Are those good ol’ boys down in Georgia more progressive than WA’s Democratic House majority, at least when it comes to protecting consumers from unscrupulous lenders?
State lawmakers decided Tuesday that Georgia does not need payday lending.
A hard-fought battle to legalize the short-term, high-interest loans ended when the state House voted 82-77 for the measure. The bill needed 91 favorable votes — a majority of the House membership — to move on to the Senate.
[…] The vote was a victory for consumer advocates, who had strongly opposed the measure.
The defeat “is going to save Georgians hundreds of millions of dollars a year in high interest rates and fees,” said Danny Orrock, legislative coordinator for Georgia Watch, a statewide consumer organization.
The Georgia bill would have allowed payday lenders to charge $45 in fees on a two-week, $300 loan, which computes to an annual percentage rate of 391 percent. You know, exactly the same usurious rate currently allowed in WA state. There was an effort this session to cap payday lending at a significantly lower rate, but Rep. Steve Kirby (D-29), refused to let it out of his House Insurance, Financial Services and Consumer Protection Committee.
Yup, nothing says “consumer protection” like sticking up for lenders who charge desperate borrowers 391-percent interest.
This will save consumers more money than anticipated. No comapny is stupid enough to keep loaning to low-lifes if the return is not astronomical.
Hey Goldy, can I borrow a few bucks until payday?
“Yup, nothing says “consumer protection” like sticking up for lenders who charge desperate borrowers 391-percent interest. ”
Or, making sure that those lenders just go away. Better to have no opportunity to borrow than to have to pay market rates for high-risk lending.
How about growing some balls and outlaw these lenders outright? Or for that matter, cutting off the funds for Iraq, etc. Pansies…
This is priceless. Moonbat!s screwing the leetle guy!
Voice of Chalk Scratching maybe you should call Tim Eyman. He can create an initiative, just for YOU! You could work together, patch up your differences, may this world a better place.
What say you Ol’ Scratchy Voice?
Since people who have to pay 391% interest to borrow probably are “beyond desperate” borrowers, you wonder how these payday-loan outfits collect their bad debt. With baseball bats and brass knuckles?
The sad part about DickHeads comment @ 1 is that those lenders prey on our military.
But, hey, he doesn’t give a shit about our troops, it’s just another way of fucking them over. Like making them pay for losing their gear when they get hit by an IED and in the process lose a leg or two.
“Tough shit, boys, the stock holders of the Carlyle Group ain’t payin’ for you shitheads losing your M-16’s.”
I guess 391% interest can make sense if you have no intention of paying.
Personally, I think the payday lenders are doing the public a service by offering these consumers an alternative to robbing espresso stands.
Oh, and don’t declare bankruptcy. You’ll get fucked good, thanks to the Republicans in the last congress.
Elections have consequences.
@3 Republicans could improve their popularity by confining themselves to screwing the big guys.
Did anyone see how Speaker Pelosi reacted to Bush’s tempertanturm about vetoing the Emergency Spending bill for the military?
Christ, she practically told him he could have a box of juice if he calmed down.
Now, the real adults are in charge!
Puddybud, I know you’re out there. . . .
Puddy, when are you going to say you shouldn’t have said “lily white boy?”
@5 That’s no joke — I remember a case in the Vietnam war when a wounded GI’s M-16 was left behind by the medics when he was medevaced under fire and the Army took $161 out of his pay.
2
I would do both of those two things–I’d ban payday lenders and get the troops out of Iraq. And, I’d also kick your ass all the way to Kansas to improve our quality of life here in the Evergreen State.
I know it’s no fucking joke, I got a neighborhood kid who’s a sniper scout in the 3rd ID. What I described happend to a guy in his unit. Lost a fucking leg in an IED attack and he had to cough up for the missing M-16 and some other body armor shit and a I think a helmet.
Nice.
These Pentagon scum can squander billions on contractor overcharges without batting an eyelash but they’ll dun a poor dogface GI making $200 a month for getting shot at if he forgets where his rifle went flying off to when his leg was blown off.
I’m getting caught in filter Hell so I’ll break it up.
Puddybud when are you going to say you shouldn’t have said:
lily
white
boy?
@ 15 I love the Halliburton made $2.55 billion dollars profit last year and now has announced they’re moving to Dubai.
Nice to see Cheney is moving closer to his “kind.”
It wouldn’t surprise me if this administration charges wounded soldiers for the cost of making their Purple Hearts.
Well there goes the neighborhood:
Jesse Jackson Backs Obama for President
Hilary must be pissed! Watch all the Push Scandals Bill O’Reilly documented over the years to be “found out” by the Hilary loving libtard MSM!
Anyone know why Diane Feinstein resigned?
GBS: Never! I used a term of endearment similar to that used by the A C L U! What part of that don’t you understand!
GBS I can change my name too!
But this is better.
I think the Leg’s lack of action on Payday lenders shows how insulated most of the members are from the world of the lower and working classes.
As far as reasons to use payday lenders not having a car and not having a bank near where you live rank high on the list. Payday lenders also charge huge fees to cash checks.
PelletHead: De white man who owned the Philly Tenements where I lived was charging us usury rent. Badly rusting pipes, poor heat, cockroaches… But he was a Moonbat!s from the burbs. I was too young to understand all of it then. Maybe Bala Cynwyd?
RR @ 20
Sadly, that wouldn’t surprise me at all, either, and I’m not being facetious. The Bush Administration sees frontline troops as nothing but cannon fodder and photo ops.
All this sounds great but where are the consumer groups at our hearings? I’ve watched or been at several hearings where I would have thought it was appropriate for consumers to speak up but instead only bank lobbyists and pay day lender reps show up. If consumers want protections and their voices heard — THEY HAVE TO SHOW UP!
Puddybud,
I have a nature v. nurture question for you. Were you born an asshole or did you just grow up that way? I would appreciate your response.
Regards,
PL
@27 Your slumlord probably was a Republican.
@31 He got turned inside out so only the asshole is showing.
Yeh the Pork you folks ream out of us makes Payday Loans look like a deal…..
Pud @ 21:
Jesse Jackson is at best irrelevant and at worst an embarrassment. You might notice he stopped being invited to Democratic party events almost 20 years ago now.
A friend of mine summed it up really clearly. Martin Luther King, Jr. was in Montgomery, AL for just over five years. While he was there, the situation for blacks in Montgomery (and elsewhere) visibly improved.
Jesse Jackson was in Chicago for nearly 15 years, first with the SCLC, and later with PUSH. During that 15 years, life for Chicago blacks didn’t improve much.
I kind of enjoy Jesse’s particular brand of BS, but when you ask “what has he done to improve anyone’s livelihood but his and his own?” the resumé gets a little thin.
JSA: My point EXACTLY on Jesse. The two worse things that can happen to Barack is Jesse backing you and Hilary turning on the libtard MSM attack dogs loose!
But you are one of the few to write from your side of the aisle what I’ve been saying about Mr Emptiness for a while here.
Name: Jesse Hi-Jackson
Occupation: Shake-Down Artist
Proud Leftist: Nothing you say is meaningful. Remember, I was a 15 year old pimply-faced kid still sucking on mom’s teat? Now that you were proved wrong for the 7684×10^47899 time…
Remember those stuuuuuuuuuuuupiiiiiiiiiiiiid words of yours?
What do you do for a living? Can you hook a couple of computers together to make a network? If so you are a level higher than Mr. Stupid!
We liberals are always right on racial issues. I hope all you lefties will be at my fund raiser. Remember to wear your hoods.
Jesse can back Obama, and call a press conference, and that is probably the beginning and the end of it.
Jackson backed Clinton as well. Twice. Clinton said thanks, and did not invite him out on the campaign trail or offer him very much.
Obama is also free to say thanks and leave it at that.
I’ll remind you of something very important about politics the world over. Politicians finally need three things to win office. Money, votes, and feet on the ground for organization. The GOP looooooves the Christian Right because they provide the latter two in spades. Democrats looove Hollywood because it provides the former in spades. I could go on. You have your sources of money, votes, and feet, we have ours.
Jackson promised votes and feet. He has delivered little of either. As such, he can be safely ignored. The only people who care about him anymore are conservatives like yourself. BOOGA BOOGA BOOGA! JESSE JACKSON! SCARY RADICAL BLACK MAN!
For everyone else, he’s an old man who has largely retired from public life.
Pud/Robert Byrd:
That was stupid. I just want to say that.
Yes, Byrd was in the KKK. He no longer is and has been repeatedly and publicly repentant about the fact.
Are you the same person you were 20 years ago? How about 30? I’m not. If you are, I feel a little sorry for you frankly.
proud leftit-13 “I’d ban payday lenders and get the troops out of Iraq.”
And with all the influence you apparently have in your own little world, why not force-feed world peace on everyone?
“I’d also kick your ass all the way to Kansas…”
I suggest you get a few more little girls to help you. Ask for volunteers in civics class tomorrow.
So, it is better to not have the high-interest loans available? What a facist. Actually, a little girly facist.
JSA: I didn’t write the Robert Byrd comment. If I did Voice of Chalk Scratching would be there to immediately out me!
Wait just a second JSA.
When I watch the libtard channels who is there front and center preaching the “black” line?
Who do they turn to “to get the pulse of “black america”?”
Who does the black congressional caucii call when there is victimology at work?
Who rushes to the scene and the cameras are all up in his face?
Who said “stay out of the bushes” as a campaign motto, but was plumbing Karen Stanford’s bush?
Jesse Jackson.
Spare me the diatribe in #38 JSA.
Nice strawman you got going there.
If you are a AAA credit risk, you can buy money for somewhere between 5-8% today. You’re a pretty close to a sure thing, and that’s the bottom rate of return the market is accepting this week.
Payday borrowers are not a sure thing. They flake out. They don’t pay the loans back, or they pay them late. That’s fine. That is what we call “risk” out in Raising Capital Land, and it is balanced out with this other thing called “reward”.
In the name of a risk of volatility, I accept about a 20% rate of return in the equity markets.
Assuming you want a 20% ROI for your money, and 1 out of 20 borrowers defaults, you need to charge a 26% interest rate.
How high does the interest rate need to be to guarantee a proper return on investment of capital? 391% would cover a pretty goodly number of defaults if you ask me.
Is there any rate of return on poor people that’s not OK in your book?
If KKK byrd is not you, it’s not you. I trust you.
The timing seemed a little suspicious.
I don’t own a TV, so Jesse Jackson doesn’t exist in my world. I may have to start looking for him.
Maybe if more people in Washington read the Bible, we would outlaw payday lending here too.
Pope @ 44
I get your reference, and I agree with you. Imagine that.
Proud leftist@44
I disagree. Just reading it does nothing……
Too bad we can’t see the financial statements of these outrageous companies.
Oh, wait a minute! Going through financial statements is what I do for a living. Guess what? These companies do OK, but they’re not making tons of money. I know it’s hard to believe, but I’ve seen it in (CPA-audited) black and white!
Payday lenders provide a valuable service for those who are not credit-worthy enough to borrow from banks and credit unions. The businesses I’ve seen are ethical and fair to their customers. To toally outlaw these business is the height of idiocy and blindly following the liberal party line.
So, if Georgia is outlawing these lenders, it’s not “progressive.” It’s stupid! Goldy, how can you hold up Georgia as a model for Washington? Didn’t you see the movie “Deliverance?”
Steve Kirby is a fucker.
Puddybud:
Lily white boy is no term of endearment. “White boy” is the racial slur used by people of color against white people.
And you cannot show me where anyone from the ACLU used the term “lily white boy. If you’re going to link to that story in Salt Lake City again, please post the quote from the article. That will clearly demonstrate the person from the ACLU did not say “white boy.”
White boy is to white people as nigger is black people.
IF, and I do mean, IF, someone from the ACLU used the term white boy, do you honestly think that makes it OK for you to use the racial slur? Furthermore, you did not use the vulgar racial slur ‘lily white boy’ as a term of endearment, you lashed out in frustration. It’s as plain as day for anyone who wants to read it. (check my screen name to find the thread for those who haven’t seen it)
Black rappers, black comedians, and many, many more black people use the term nigger every day. More often than anyone at the ACLU uses white boy. Since you have an unproven claim that someone from the ACLU used a racial term, does that make it OK for anybody to use derogatory racial terms? Using your logic then, is it Ok with you if I refer to you as “my ni-gga?”
Of course not. Case in point, you wouldn’t even type the word nigger when you changed your screen name, Puddybud!
Are you so egotistical and/or arrogant that you cannot simply admit you made a mistake and move on???
Puddybud:
If you honestly believe that ‘lily white boy’ is a term of endearment, then I’d like to take you up on your offer from an earlier thread and attend church services with you at your church.
I’d like to ask the other members of your church if racial terms like lily white boy and nigger are acceptable forms of speech amongst their congregants.
“Cypress” or “Forest Park”