Police Moderator
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On The Job and Tangled Up In Blue
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Post by Police Moderator on Mar 12, 2010 5:02:43 GMT -5
Sen. Corker calls claims he rewarded payday lenders 'cheap shot' Sen. Bob Corker, R-Chattanooga, calls reports that he rewarded payday lenders by pushing to have them exempt from new regulations a “cheap shot.”
By Michael Collins Posted March 11, 2010 at 11:16 p.m. WASHINGTON - U.S. Sen. Bob Corker said Thursday it was a "cheap shot" to suggest he had sought to reward payday lending companies that have contributed thousands of dollars to his political campaigns by pushing to exempt them from new financial regulations. The Chattanooga Republican has been under fire this week after media reports said he had pressed U.S. Sen. Chris Dodd, chairman of the Senate Banking Committee, to remove a provision from proposed legislation that would have allowed federal authorities to crack down on payday lenders. "That was the most major cheap shot I have ever seen," Corker told reporters. Corker had been one of the key senators in bipartisan negotiations that began last month to come up with a sweeping overhaul of banking regulations that could win the backing of Democrats and Republicans. Read more: knoxnewsNaw, Sen. Corker would never put his personal interests above the citizens he represents.
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BlackFox
Senior Forumite
Stay thirsty my friends
Posts: 4,496
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Post by BlackFox on Mar 12, 2010 8:22:41 GMT -5
What he calls a cheap shot, everyone else calls blindingly obvious. This is a great example of how stupid politicians think we are, and we'll prove it next election cycle.
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Post by rstewart on Mar 12, 2010 10:05:50 GMT -5
Bought and paid for by Jones Mgmt LLC.
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okz
Senior Member
Posts: 650
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Post by okz on Mar 12, 2010 11:07:38 GMT -5
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BlackFox
Senior Forumite
Stay thirsty my friends
Posts: 4,496
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Post by BlackFox on Mar 12, 2010 11:13:19 GMT -5
Gotta love that free speech financed by the dollars of the poorest people whose voice will not be heard.
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Post by Tsavodiner on Mar 12, 2010 22:38:30 GMT -5
What he calls a cheap shot, everyone else calls blindingly obvious. This is a great example of how stupid politicians think we are, and we'll prove it next election cycle. What would YOU have people do who absolutely CANNOT participate in the banking system because of their credit status? Starve? Do without housing? Keep the kids nekkid/(you'd enjoy that) I was lucky enough to be "Po' relations" and depend on family until I established some bona fides to get in the system, but many of these folks never have and never WILL, passed Laws notwithstanding. Legit money has legs and will FLEE. Go ahead and outlaw payday lenders; you'll make some criminals VERY happy to lend that dough with points, vigorish, and penalties that emergency rooms pay for.
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Post by Tsavodiner on Mar 12, 2010 22:47:39 GMT -5
Bought and paid for by Jones Mgmt LLC. He'd accept your donation but doesn't have time to count change....
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Post by Tsavodiner on Mar 13, 2010 3:55:01 GMT -5
Gotta love that free speech financed by the dollars of the poorest people whose voice will not be heard. WWHHAAATTTT?!?!?! Your boy's in power NOW, and you're telling me Po' Folks voice ain't bein' HEARD?!? Maybe they should just join ACORN/AFL-CIO/MOVEON/ACLU/ or a raft of others. You tellin' me there ain't no PoFolks in them?
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BlackFox
Senior Forumite
Stay thirsty my friends
Posts: 4,496
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Post by BlackFox on Mar 13, 2010 8:22:55 GMT -5
What would YOU have people do who absolutely CANNOT participate in the banking system because of their credit status? No one said they should be abolished, but what's wrong with regulating them a little. I mean 400% interest!!? That's not helping the poor you seem to suddenly care so much about. It's usury.
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Post by mikeydokey on Mar 13, 2010 17:04:37 GMT -5
it's always themury against usury
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Post by drewtyalor on May 23, 2012 1:03:43 GMT -5
As a lot of people have already noticed, payday loan lenders have been investing in the presidential campaign a lot. And to tell you honestly, what many of us do not know is that the sector also investing a lot in city and state political leaders by making a ton of donations. They want to make sure that payday loan service is always available to consumers who really need the help. Payday loan is actually designed for people who needs temporarily financial assistance. It aims to help people who are in needs rather than to put people in bankruptcy. Get more information at: Payday Loans.
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Post by drewtyalor on May 23, 2012 1:04:48 GMT -5
As a lot of people have already noticed, payday loan lenders have been investing in the presidential campaign a lot. And to tell you honestly, what many of us do not know is that the sector also investing a lot in city and state political leaders by making a ton of donations. They want to make sure that payday loan service is always available to consumers who really need the help. Payday loan is actually designed for people who needs temporarily financial assistance. It aims to help people who are in needs rather than to put people in bankruptcy. Get more information at: Payday Loans.
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Post by Half-Tard on May 23, 2012 9:02:20 GMT -5
Crooked Corker calling foul. STFU Bob you're an embarrassment how does Alan Jones cack taste?
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Post by professorx on Jun 1, 2012 23:50:20 GMT -5
What would YOU have people do who absolutely CANNOT participate in the banking system because of their credit status? No one said they should be abolished, but what's wrong with regulating them a little. I mean 400% interest!!? That's not helping the poor you seem to suddenly care so much about. It's usury. Do you understand how these things work? Small amount + Short Term + High Risk = High Interest. If they loaned a person $1000 bucks at 20 percent, they would quickly go out of business. If they lowered the interest rate they'd have to be more selective on who they loaned to. How risky would it be to make a financial agreement with a person that has to borrow $1000 for an emergency? This is not a value or judgment call, just from a business point of view. We've all been up shit creek, again it is not a judgmental thing. You are loaning a total stranger a relatively small amount of money to pay for something they cannot afford (medical emergency, funeral, etc.), but somehow they can afford it a few weeks later. If they default, you cannot sue them, they do not have any money. That's a huge risk. Make it riskier and the loans would stop. I am not in the banking or finance industry, but this stuff is basic money management. This stuff used to be required in schools. What happened to basic education? Do you also go to a resturant and ask "Why are you marking this dough, sauce and cheese up 400%? Food should be regulated!" Regulate resturants or loans and the services will cease to exist. No one would be willing to take the huge risk to make loans or pizza. I guess one party's ignorance of economics is why our economy is in sad shape today.
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Post by ssmynkint on Jun 2, 2012 8:10:23 GMT -5
Usury: the American way.
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TNBear
Senior Forumite
Posts: 2,285
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Post by TNBear on Jun 2, 2012 18:51:06 GMT -5
Deregulate everything: the Republican Way. Oh yeah; except voting, same sex marriage and reproductive rights.
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Post by Tsavodiner on Jun 18, 2012 17:21:45 GMT -5
Crooked Corker calling foul. STFU Bob you're an embarrassment how does Alan Jones cack taste?
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