Entries Tagged 'Pay Day loans' ↓

PayDay Lenders using ‘hardball’ tactics against local business owner?

My cameraman asked Steve if we could come this morning and film and interview some of the people harassing him, and he didn’t want us to, then he calls a press conference and invites the ‘real’ media;

Hildebrand says for the last two weeks, his business has been visited by large groups of people who’ve disrupted staff and other customers.  Hildebrand believes the missionaries behind movement are connected to the payday loan industry.

Floyd Pickett is the organizer and says he’s here to do homeless outreach.  He says the people he’s bringing in are paying customers who aren’t doing anything wrong.  He has plans to bring in even more people.  On Wednesday, he says he’ll bring in a bus of 150 people.

Hildebrand says he believes Pickett works for the man who owns North American Title Company.

Of course there is ‘obvious’ reasons why this is going on, Pitty Patt Powwers couldn’t resist to spin this being about helping the homeless and elitism;

It seems more than a bit elitist and snobbish to complain that these paying customers are being hauled in by his political opponents who are buying them food there.

So Patt, how many bumper stickers your campaign store business sold to Planned Parenthood and The Freethinkers? You know the business you were ‘unethically’ running while working for the SOS on the taxpayer’s dime. That’s right, you are Republican, you’ll take money from a dead guy as long as the check clears, doesn’t matter if you earned it or not.

This is truly hardball politics that have nothing to do with helping the homeless or missionaries. There is a part of me that feels sorry for Steve, but I also believe in KARMA. Steve’s political sins of the past may finally be catching up with him (you know, like getting Huether elected). BTW, why don’t you give your old meal ticket a call and see if you will help you out, or better yet your pal Barry in the White House.

I also find this ironic on another level, it doesn’t hurt to have a homeless shelter a few blocks away from his establishment for easy access to them, I have always felt that was a bad location for the shelter, and I bet Steve is thinking the same thing now.

At the end of the day, I will admit, this is fun to watch, gutter politics at it’s best.

Arkansas says NO WAY to pay day loan centers (H/T- Costner)

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We should do this in South Dakota;

If you are sick of living in an area crammed with payday lenders on every corner, maybe Arkansas is the right place for you.

On August 11, 2009, the final payday lending storefront shuttered its doors in Little Rock, Arkansas. Though the Arkansas Constitution limits interest on loans to 17%, a decade-old law enabled payday lenders to dodge the issue and charge triple-digit interest on loans.

Needless to say, the law had many vocal opponents. And, in an example of the judicial system at its best, the Arkansas Supreme Court found the law unconstitutional in 2008.

The National Media covers something we have known about Timmy for a long time

(H/T – C & L)

We’re going to have to watch this corporatist tool like a hawk. Not as if we didn’t have to watch Dodd, mind you, but still:

If Senator Tim Johnson ascends to the chairmanship of the Senate Banking Committee, the biggest winners will be Wall Street, pay-day lenders and credit card companies. The biggest losers: widows and orphans.

No, really.

In late 2006, the South Dakotan spoke out against an effort by his fellow Democrats to cap the interest rates that members of the military pay for short-term loans. “This time it’s military. Who’s to say it isn’t going to be widows and orphans or other sympathetic groups in the future?” he griped in an interview with the American Banker.

That’s the man who’s next in line to lead the Banking Committee if the current chair, Sen. Chris Dodd (D-Conn.), as expected, vacates the position to take the Health, Education, Labor and Pensions Committee chair left empty by the death of Ted Kennedy.

Meanwhile, Democrats are hoping to push through the most sweeping financial regulations in a generation, including the creation of a government panel that would regulate financial products with an eye toward consumer protection. All of that will have to go through the Banking Committee.

Consumer advocates and backers of a regulation overhaul are deeply concerned that handing the committee to Johnson would be a death sentence for reform.

“He’s got a long track record of supporting small predatory loan companies, pay-day loan companies,” said one longtime consumer advocate, who spoke on the condition of anonymity because he would have to work with Johnson as banking chair.

In 2003 and again in 2005, Johnson intervened with federal regulators on behalf of pay-day lenders, sending a letter to the Federal Deposit Insurance Corporation,

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Johnson takes payola from pay-day loan lobbyists

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One more reason why I have trouble supporting the Democratic party and their candidates. They continue to take money from lobbying groups that are bad for society. And Tim Johnson is no exception, taking money from one of the most crooked (legal) groups, Pay day loan centers;

A newer player representing Internet payday lenders — a growing segment of the market — also ramped up its lobbying and political giving efforts. The Online Lenders Alliance, formed in 2005, nearly quintupled, to $480,000, its lobbying expenditures from 2007 and 2008. It contributed $108,400 to candidates in advance of the 2008 elections compared to about $2,000 in the 2006 contests. Gutierrez was among the top House recipients, getting $4,600, and the top Senate recipient was Sen. Tim Johnson, D-S.D., a Banking Committee member who got $6,900.

Of course, this is no surprise, but extremely disappointing considering the economy and the devasting affect these places have on lower income families, especially in South Dakota. Johnson should have known better.