I’m not much into politics, but man this burns my a**

[tdhanses]

You want to be mad about something, How about this new legislation letting Loan Sharks charge folks as much as 36% interest?

Reps. Jesus Garcia, D-Ill., and Glenn Grothman, R-Wis., are the cosponsors of a bill called the Veterans and Consumer Fair Credit Act (the bill has nothing to do with veterans, and several veterans groups have written to complain of this ruse). It would cap interest rates on short-term and emergency loans at 36 percent. Critics of short-term lenders say they "target" low-income and minority Americans. The left says this new law would "save" low-income Americans between $5 and $10 billion a year.

Anyone claiming this^ helps low income folks is getting paid to say that...or in the back pocket of the check cashing places.

High interest rate Credit card debt, loans etc will absolutely kill you financially and should be avoided at all costs.

.....

Wow how does predatory lending save low income individuals anything, these reps think the majority of the citizens are idiots, only reason they would put up a bill like this.

Want to save low income individuals money, if they need a low allow for low interest rate borrowing with many requirements to receive this. Also limit the amount so they don’t get buried in debt.

 

[rtaylor]

After reading all 11 pages in this thread I find it interesting everyone's differing opinions on what the role of the federal government is but more importantly the expectations of a privately held business to provide for the welfare of a small town.

 

[5MilesBack]

You want to be mad about something, How about this new legislation letting Loan Sharks charge folks as much as 36% interest?

That legislation doesn't "let" loan sharks charge 36% interest......it caps it at 36% interest. The loan sharks were charging over 100% in some cases. This legislation was the compromise. But........you still have to put some responsibility back on the people that are signing such ridiculous loan agreements. Heck, I'd loan money out too for 100% interest, if someone is stupid enough to pay it.

 

[Beendare]

Oh Cmon 5Miles....you are going to pick apart the wording of my quick comment?

Seems to me the politicians blather on about helping the poor.....anything over 15-18% is highway robbery.
______________

No offense to the OP but anyone wanting to be mad at Hedge funds should be pointing at reworking the favorable "Carried Interest rule" where Hedge funds get a favorable tax rate for transactions like the Cabelas deal.

This favorable tax rate is one of the reasons WHY they do deals like this [along with improving synergies of course]

HF accounted for Almost $3 Trillion in assets in 2017- thats a chunk.....

A good Congress working for the avg American would address these loopholes and the beneficial tax rates for these HF. The answer; This Congress is a joke. They vie for sound bites, and fall all over themselves to give us freebies so they can stay in power- instead of actually doing their job.

Link to tax policy center, Brookings institute

....

 

[Trial153]

We all should be so lucky to run 2/20 and take millions in fees then have them taxed at lower capital gains rates with a net 3.8% on investments.
And since that isnt nowhere near enough thievery let's make sure we roll it all into a our Bermuda Reinsurace company so we can funnel it all back into our hedge fund .

And the only reason laws like this happen because you own politicans. Its criminal

 

[tdhanses]

We all should be so lucky to run 2/20 and take millions in fees then have them taxed at lower capital gains rates with a net 3.8% on investments.
And since that isnt nowhere near enough thievery let's make sure we roll it all into a our Bermuda Reinsurace company so we can funnel it all back into our hedge fund .

And the only reason laws like this happen because you own politicans. Its criminal

It is interesting how so many of the career politicians have become so rich, yet they love to blast the rich.

I have to agree, politicians are all about sound bites and doing what is best for themselves.

 

[alrick18]

A lot of opinions here, I came to the US legally in 1975. I could not believe what I heard from the people. I was told that I could receive more aid from the local government if I was in the US illegally. I don't have the time or the patience to endure all of the complaints, I enlisted in the military and I heard the same complaints. I became a US citizen, I would give my life for this country. Manny told me that I was working too hard, I was always amazed of the foolish attitudes that I came across. Most Americans don't understand and appreciate what they have as a US citizen. I stuck to my plan and did I had to do, went to college because I understood that it would provide me a competitive edge and that it did. I am now retired and enjoying the fruits of my labor. If you don't like the way things are with politics, guess what, people vote them into office, who we are is a reflected in who gets elected. I hear it all the time, complaints and the complaints and the majority those complaining are doing nothing to improve the situation. No one gave me anything, I took no handouts, yes it was hard, at times I can't believe how things turned out for me. I am living the dream. Yes, I do vote and do my part.

 

[5MilesBack]

Oh Cmon 5Miles....you are going to pick apart the wording of my quick comment?

Well, the way you worded it, it sounded like they just created this legislation out of the blue that was now legalizing the loan sharks to charge 36% interest.........rather than "capping" the interest rates they were already charging.

 

[Beendare]

Well, the way you worded it, it sounded like they just created this legislation out of the blue that was now legalizing the loan sharks to charge 36% interest.........rather than "capping" the interest rates they were already charging.

Yeah, its the way the politicians framed it....like they were doing the poor a favor gouging their eyes out with these interest rates- ridiculous. Why are no politicians clamoring for the spotlight against this? Not a one....sad.

I think the key here is to educate folks. What we don't need is dumb ass politicians taking the easy route making hollow promises. These elections are like a dang High School popularity contest...with these folks promising us free this or that.

I think we all realize by now- NOTHING IS FREE.

We need politicians that are;
1) Frugal with the tax dollars we give them [BTW, thats exactly ZERO of them....even Trump]
2) Initiate smart legislation attacking inequities without tanking the whole system
3) Not beholden to special interests
4) willing to make hard choices financially for the long term.

Every single politician in our country is kicking the financial can down there road right now! All of them!


Sometimes we have to let the cards fall where they may in a controlled capitalist system. Why should Taxpayers bail out huge banks, insurance companies and financial institutions that gambled with their assets? Thats what we did with the "too big to fail" banks.....shovelled them $$ to make up for their overly leveraged bets.

How many financial folks levered up to 60x on falsified assets went to jail? Thousands? hundreds? Nope, just a few.

I do believe we have the best system of gov in the world...but it has been prostituted by big money interest and career politicians. It really is an easy fix....1) we need to hold these politicians accountable, 2) we just need to keep voting these career politicians out...one and done...until we get candidates that will get in there and do the right thing.

If you had the tenacity and patience to read all of this thread- kudos to you...and thanks for letting me vent!

.....

 

[MtnOyster]

"Prostituted by big money" could be the best phrase I ever heard for high end politicians ...….lmao!!

 

[5MilesBack]

Yeah, its the way the politicians framed it....like they were doing the poor a favor gouging their eyes out with these interest rates- ridiculous. Why are no politicians clamoring for the spotlight against this? Not a one....sad.

If you compare 100% interest rates to 36% rates, they ARE doing them a favor.........IF they're still stupid enough to take out a loan from a loan shark. This is where we differ........I don't believe the government's job is to "protect us" from everything imaginable. Set up laws as needed and make whatever illegal.....then enforce those laws. We don't need regulations to protect us from putting our arms down a hay baler. And if one needs the government to protect them from 100% loans, then they're a lost cause already. This is just another example of taking "personal responsibility" out of the equation. At some point we have to be adults and be able to survive on our own. A 14 year old can choose to have an abortion on their own, but when it comes to loans......they need the government to protect them from bad decisions???? SMH

 

[tdhanses]

If you compare 100% interest rates to 36% rates, they ARE doing them a favor.........IF they're still stupid enough to take out a loan from a loan shark. This is where we differ........I don't believe the government's job is to "protect us" from everything imaginable. Set up laws as needed and make whatever illegal.....then enforce those laws. We don't need regulations to protect us from putting our arms down a hay baler. And if one needs the government to protect them from 100% loans, then they're a lost cause already.

I agree with this mostly but I also agree that there needs to be a cap and lending standards for the predatory lenders, they should not go unchecked. I do think 36% interest is very excessive, so would think a cap at 18% would still allow for plenty of earning and help those in need that can’t get a conventional loan at a low rate.

I do agree we shouldn’t be holding peoples hands for poor decisions but there should be a limit to the gain someone can earn off these lower income individuals. I doubt any middle class or high income individuals are ever the customer base. All these loans do is keep the poor forever trapped being poor, yet line the pockets of a sleazy used car salesman type.

 

[5MilesBack]

And if you go that route then you have to cap what a lawyer can charge, or what a Doctor can charge, or mechanic, etc, etc. It never ends being a watchdog and caregiver for people, and that's why our government is going bankrupt. Or you can let the free market set the interest rates.......if one guy is charging 100%, I guarantee you there's another guy down the street that will loan it for 90%, and 80%, etc, etc until the market meets equilibrium.

 

[tdhanses]

And if you go that route then you have to cap what a lawyer can charge, or what a Doctor can charge, or mechanic, etc, etc. It never ends being a watchdog and caregiver for people, and that's why our government is going bankrupt. Or you can let the free market set the interest rates.......if one guy is charging 100%, I guarantee you there's another guy down the street that will loan it for 90%, and 80%, etc, etc until the market meets equilibrium.

Except there are plenty of limitations to getting credit, not quite the same as providing a service. Never heard of someone needing to hire any of those to provide food for their family or pay for a major repair etc. lending has plenty of stipulations and no reason to keep predatory lenders from preying on the poor. For services you can easily shop around.

 

[5MilesBack]

lending has plenty of stipulations and no reason to keep predatory lenders from preying on the poor. For services you can easily shop around.

Are you saying there's only one predatory lender in town? If that's the case, the free market works very well in that regard too. And then they can shop around for these loans as well. But the real problem here is these are the same people that go into a dealership and pay full price for a vehicle. Is that a predatory dealership for selling at full MSRP? Do we need legislation capping the profit that a dealership or any company can make (think drug companies now)? Like I said earlier, perhaps we should put a little responsibility back on the individuals. Our government is the one that has created this situation by babying people along, handing out whatever they need, and legislating a whole butt-ton of regulations that create these problems.

At one of the commands I was at in the military, one of my collateral duties was as "financial advisor/counselor". Wow......some of the things I used to see that folks did of their own free will to put themselves in these situations. Like they say........common sense isn't very common.

I know a guy right now that IS one of these people. Former military, has no job, owes child support that he doesn't pay, won't even open a bank account because they'll take what money he has, he drives a vehicle in someone else's name, but he somehow has money to buy guns left and right but is then always broke. He needs a loan to get the vehicle fixed and obviously can't qualify. But we need legislation to "protect" these people? At some point you cut them free and make them responsible for their own actions and decisions......tough love. Ya, I know......that's not politically correct, or even in the vocabulary of the left.

 

[tdhanses]

Are you saying there's only one predatory lender in town? If that's the case, the free market works very well in that regard too. And then they can shop around for these loans as well. But the real problem here is these are the same people that go into a dealership and pay full price for a vehicle. Is that a predatory dealership for selling at full MSRP? Do we need legislation capping the profit that a dealership or any company can make (think drug companies now)? Like I said earlier, perhaps we should put a little responsibility back on the individuals. Our government is the one that has created this situation by babying people along, handing out whatever they need, and legislating a whole butt-ton of regulations that create these problems.

At one of the commands I was at in the military, one of my collateral duties was as "financial advisor/counselor". Wow......some of the things I used to see that folks did of their own free will to put themselves in these situations. Like they say........common sense isn't very common.

I know a guy right now that IS one of these people. Former military, has no job, owes child support that he doesn't pay, won't even open a bank account because they'll take what money he has, he drives a vehicle in someone else's name, but he somehow has money to buy guns left and right but is then always broke. He needs a loan to get the vehicle fixed and obviously can't qualify. But we need legislation to "protect" these people? At some point you cut them free and make them responsible for their own actions and decisions......tough love. Ya, I know......that's not politically correct, or even in the vocabulary of the left.

No not to protect him, I agree many that use these lending tactics are horrible with money and really shouldn’t have the ability to get a loan due to risk and hence the high interest but I’m talking more so about the families trying to do the right thing yet can’t get ahead, but then again maybe these individuals do qualify for a low or lower interest rate.

I like to think that not everyone utilizing these types of loans isn’t a dead beat.

I look at it similar to how Trump just took away food stamps from adults without children that are capable of finding work, don’t make it an incentive for those that are lazy but help the people in need that in the long run will not need the help, if they can get ahead.

 

[5MilesBack]

Food stamps, government welfare, SS, medicare, medicaid, student loans, mortgage loans........none of that belongs in the government's hand.

 

[Hhardrockminer]

We continue to bitch about the Government but yet we always send the SAME worthless people back to DC.
We vote for the people that will give us all this free stuff but then butch because our taxes and laws put restrictions on us. I don't understand some of us wanting but then complain about having to pay more in taxes.
With our bigger Gov. we lose more and more, STOP voting for the Dimwitts and vote for those who will work to improve not give everything for FREE, I tired of paying for all the FREE stuff people get. Just my .02 and hope all have a MERRY CHRISTMAS.

 

[Gar]

Hedge fund forced Cabela's merger, decimated jobs in Sidney, Nebraska | Fox News Video

Are hedge funds destroying rural America? 'Tucker Carlson Tonight' investigates.

video.foxnews.com

Listened to the article you posted. This Paul Singer, and others like him sound really evil. I’m a Republican, but this guy’s hostile investment strategy makes my blood boil.

Thanks for posting!

 

[rtaylor]

5milesback I agree with you wholeheartedly. It is not the government's job to protect us from ourselves. The government shouldn't tell us how much minimum wage should be no more than they should be deciding interest rates. The customer is willingly going to take out a loan and the terms of the loan are not the government's business. Maybe the lender thinks the risk is not worth it for 36% and won't make any more loans to high risk individuals. Who is the winner then?