Oct 17 - 46/45 - McCain +01
Republicans: Pro-Bankrupting The Troops
A Pentagon report last month found that 20% of US soliders “are being preyed on by loan centers set up near military bases” that can charge interest of 400% or more. Many people in Congress (even some Republicans) have come together to limit the interest rates on loans to troops at no more then 36%. Seems reasonable enough.But not for the all the savage Republicans in Congress. Kentucky Republican Geoff Davis has sided with the banks. This Republican thinks it is fair to charge 400% interest rates on a loan to our troops, when they are just seeking a payday advance of say $350. This is truly disgusting. And this is truly Republican. They are literally the only people capable of such outrageous greed.
Unrelated: Ends up Bush Senior did get booed on Monday night at the Superdome. It is being reported that ESPN edited the broadcast and imposed cheers over the boos. I listened to the broadcast and did not hear boos - I was very surprised. But after read this story, along with a lengthy discussion on the topic, it all makes sense. Bush was booed, but ESPN took it out. If you listen to the broadcast again, you can hear the generic cut in the audio. There are two reasonable theories to why they did this: 1) ESPN wanted an entirely positive broadcast, feeling that was best for New Orleans; OR 2) the ESPN folks are simply good friends of the Bush folks.
I am not trying to make some huge conspiracy out of this, but consider: (a) ESPN is the same family that recently brought the untruthful "Path to 9/11", (b) ESPN did the same thing (editing boos out) when Dick Cheney threw out the first pitch at a Nationals game, and (c) ESPN's President is a big Republican donor.
By Chuck - 9/27/2006
15 Comments:
Virginia's Democratic Senate candidate, Jim Webb's son just got shipped off to Iraq. This is something not a single Republican in the Senate has to worry about.
Despicable how the present powers are dissing the Vets. Obviously this is an example of how they say one thing (PATIOTISM - VIVA OUR VETS) and walk the other way (Cut VA programs, Vet Benefits).
I say: Make a prequisite for service in DC that you or your your family has or is, substantially served their Nation in Army, Navy, AF, Marines, Coast Guard
& As Tim Ryan said:
The only way to sustain all this war & Bush Doctrine policies is to start drafting.
18 to 36 yr olds Please give this some thought!
Wow Chuck! You nailed ESPN. Sportscenter is obviously a Republican rag.
Get a life.
Anon: We could ALL "get a life" or/ some semblance of the one we had prior Nov 2000, if this gang of crooked liars (Prez Admin, R's in Congress, Taft admin on on)would just vanish.
POOF!
I actually clicked on the link because it is wasnt from ThinkProgress. Seems suspect to me about the edited out of booing. Started with a post on Daily Kos. I guess it is possible, but I dont think it is likely.
If you listen to it (I had it on DVR), it sounds funny. undertermined what really happened.
agreed, the source is not unbiased. but either is ESPN's track record
I have to admit I was surpised when I heard such a positive reaction when I was watching. So it is possible I would say, but I doubt it. I wouldnt say it is impossible though.
91 for me for Decatur
From the article:
"Payday loans tend to be small -- about $350 on average -- and are due on the next payday, often in two weeks. They cost from 390 to 780 percent at an annual interest rate, according to a critical report on the industry issued last month by the Defense Department."
ok, wrap your mind around this. say a soldier borrows 1,000 bucks at an annual interest rate of 780 percent for a term of two weeks (his next payday). do the math and you'll find that the interest he pays on that loan comes up to 30 bucks. 30 dollars. Is that really so unreasonable considering that the lender is providing a service that banks and other traditional lenders wouldn't ordinarily touch because their ability to make a profit is so limited?
the 780 apr figure SOUNDS high, but when you consider that these loans are drawn for periods of time two weeks or less in most cases, the actual interest paid by the borrower to the lender isn't really that outrageous. in fact, it's quite reasonable.
you're just not very bright, chuck.
correction - the figure above was calculated at 78 percent interest, not 780. at 780, the interest paid on that loan is $300. still not outrageous though. a person borrowing money from one of these entities does so because they need money, NOW. of course they're going to pay for it, and it's worth noting that i used an example consisting of figures far greater than what the article cited.
say the figures come up to $600 borrowed at an apr of 500 (still greater than what the averages the article cites are). interest paid = $115. $115 for immediate cash? nobody forces the lender to make this decision?
are you really outraged by this practice or is it a convenient excuse to demonstrate how "evil" republicans are?
I'm outraged that this is a payday loan, and our troops are getting an average of $350 for payday.
If they borrow $1,000 and have to pay $300 in interest, yes, that is outrageous. If you had served your country in a time of war, and then you needed a payday loan, would you consider a $300 fee on yourself to be fair?! Think about if this were you. I'm sure, with your great math skills, that you manage your money better than everyone else. But these are our soldiers and they are getting ripped of by Republicans. Why not cap it at 36%? Why does it have to be 780% interest?
anonymous: yes
people in need of payday loans are known as "credit risks". they are not on sound financial footing, if they were, they would not need payday loans.
these lenders charge the fees that they do not only to make a profit, but because many of the borrowers are unable to make repayments on time. a borrower's status as active military personnel does not negate the impact of market forces on lenders trying to run a business and make a profit. geoff davis' position on this bill leaves him open to demagoguery, but it is the right position to take. what's next? capping interest for teachers? mechanics? salespeople? lawyers?
profit, once again, is a bad word to liberals.
Chuck.. I just reviewd the links you provided for your W booed story.. possible yes.. source kind of lost cred. when they claimed College Gameday "gushing" over Ann Coulter and the booing of Kerry at a Sox Game. :)
1. profits are fine. setting up check-cashing operations to take advantage of troops (who usually have many fewer options then normal consumers because they are on bases) is bad.
2. i already acknowledged the source.
Post a Comment
<< Home