Conservative Congressman Blocking Crackdown on Predatory Lenders Targeting U.S. Troops
Conservative Congressman Blocking Crackdown on Predatory Lenders Targeting U.S. Troops
Predatory lenders are seriously harming the U.S. military, and one member of Congress is fighting to keep it that way.
A Pentagon report last month found that as many one in five U.S. service members “are being preyed on by loan centers set up near military bases” that can charge interest of 400 percent or more. Increasingly, soldiers have debt levels so high they are barred from serving overseas; others suffer from “bankruptcies, divorces and ruined careers.” (More facts HERE.)
The Pentagon has joined consumer, military, and veterans groups in backing a bipartisan amendment from Sens. Jim Talent (R-MO) and Bill Nelson (D-FL) that places a cap of 36 percent on high interest rates for short-term payday loans to military members.
But one conservative congressman, Rep. Geoff Davis (R-KY), is trying to gut the amendment. Davis has proposed his own language — praised by the payday lending industry — that sets no real limits on predatory lenders. One of Davis’s aides admitted last week that he consulted on the legislation with “CNG Financial of Mason, Ohio, one of his top campaign donors and owner of national payday lender Check ‘n Go.”
Today may be the last day to stop Davis in his tracks. Call his office now and tell him to stop enabling predatory lenders who are hurting the U.S. military.
Davis’s office:
(202) 225-3465
Toll-free congressional switchboard (ask for Davis’s office):
(866) 808-0065
(Let us know what you hear from Davis’s office in the comments section, or send us an email.)
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It senators like this who should tarred, feathered, drawn and quartered.
September 20th, 2006 at 1:15 pmIt’s no surprise that a conservative Congressman would block a crackdown on predatory lenders targeting our troops. Here an article I wrote recently about President Bush blocking the Geneva Conventions rights for terrorist suspects and also demonstrate his lack of compunction to abuse and exploit our troops in Iraq:
No Compunction
September 18, 2006
The article “Deal on detainees’ treatment foreseen†by Nedra Pickler goes on and on but failed to describe of what this “deal†is all about. The majority of the article is the usual rehashing about the ongoing holdout GOP senators putting the skids on President Bush’s carte blanche for the CIA unrestricted interrogation techniques of suspected terrorists. So I believe I’ll cut to the chase: What John McCain & Company fear is that President Bush doesn’t give a damn about our troops, doesn’t care if they become prisoners of wars and get torture. And in that vein I agreed with McCain, despite the lack of such direct language. It’s no surprise that Bush hold contempt for our servicemen and women. How many times has he tried slashing our troops’ bonuses and medical benefits once their enlistments are up? The shoddy material and equipment our troops received to fight this war and for their own protection lack of body armor. And how about extending their enlistments in Stop-Lost? About our Nation Guard and Reservists losing their civilian jobs or their homes because of it? And to top it off, the Iraq war was fabricated. Our troops are dying for a lie. Yes, it’s no surprise that President Bush have no compunction of our troops being tortured by our enemies.
Yes, only a Republican would further traumatize our troops for personal gain.
September 20th, 2006 at 1:17 pmOops, he’s a Representative.
September 20th, 2006 at 1:19 pmRep. Davis should just fellate the CEO’s of these companies on the steps of the capital. Why should he hide it.
September 20th, 2006 at 1:20 pmSomebody send this to Olbermann, this guy has got to be the WORST.
September 20th, 2006 at 1:22 pmI have a better idea. Interest free loans to soldiers.
September 20th, 2006 at 1:24 pm…soldiers have debt levels so high they are barred from serving overseas…
hey, that could be a GOOD thing… maybe what the congressman had in mind?… nah…
and this: a cap of 36 percent … well, thanks for the CAP…
September 20th, 2006 at 1:26 pmand 36% is pretty generous too… yea, thanks for the HELP…
SUPPORT THE TROOPS… riiiiight…
Well, now we know how to keep our soldiers out of harms way. Have them all drive up some debt.
September 20th, 2006 at 1:29 pmHere’s a way to stay out of Iraq.
September 20th, 2006 at 1:30 pmAs a prior service member of 10 years US Submarine service, I think that service members should pay at the most 1/2 the interest that is normally charged. As a military member, it was harsh doing the work we were doing, and seeing civilians making 5-10 times what we were. Having trouble and not being able to afford to fix the car, etc etc. It’s not easy, and the prolification of these “PAYDAY LENDING” institutions is disgusting. I think they all need to be burned to the ground.
They help nobody but themselves.
September 20th, 2006 at 1:36 pmI just had a nice conversation with Davis’ secretary and asked that his amendment be withdrawn. She was very polite and took notes.
September 20th, 2006 at 1:37 pmWhy does Mr. Rogers hate the troops? And since when did he get elected to congress?
September 20th, 2006 at 1:38 pmWhy do Republicans hate our soldiers?
September 20th, 2006 at 1:42 pmThe ass is an imposter–a pepetrator of identity theft.
There is not a true Davis in the Country that dumb nor that corrupt.
When I asked my Dead departed daddy why there were so many people named Davis he responded: “When God first created man he named everybody Davis and when they screwed up He made them chnge their name. God obviously missed one or a sudden name change is coming.
September 20th, 2006 at 1:47 pmSorry, but why isn’t the government providing low interest loans to soldiers? Seriously, if we hand over to government the individual credit risk of our service personnel, you’d incentivize the government to take proper care of veterans.
At the moment, the government has outsourced the care of veterans, and we have a bunch of congressional goobers who think 36% cap on predatory loans is some kind of solution. 36% is still a f*cking outrage; the system is broken, and a cap on predatory lending is accepting the system, not fixing it.
September 20th, 2006 at 1:52 pmThis is a disgrace. We already ask too much of our soldiers and their families. I like the interest free loan idea. Isn’t that what we give to big companies to spur the economy. Why not give it to our most valued members of society.
How can this wanker not want a cap at 36%.
September 20th, 2006 at 1:53 pmWe had guys in the USMC who were…$10 loaned, $20 payback a mear 100% insterest…..they got busted big time and got to go to the brig. That was in 1958.
September 20th, 2006 at 1:54 pmSupport the troops…good. But to Republicons like Davis, supporting the lending industry is even better.
September 20th, 2006 at 2:01 pmThis guy is pure filth. I hope the good people of that state take notice and get him out of office.
September 20th, 2006 at 2:02 pmIt’s one industry that leeches off the underpaid military families. They ought to be regulated right out of business, and banks should have programs to loan servicemen and women money at prime + minimum!
September 20th, 2006 at 2:07 pmIt might help if soldiers didn’t have to buy their own equipment. It might help if we non-soldiers shouldered our financial obligation and paid sufficient taxes to pay the soldiers better. It might help if we Americans gave short-term loans to any soldier family interest free. It might help if we stopped this idiotic war and brought home those older soldiers with mortgages, car payments, children’s dental bills, children’s school fees, etc to pay and let them get back to higher paying civilian jobs, which many had to leave.
September 20th, 2006 at 2:17 pmAnother example of corporate bribery of our politicians via campaign contributions. I’m telling you, they would not give money if they were NOT getting quid pro quo. Our lack of real campaign finance laws have twisted our democracy into a corporatocracy. Outlaw PACs and we get our government back. Close down K Street lobby firms, threaten to throw bribers in jail like we used to, and watch the government slip back into the hands of the people.
September 20th, 2006 at 2:18 pmHey Spudge,
that strategy has certainly seemed to work for the thugs in the criminal Bushite junta…
…and they’ve even managed to make some pocket change by PIMPING the TROOPS!….
September 20th, 2006 at 2:25 pmFound this on the current campaign:
Kentucky 4: Republican Geoff Davis is facing stiff competition from the former Democratic incumbent Ken Lucas. Although this district has traditionally voted Republican, the last poll showed Lucas ahead. Davis has a 2:1 money advantage, however.
Now you know where to send your campaign contributions. It seems that Lucas may be a shoo-in in any case.
September 20th, 2006 at 2:29 pmCalled his district office and told them that he should learn something from Congressman Ney the Crook’s situation….he should protect the brave men and women in the armed forces from thiefs, instead of selling out for graft…oh, they call it “campaign contributions” now, I forgot…..Its a disgrace. And not very patriotic, is it? Like all good repugnicants are supposed to be, unlike us crazy liberals who want to REALLY protect and support our troops by bringing them HOME
As a disabled veteran from the original quagmire…I see NO light at the end of the bushco tunnel they have dug for us in VietRaq….
Impeach then prosecute for war crimes…then TORTURE….I mean, use alternative approaches to obtaining needed information to save the reichland
September 20th, 2006 at 2:33 pmKen Lucas’ web site is here.
September 20th, 2006 at 2:38 pmSent him an email telling him he would be better served supporting the troops than his contributors.
September 20th, 2006 at 2:39 pmCalled the Congressman’s office. They took my name and address. The person on the phone could not answer my questions as to why the congressman was standing in opposition to the Talent-Pryor Measure, but registered my dissatisfaction with the congressman’s opposition
September 20th, 2006 at 2:50 pmShouldn’t the real discussion focus on the pay scale of the soldiers? Perhaps if we paid those boys and girls a little more to risk life and limb, they wouldn’t need to rely on predatory lenders.
September 20th, 2006 at 2:58 pmPatrioticLiberalChristian ?
Do you have any real idea what you are talking about? What branch of the Military are you in? What equipment have you been issued? What equipment did you have to buy for yourself?
Probably none. Normally people who make blatant statements as you have done, do so, only after hearing news reports, and not knowing for themselves.
As a prior member of the U.S. Armed forces, I can tell you, that you are very wrong.
September 20th, 2006 at 3:00 pmWhat a nebbish. I called his office and registered my pique.
By the way, The Hill had this to say about Lucas today:
No progressive hero evidently, but yeesh… better than the goober who’s in that seat now.
September 20th, 2006 at 3:06 pmis this fellow a crook?
September 20th, 2006 at 3:10 pmthey are going to have to open a new pokey for federal criminals, treason, crimes against the citizenry, and all these pukes may participate in the wearin’ o’ the orange
I just called his office. I am an Air Force veteran and after many years overseas really knew nothing about lending practices in the US.
September 20th, 2006 at 3:11 pmThey were very polite and listened to my comments and took my information.
This utter and complete piece of shit by the name of Rep. Geoff Davis is no American. His name should be Rep. Toilet Paper for being the total ass wiping shill for the predatory lending industry that he is. He deserves nothing but scorn and derision from every person he meets. Screw Rep. Geoff Davis.
September 20th, 2006 at 3:24 pmA 36% cap would allow for payday lenders to charge less than $1.50 per $100 loaned. They can’t generate the loan for that small of a charge, let alone pay the electric bill and pay their employees. Remember, these are short-term loans. To use APR to view the costs is completely inappropriate. Compare the costs of a payday loan and the cost of getting electricity turned on after the utility company turns it off. Or compare it to what a bank charges for a bounced check. Payday loans are much less expensive if used properly.
September 20th, 2006 at 3:25 pmI am acting as a person who still has very close ties to the military, since MANY of my friends are still curretnly on active duty. I know what they know, I know about the training, the equipment, and everything in between. I know the pay rates for sea/sub/hazardous duty pay, the paygrades time in rate pay. I’ve been there, done that, and my personal associates are still doing that.
So instead of you, insists upon using words like LIE and dishonor, fantasy and more, I didn’t call anyone names, nor did I make any statements about something I know nothing about. I DO know, ans just as PLC, you probably ONLY know what you saw on the news, and have no idea what in reality is going on, and what equipment the DO have or DO NOT have.
I do. So, instead of calling you names , I will let your post stand out for all to see. The difference between educated discussion, and random name calling. I chose to start out semi harsh, and then educate. If you don’t know, you cant make blatant statements. I know, and like PLC, you probably don’t.
I caught the NON-Soldiers part of his discourse. I was making a point. Again, something you failed to understand, either due to a lack of education, or good breeding, I cannot say. I prefer to think that education probably plays the greater part, but then I usually take the high road. Sometimes you need to stoop down to the level of your oposition to make yourself understood though. I trust I have stooped sufficiently low for you?
September 20th, 2006 at 3:26 pm#31
Did you serve in the same ANG Texas Unit as DUHbya? You seem to be suffering the same rectal/cranial insertion.
September 20th, 2006 at 3:30 pmI just got off the phone with his office, and I was told that he was not AGAINST
September 20th, 2006 at 3:32 pmI just got off the phone with his office, and I was told that he was not AGAINST the ammendment, but that he just wanted to make it stronger, and that having been in the military himself, that he has the best interests of the troops first and foremost in mind. LOL
CNG Financial to attempt to come up with language that was acceptable to them. I was then told that there was NO WAY that he would do that, because it was AGAINST HOUSE RULES.
September 20th, 2006 at 3:38 pm#38
Who told you the 36% cap was an ANNUAL percentage rate? It is a fixed transaction charge meaning the interest could be as high as $36.00 on a one day loan. You figure the APR and you will find it to be over 1300%.
September 20th, 2006 at 3:39 pmI just got off the phone with Davis’ office, and I was told that he was not AGAINST the ammendment, but that he just wanted to make it stronger, and that having been in the military himself, that he was only thinking about the troops. LOL
CNG Financial to attempt to come up with language that was acceptable to them. I was then told that there was NO WAY that he would do that, because it was AGAINST HOUSE RULES.
I then read him this:
“One of Davis’s aides admitted last week that he consulted on the legislation with “CNG Financial of Mason, Ohio, one of his top campaign donors and owner of national payday lender Check ‘n Go.—
He asked me whether the article had named the aide, and I told him, “No, it doesn’t. But it never does, does it?”
He then stated that he had not heard anything about it, and that I needed to keep up to date with my information, and once the bill comes out of markup, THEN everybody can see what Davis has done.
The last thing he asked me was whether I lived in their district, and as soon as I told him I didn’t, he had no more interest in our conversation.
Lies, lies and more lies – the hallmark of a 21st century Republican Congress. We’re all doomed.
September 20th, 2006 at 3:51 pmThe bill the Sentate passed in June has a 36% APR. Check the US Navy’s Web site (http://www.navy.mil/search/display.asp?story_id=25394). If the Senate’s 36% becomes law, members of the military will be forced to less desirable forms of lending (pawn shops) because payday loans will not be available to them.
September 20th, 2006 at 3:57 pmDouglas G.
September 20th, 2006 at 4:35 pmSeveral points
1. If you were cognizant that I acknowledge being non-military, why the hostile rhetorical questions of my status.
2. If I errored in listening and believing military family reports about equipment, you could have respectfully corrected me. I would have thanked you for the correction and taken the opportunity to thank you for your service.
3. It would have been nice if you had acknowledged my attempt to be supportive of the troops and the many other points I made.
4. I saw how VietNam vets were treated by the public and I sure don’t want that to be repeated. But, having the military treat the public in similar fashion sure isn’t any better.
Support our troops? HAH! Republicans HATE our troops. This predatory lending position, and cutting VA funding for GIs wounded with brain injuries proves it. *$#@&$#* Chickenhawks!
September 20th, 2006 at 4:37 pmI spoke to Rep Davis’ office and they told me that he was trying to strengthen the bill. When I asked what parts of the current bill that he thought were weak, and what his suggestions were, I was told that those things could not be publicly disclosed because the bill was still being deliberated.
September 20th, 2006 at 5:11 pmWhy should we protect people from being stupid? If you’re dumb enough to sign on the dotted line for something like this, sucks to be you.
If you have any questions ALL military bases have a legal department that’s happy to review stuff like this for free for military members.
And, most bases offer financial counseling and help so that you don’t get yourself into a mess neededing a 400% loan. And, if you’re in a really bad spot, groups like Navy Relief can get you some money or stuff you need.
I have no sympathy for stupid people, in or out of the military.
September 20th, 2006 at 5:35 pmI just talked with a Geoff Davis receptionist and got the exact same message – verbatim – as did Kristen #47 above. She claimed Davis was an Army Ranger – any way to check on that? Also, she appeared to almost forget to ask whether I was from the district, but I gotta tell you, these privileged protecting fear merchants really stay on message, don’t they? By the way, any relation between THIS Geoff Davis and that other one down south?
September 20th, 2006 at 5:54 pmIt is very interesting that traditional Muslim cultures in the Middle East forbid the charging of any interest on loans. This is probably a very large problem for Bush and the rest of our blood-sucking neo-con imperial war pigs….
September 20th, 2006 at 6:16 pmCheers.
Geoff “Goof” Davis is my Congressman. And the pay day check loan company pumping all the money to him – CNG Financial of Mason, Ohio – is owned by Allen Davis and his two sons, Jared Davis and David Davis. Anybody see a pattern there? I don’t know if there’s a blood relationship, but you gotta wonder.
Goof is originally from Montreal, and is a fierce opponent of immigration. He got his, so everybody else can go to hell. Typical Rethug.
September 20th, 2006 at 6:22 pmIf the government had credit alternatives in place, this wouldn’t happen. There is no such thing as “predatory lending”. There is lending based on people having made bad or self-indulgent choices. They carry an inheirent risk. The fee structures were made for them. Not soldiers. Soldiers should have credit alternatives in place.
All people should use common sense. Check the rates. Shop around. And take care of your credit for your entire “adult” life.
September 20th, 2006 at 6:57 pm[...] This Republican would not. [...]
September 20th, 2006 at 9:28 pmHmm, the law would disagree with you Responsible. There IS such a thing as predatory lending and it is ILLEGAL.
September 20th, 2006 at 9:58 pmPersonally, I believe that the armed forces should be offered payroll advances (one paycheck forward) at the Prime Rate by the Federal Government. It is highly doubtful that they will run away and, if they do, a cosigner (Parent or Guardian) could be required to come up with the payment with a penalty equal to the prime rate (double the interest). This would be less arduous then the current private plans and would enrich the Treasury by a bit.
September 20th, 2006 at 10:44 pmWell, JPark, the law is a reflection of public opinion, not an absolute. It used to be illegal for women to vote. That didn’t mean it was right.
These places, even though I think that PayDay loans and Car Title loans are abhorrent, operate within the constraints of the current law. That’s why they have to change the law. Otherwise, they’d be able to prosecute them now. They’ve prosecuted those who have violated the law. They want to change it to address these other operators.
September 20th, 2006 at 10:53 pmResponsible, I don’t believe PayDay loans and Car Title loans are legal if you put them up against the pertinent laws. I believe they violate the predatory lending laws. Unfortunately, those laws are not enforced very vigorously.
September 20th, 2006 at 11:01 pmWhile that may be a point for the lawyers and politicians to argue, the fact remains that the US government is the largest lender on the planet. But, and this is for any current or past administrations, our government still hasn’t put any assistance programs into place. It’s funny that Wal-Mart gets criticized for paying sub-standard wages. But when it’s the government doing it, it’s the businesses that are the ones in the wrong.
Regardless, if you don’t make use of these institutions because they don’t serve the individuals needs and benefits, they’ll either dissappear or change. Do you blame the alcoholic or the liquor store for alcoholism?
September 20th, 2006 at 11:17 pmThis type of leanding is wrong but people should take resposibility for their bad spending habits. People that aren’t in the military live right next to all these places and aren’t as effected, well maybe some drugies and what not, but I know that the military makes soldiers take classes on money handling skills, I have sat threw many, So quit blaming other people for their own stupid actions.
September 20th, 2006 at 11:17 pm[...] Recently, the Department of Defense came out with a report about payday lending — found here in PDF format — that highlighted just how dangerous the issue can be for service members and their families. The current proposal (the Talent-Nelson amendment to the 2007 Defense Authorization Bill) suggests a 36% Annual Percentage Rate (APR) cap for loans given to all military personnel. For any Congresscritter to try and block such a measure says a lot about the make up of his character. [...]
September 21st, 2006 at 12:22 amChet Edward (D, TX-17) has been going to bat for American Amicable Insurance and keeping them on military bases to sell worthless insurance policies for years. In fact they recently settled up for $70 Million over the whole deal. “Predatory lending” is a misnomer anyway. Lying to undereducated servicemembers about the limits on government insurance policy? That’s fraud.
http://www.wacotrib.com/news/content/news/stories/2006/09/11/09112006wacchettayloralico.html
http://www.opensecrets.org/politicians/detail.asp?CID=N00005794&cycle=2000
September 21st, 2006 at 2:06 amAndy,
There is a big difference between stupid and young. When I was stationed at Fort Hood, Tx, we had a large number of 17-19 year old kids serving that had no idea what an APR is. Also, oftentimes, we would have a CSM or other higher up personally bring these predatory lenders on base to give their selling pitches to the troops in formation. I have also seen First Sergeants advise soldiers to file bankruptcy. These preadtory lenders are just that – predators – who set up shop near military bases to take advantage of young, naive soldiers.
Douglas G,
I came home from Iraq in May 2004, after serving a year in Baghdad. We had to pay for a lot of our equipment, or do without. This included the new Interceptor body armor that is supposed to be “issued” to the troops. A lot of what my unit was wearing came from Ranger Joe’s just off of Fort Lewis. If they hadn’t bought it, they would not have had it. We also had, at least 6 times that I know of, soldiers sent on security patrols in downtown Baghdad WITHOUT AMMO. We were allotted 80 rounds each, and if you shot it, it was gone.
September 21st, 2006 at 3:35 amThis is a lie! I cannot believe that any one in our government would want to hurt the troops that are protecting our country in this way. Our government has the most honest, and humane approach to, not only protecting our soldiers but the people of those countries that we have occupied. Our soldiers are happy with the body armor we have supplied and they are happy to be sent back over and over again. Our government is doing a great job! I am so mad at the people that say Bush is a war crimminal. He has every right to torture any one who seems to be a threat to any American. I feel much safer knowing that Bush has the power to try and convict a prisoner with out giving the prisioner any information about why they were convicted. Bravo congress you are doing a great job making sure we are all safe. I AM THANK FULL WE HVE THE DIEBOLD MACHINES TO VOTE ON SO WE CAN CONTINUE TO TAKE aMERICA IN THIS NEW SAFE DIRECTION. THANK YOU
September 21st, 2006 at 5:07 amAs a former Sailor for 10 years, I know how tight money can be in the military. The problem with the predatory lending is not that they are out there, but that we are letting them lend to our military. Every branch of the military has their own credit union to support our military memebers. I belong to Navy Federal Credit Union to this day and do all my banking through them. They provide some of the best interest rates on every type of loan. We the public as well as the military need to educate our young military about the other options available to them rather than the predatory lenders.
We also need to work on eliminating the predatory lenders and stop blaming Republicans or Democrats for the lending process. We definitely need to bring the troops home and start giving back to them for all the time and service they have given. We treat our military like garbage but expect them to act like professionals. Lets give a little back and let them know how much we appreciate what they are doing.
The senator that is supporting the predatory lenders should be serving his last term. If we vote him back in office, we only have ourselves to blame.
Finally, the only reason the predatory lenders are out there, is because people are taking loans and accepting the interest rates from them. If we stop getting loans from them, they will go out of business. It is pretty simple, stop borrowing money from them.
September 21st, 2006 at 7:59 amPredatory lending? Now that’s a misnomer. Consumers come to their location and make the choice to borrow. For many of those that use these types of services, it’s one of the few and least expensive options out there.
Maybe part of the problem is the lack of sufficient pay for our military – for those men and women putting their lives on the line every day for our freedoms.
The Defense Report is full of inaccuracies. Only about 1.3% of all payday lending users are military personnel – hardly a case for targeting. Most responsible payday lenders are no more prevailent in military communities than any other community that meets the income demographics (and I don’t mean poor and urban here – we’re talking middle America – hardworking folks like me.
Further, the “uneasonably high interest rates” are compared to APR. That’s ANNUAL percentage rates. Of course they’re going to look astromically high for short term loans. But think about this. Due to a job change and an accidental cancellation of my last paycheck through my former employer’s payroll company, I was left without my usual direct deposit. The result was I overdrafted my acount. Three purchases in one day before I realized my paycheck hadn’t been deposited went overdraft – $18 in take out, $24 in gas and $9 for lunch. I was charged $33 PER transaction – $99 to cover $51 in transactions. For the largest of the transactions (the $24 in gas), that’s like 1,375% APR just for that one item. If I’d have known the dilemna in time, I would’ve used a payday loan. For $15 bucks I could’ve borrowed $100. Tough choice – pay $15 for the “predatory” loan or $99 from the well-respected bank.
Bottom line – Have educated opinions. It’s an individual’s choice to use these kinds of services. I don’t want my government making that decision for me.
September 21st, 2006 at 9:24 am[...] A conservative Congressman is leading the charge to screw our troops by blocking the crackdown on predatory lenders targeting U.S. troops: Rep. Geoff Davis (R-KY), is trying to gut the amendment. Davis has proposed his own language — praised by the payday lending industry — that sets no real limits on predatory lenders. One of Davis’s aides admitted last week that he consulted on the legislation with “CNG Financial of Mason, Ohio, one of his top campaign donors and owner of national payday lender Check ‘n Go.†[...]
September 21st, 2006 at 9:45 amThe real story is his campaign contributions from paydays. Go look at payday companies, lobbyists, lobbyists wives, payday PAC’s, etc. that have given him over $60k in the last year….then you’ll see why he opposes attacking the payday sharks….Whose going to write that story?
September 21st, 2006 at 10:07 amWhat a predator and scumbag.
September 21st, 2006 at 10:15 amThis will be my only post…Many of you that have posted to this topic are highly opinionated and speak from the heart, but not from knowlwdge. The fact is that there is currently a law, the Sreviceman’s Civil Relief Act, signed in 2003 that updated the Soldier’s and Sailor’s Relief Act of 1940. This act provides for any active duty military personnel, and others including the “called to duty” National Guard, to require lenders reduce loan rates to a 6% annual rate for the duration of the activated servicemember active duty. SO THANKS CONGESS FOR GETTING ME 6 TIMES MORE MONEY when you raise the rate to 36% annually.
September 21st, 2006 at 12:54 pmMr. Gotrocks is not exactly correct SCRA only applies to people getting “called to active duty” not to the people already on active duty….thus the need for the 36% APR cap. The SCRA rate doesn’t apply to active duty people who are currently using payday loans…..Regardless the issue here is Davis’ staunch support of payday lenders due to his $60,000 in contributions.
September 21st, 2006 at 1:22 pmLies, lies and more lies – the hallmark of a 21st century Republican Congress. We’re all doomed.
Comment by Kristen #47
Kristen,
…unless of course…
…WE doom THEM!
…remember,
…these so-called “conservatives”…
…are mindless, bigoted, frightened, racist, greedy pigs…
…and they’re in your families, they’re your friends, your business associates, co-workers and acquaintences…
…they STILL need to be purged (politically)…
..and their leadership prosecuted…
September 21st, 2006 at 2:06 pm#75 – big+papa,
September 21st, 2006 at 8:25 pmI was a conservative until September 12, 2001. Up to that time, I had never seen a coward like George W. Bush. FDR said that “There is nothing to fear but fear itself.”, George W. Bush said that “I am scared shitless, let the rest of you deal with it.” and flew from secure site to secure site until Cheney let him know that his ass was safe. He had no concern for his wife or daughters during that crisis. And later, macho-coward said – “Bring ‘em on.”, and ‘ey came. That frosted the cake for me.
[...] If the government views these predatory lenders that setup shop outside military bases as preying on soldiers, why don’t we view the rest of them peppered throughout our city as preying on our citizens? [...]
September 22nd, 2006 at 2:56 pmWe – the old fogies – can be victims as well. I looked at the prospect of turning my 401K into an annuity. Net was that the return on investment was about 2.5% on the basis of an initial investment decreasing amount. I am getting about a 9% return and am a mere engineer/programmer with a single course in Eco. Should I as a retired non-MBA get a degree? Seems to require no brain power and rakes (reeks?) in bucks.
September 22nd, 2006 at 6:52 pmSend a strong message to Reps. Geoff Davis (R-KY) and Steve Buyer (R-IN) to STOP SUPPORTING CORRUPT BEHAVIOR in THE LENDING FIELD!
They are NOT supporting our young men and women in the military by allowing lenders to bilk them out of their hard-earned dollars!
They will never get elected again because foks like me, a parent of a soldier, will fight tirelessly to block them from making a return to Washington.
They are Un-American!
Support Senators Talent and Nelson with their amendment!
From a avid, open-minded and vigilant military parent!
September 26th, 2006 at 9:31 pmThis is the “free market” at work. In a free market the government does not take part. Well okay they recruit soldiers, under pay them, do not educate them about predatory businesses that target and prey on them, pass legislation that does not protect the people from usurious interest charges and then stand back and let the “free market” tear the enlisted families to pieces so that they can never leave their dependence on a steady pay cheque in order to pay the interest on the debt they have accumulated to pay the small amount they borrowed.
If you thought slaver was dead think again. Here we have legalized enslavement with the aquiescence of “your” Senate and House of Representitives. Your slave owners and masters. The “free market” in practice has always made its money by creating a poor class and then enslaving them.
The USA needs to give up on its idea of having a free market. You need a Government that looks after the weekest first and foremost and enforces the assistance from those with resources.
It is time to end the carrot and stick appoach with “free enterprisers” where you say to them we will make conditions such that you can be guaranteed to make money and once you have accumulated a lot of money the laws will allow you to take advantage of the under classes and slaves. Do not buy into the premise that your slave society is a “civilized society.” America is anything but civilized. It is all pretentions. You are a culture of slaves and slave owners. Guess which one you have become!
I’ve said it before, never vote for anyone who earns more than three times what you earn! If you do that the system of government that you have and that pretends to be good will fall and then you can start to build a government that will take your needs into account over those of the aristocracy.
October 8th, 2006 at 4:38 amWhy doesn’t Congress get off its butt and cap interest on credit card and other debt at 3 points over prime? It used to be a crime in almost every state to charge more than 10 percent interest per year, and some limited it to 6 percent. I pay all my bills on time, but it becomes harder and harder because since I have so many bills, credit card companies feel they can freely raise the interest rate! Now they charge me 20, 22, 24, 25 and even 32 percent interest – again, despite the fact that I pay on time and have done so for many years. Congress is owned by the banking industry, I can tell you that!
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