFPB is scheduled to propose new rules on June 2, 2016 in Kansas City, MO. Daily Kos and our allies will be in attendance at the event, where we intend to deliver your support to members of the CFPB.
These rules would be a huge financial victory for low-income workers and communities hardest hit by these practices.
Keep fighting,
Rachel Colyer, Daily Kos
These operations target the poorest populations, primarily operating in low-income and communities of color where they perpetuate the cycle of poverty.
The Consumer Financial Protection Bureau (CFPB), the brainchild of Elizabeth Warren, wants to change these practices by placing new rules on the industry, which currently operate on a state-by-state regulatory basis.
Unfortunately, some Democrats are siding with the payday lending industry to restrict CFPB's ability to regulate the industry.
The CFPB has been the target of Republican ire since its inception—and now corporate Democrats are jumping on the bandwagon.
DNC chair Rep. Debbie Wasserman-Schultz is co-sponsoring a bill to restrict the CFPB from enacting rules, BEFORE they have been issued.
The CFPB is scheduled to propose new rules on June 2, 2016 in Kansas City, MO. Daily Kos and our allies will be in attendance at the event, where we intend to deliver your support to members of the CFPB.
These rules would be a huge financial victory for low-income workers and communities hardest hit by these practices.
Keep fighting,
Rachel Colyer, Daily Kos
My god, she’s a horrible person.
Wasserman Schultz is co-sponsoring a new bill that would gut the [Consumer Finance Protection Board’s] forthcoming payday loan regulations. She's also attempting to gin up Democratic support for the legislation...
The CFPB hasn’t issued final regulations, but Republicans and the person supposedly running the Democratic National Committee have been fighting hard to protect those predatory lenders (and other enemies of American consumers).
According to DWS, the feds should stay out of it and adopt Florida’s approach to payday lenders, a law that she proudly admits to “helping write.” And what about that law?
The average interest rate on Florida's payday loans is 304 percent -- only slightly better than the 390 percent annual average. Critically, the average payday loan amount of $389 is equal to 35 percent of average paychecks in the state -- in line with national figures.
Odious. And, I suspect, getting rid of her is something that both Hillary Clinton and Bernie Sanders supporters can agree on.
14 March 2016
Clinton & Sanders Spar on Immigration Reform, Deportations & U.S. Imperialism in Latin America | Daily Digest 03/10/2016
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