Another setback for predatory “payday” lenders

All I want to know is, if NC Dept of Justice wins this class action law suit on behalf of all the consumers, can I get my cut. I was stuck in that mess for about 2 years solid and paid over $1200 in fees for a $255 loan.

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On Sunday night, the CW Network ran the pilot episode of a new comedy/drama from the creators of The Sopranos. The new show, called Easy Money, airs on Sunday nights at 9 pm and is about a family who owns and operates a “high-interest loan” business called Prestige Payday Loans. It’s nice to see shows being produced that show misunderstood cultures or lifestyles; as long as it represents those in the show in an unbiased way, i.e. not like Fox News. However, by taking one look at the trailers for the new show, as well as a few of the episode synopses, I can start to see that the premise for the show might be based exclusively on nasty media stereotypes. With this in mind, think of the last time that you viewed a news story either online or on the TV talking about the payday loan industry. Most likely, the story you saw or read told tales of “real” peoples’ problems fueled by their getting caught down in an “endless cycle of debt.” The worst part is that according to such “articles,” the problem started when they needed to borrow money to fix their car or pick up the tab on another unforeseen bill. Such stories provide further evidence that for the sake of getting higher ratings, news networks will latch on to and report only the juiciest, most scandalous aspects of whatever they can exploit for the moment and completely ignore everything else. It seems as if the CW network is following this proven way of getting good ratings in an effort to recover viewers lost during the Writer’s Strike. One tagline, for instance, opens, “for this family of loan sharks, money is easy.” Surely, it’ll be interesting to see whether or not the CW or the show’s creators learned how the industry really operates. Chances are, probably not. But it wouldn’t get good ratings if they did.

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Every Presidential debate in the era of television is quite the news item. Many Americans watch in order to gauge which candidate is going to pursue policies that they feel are best, in order to find out who it is they think they should vote for. Many voters today in America are becoming or have become disillusioned with our leaders and the political process, and so watch things like the debates with limited expectations, knowing that direct questions will most likely not be answered, and will sound like sound bites. The major newspapers, such as the New York Times and the Boston Globe, hailed the debate as having “forced cordiality” and being “mercifully free” of personal attacks, and that was very true; neither candidate resorted too much to character assassination. McCain continued with “staying the course” and pursuing domestic drilling policies. (Hmmm….I wonder just who he was listening to on that one.) Obama was still criticizing Republican policies which he says got us into this mess of a recession in the first place. If the election were based on the performances on the debate , there’d be no clear way to say who it was that had won. America needs a clear proposal for action. Obama’s views on “predatory lending” which basically is sanctioning payday loan lenders is not a real solution. It’s basically an appeal to the banking lobby.
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Election Day 2008 was an historic moment. People hopes for a better nation. Those who participated should applaud themselves accordingly, regardless of whom they voted for. The consensus has been that America has voted for change by selecting Democratic candidate Barack Obama as the 44th President of the United States, though whether that change will be for better or worse remains to be seen. He has made many promises, such as lowering the tax burden on the middle class, putting a timetable on withdrawing from Iraq, and a line by line trimming of the federal budget. Thinking that people could help by implementing those policies. He also has pledged his support in ridding America of its freedom of financial choice, by putting greater restrictions on payday loan lending. He thinks that it will minimize predatory lending towards lower income families and minorities. He doesn’t think it drives all of us right towards the banks and credit companies that helped to create so much of the economic crisis that we’re in already. Obama ridding us of payday loan lending only compromises our financial freedom. He may bring America some, or maybe most, or all, of what it needs, but creating a banks’ monopoly is not what we need now. Knowing that we are in the democratic governance there is something wrong with this.

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