Wednesday, January 29, 2014

Republicans: still hating on the poors

Remember when I posted this? 

Politicians share many of the same traits as a sociopath. Narcissism, delusions of grandeur, the ability to lie at the drop of a hat are all at least somewhat necessary to achieve a place in the political hierarchy of America.
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For the past thirty years or so, the party that seems to have attracted the most sociopaths is the GOP.
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Sociopaths do not feel empathy. To them, people are simply things to be used for their own pleasure, objects that have no worth. A sociopath will look at a hungry child, or a person with a terminal illness, or the survivor of rape and be unable to comprehend what that person is feeling.


Congressmen Go To Bat For Abusive Payday Lending Industry, Attack Justice Department Investigation (Click on this heading to read more)

By Josh Israel    on January 27, 2014 at 2:40 pm
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The payday lending industry is infamous for providing 12 million Americans each year with short-term loans that end up costing an average of more than 138 percent in interest and fees. But as the U.S. Department of Justices moves to crack down on those lenders who have illegally taken billions from the checking accounts of consumers, two powerful U.S. Congressmen are going to bat for the industry, a letter obtained by ThinkProgress reveals.
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Each year, millions incur long-term debt by taking out a short-term loan that's intended to cover borrowers' expenses until they receive their next paychecks. Most take out nine repeat loans per year with an interest rate as high as 400 percent. Forty-four percent of borrowers ultimately default, even after paying back their loans several times over, and thus are pushed ever closer to poverty. Critics have called the practice "legalized loan sharking" and describe the industry as "bottom feeders." In recent years, major banks have also joined in the practice.
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In recent weeks, the U.S. Department of Justice began to take aim at the big banks that illegally help payday lenders rip off consumers. "Operation Choke Point" is a massive investigation into whether banks help payday lenders illegally siphon billions of dollars from consumers' checking accounts in exchange for a fee. Some banks have already announced they would get out of the payday lending business entirely to avoid the regulatory crackdown.
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But rather than cheer this consumer-friendly move, two powerful Congressmen are moving to stop it. House Oversight Committee Chairman Darrell Issa (R-CA) and Subcommittee on Economic Growth, Job Creation and Regulatory Affairs Chairman Jim Jordan (R-OH) sent a letter to Attorney General Eric Holder on January 8, accusing the Justice Department of "using its civil investigative power" to "inappropriately target two lawful financial services: third-party payment processing and online lending."

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