Thursday, November 19, 2009

Neither a borrower nor a lender be

And he said unto them that stood by, Take away from him the pound, and give it unto him that hath the ten pounds.

-Luke 19:24-

Once upon a time there were people who would lend you money at high rates of interest. We called them loan sharks and we put them in jail if we could catch them. We had usury laws to protect the public from being forced into ruinous transactions. We were just inches away from Marxism.

Then came the deregulators who told us that it was toxic government interference and was depriving us of our "freedoms" to apply the same laws to that class of supercitizens known as corporations and so now we are free to borrow at rates Don Corleone wished he could have charged. Sure, some states jumped in and capped payday loans and the government "protected" the military from being charged more than 36%, but of course that's an outrageous assault on our "freedoms" and sure enough, the lobbyists came out of the woodwork and bought themselves a House subcommittee which went to work legitimizing loans with a 391% APR. For many in the payday loan business, that's not enough.

H.R. 1214 introduced earlier this year by Congressman Rep. Luis "dances with jackals" GutiƩrrez [D-IL4] is still in committee. Yes, Luis is a Democrat, let's give credit where it's due and Luis, who rose from poor Hispanic roots in Chicago promising to help others like him is now the champion of legalized juice loans and the big banks that screw the little guy in a big way.

The congressman got into trouble last year for getting a $200,000.00 loan from a contractor for whom he had intervened with the zoning board, but I'm sure he isn't paying 391%. A competing bill from Congressman Joe Baca would prevent States from capping rates at all and would allow much larger add-on fees and charges, but the really great feature would allow you to roll over the loan indefinitely, racking up that 400% or so until you're forced to commit suicide.

Meanwhile, for the rest of us who aren't desperate enough with trying to pay medical bills and mortgages we can't afford, the Credit companies are out to protect our freedom too. Faced with having to warn us they're tightening the screws in the near future, they're tightening them now without warning. I got a letter yesterday from my friendly MasterCard folk ( I won't mention the name but it rhymes with Citibank) informing me that since I've been such a good customer for 25 years and always paid the full balance on time, they would raise my interest rates to over 20%. Well to tell the truth there was a time or two when I got the un -postmarked bill on or after the due date although the last two times they tried that I'd switched to e-bills and had documentary proof that they sent the bill too late to be paid on time. They refunded the charges which would have amounted to nearly 100%, but I never got an apology for their attempt at petty larceny and I don't expect a letter of appreciation for my part ( and yours) in bailing them out when they choked on their own greed.

Yes, I know, when the Republicans justify their crimes by insisting the Democrats aren't pure at heart either, they don't avoid the guilt, but they're not always lying.

14 comments:

  1. A great post, the kind our vaunted MSM should pay more attention to. I'll repeat here what I wrote under the previous post:

    Instead of sitting behind our computers, perhaps we should be out in the streets matching teabaggers shout for shout ... and more if necessary (10:43 AM, November 19, 2009).

    I am damn tired of being pushed around by idiots, corrupt politicians, and their corporate sponsors. The time is long overdue for an angry reaction, and maybe we should seriously think about taking to the streets ourselves.

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  2. Pick up the cry
    Hey now it's time for you and me
    Got a revolution Got to revolution
    Come on now we're marching to the sea
    Got a revolution Got to revolution
    Who will take it from you
    We will and who are we
    We are volunteers of America.

    But first I think I'll take a little nap.

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  3. I agree with you on taking it to the streets Octo. But here's the rub. On my local level anyway, I found that the right was far more loyal and willing to take it to the streets more than the left.

    The right has an army of supporters that flood our local paper and web news providers with letters and comments. When I was trying to get people on my side to do that all I heard was "Oh. Not me. I don't do that. But I support you and if you win I'll be at your party."

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  4. I have been one of those who believed thoughtful debate and behaving with restraint and just waiting for the insanity to die down.
    That's not really working out so I am now leaning toward mass public displays of protest in the MLK mein.
    I believe in peaceful protest and nonviolent civil disobedience but that doesn't mean we cannot be LOUD!

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  5. T101, those who lie down and play dead do so at their own peril, but their complacency does not dissuade me from taking action on my own.

    Last night, there was a CNN report about a fringe group that calls themselves the Oath Keepers, some ragtag militia bunch arming themselves against … WHAT! When the reporter asked: “Do you know of specific legislation that threatens to take away your guns?” Their response was “No.” When asked if they knew of any government plan to open internment camps, their response was “No.” Why are these paranoid dumbfucks organizing? With no specific evidence to justify themselves, they are over-pumped with adrenaline and testosterone: An accident, or atrocity, waiting to happen.

    Free floating paranoia. Group hysteria. The march of the nut brigade. Yet, dangerous as hell. Understand this: The first amendment protects not only free speech but also liars, cult leaders, disturbed persons, and latently violent individuals who turn criminal only after they have committed a murder. Consider this:

    Jim David Adkisson carried a shotgun and 76 rounds of ammunition into the Tennessee Valley Unitarian Church in Knoxville. Within minutes, he killed a 61-year old retired schoolteacher and a 60-year old foster father who tried to shield others from the attack.

    Later, detectives searched Adkisson’s house where they found (besides more guns and ammunition) copies of: Liberalism is a mental disorder by Michael Savage, Let freedom ring by Sean Hannity, and The O’Reilly Factor by Bill O’Reilly.

    In Adkisson’s car was a 4-page manifesto that said in part:

    Liberals are like termites. Millions of them. Each little bite contributes to the downfall of this great nation. The only way we can rid ourselves of this evil is Kill them in the streets. Kill them where they gather.”

    So the next time someone says, “I’ll be at your party,” maybe you should remind them about this shit.

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  6. To take little weak people and make them feel they are defending the basic freedoms that this country was founded on....

    Is absolutely breathtaking propaganda...

    To make people believe that they are standing side by side with our founding fathers....wow!

    Who wouldn't want to go out on weekends and relive/reenact that?

    What little social worker by day doesn't dream about fighting the big fight on weekends?

    Our politics has become like a live action video game...

    You got to admit it works...

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  7. TAO: "Our politics has become like a live action video game... You got to admit it works..."

    Actually, it doesn't work. Despite a clear cut election win last November and majorities in both houses of Congress, there is still gridlock in Washington and an opposition party that no longer participates in government.

    No, how can you say this works especially at a time of crises on all fronts. This represents a total meltdown of rationality and needed cooperation to resolve these issues ... and none of this is happening except petty stupid shit.

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  8. For whatever reason, it's easier to get people to rally around bullshit that is no threat to them Octo.

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  9. T101, then they deserve to sink to the bottom of the sea in their ships ... where Octo has squatters rights.

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  10. Should my situation change I will be asking your advice Octo.

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  11. Just how does an octopus squat, pray tell?

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  12. It's unfortunate...but the only way to deal with the kleptocrats in the finance industry is to never, Never, NEVER give them any kind of opening: No balances, no advances, no yearly fees (though, that's getting tough).

    They already get a cut of every single transaction, they don't need more.

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  13. But - but that would be COMMUNISM!

    ReplyDelete

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