Is Obama Against Predatory Lending or Not?
Obama has a way of ducking hard votes or explaining away his bad votes by trying to blame poorly-written statutes. Case in point: an amendment he voted on as part of a recent bankruptcy bill before the US Senate would have capped credit card interest rates at 30 percent. Inexplicably, Obama voted against it, although it would have been the beginning of setting these predatory lending rates under federal control. Even Senator Hillary Clinton supported it.
Now Obama explains his vote by saying the amendment was poorly written or set the ceiling too high. His explanation isn’t credible as Obama offered no lower number as an alternative, and didn’t put forward his own amendment clarifying whatever language he found objectionable.
Why wouldn’t Obama have voted to create the first federal ceiling on predatory credit card interest rates, particularly as he calls himself a champion of the poor and middle classes? Perhaps he was signaling to the corporate establishment that they need not fear him. For all of his dynamic rhetoric about lifting up the masses, it seems Obama has little intention of doing anything concrete to reverse the cycle of poverty many struggle to overcome.
Obama is for Predatory lending, he gets a lot of his financing from banks, so he protects their profit margins and doesn’t care that people are ripped off.
CREDIT CARD INTEREST RATES:
Obama has a way of ducking hard votes or explaining away his bad votes by trying to blame poorly-written statutes. Case in point: an amendment he voted on as part of a recent bankruptcy bill before the US Senate would have capped credit card interest rates at 30 percent. Inexplicably, Obama voted against it, although it would have been the beginning of setting these predatory lending rates under federal control. Even Senator Hillary Clinton supported it.
Now Obama explains his vote by saying the amendment was poorly written or set the ceiling too high. His explanation isn’t credible as Obama offered no lower number as an alternative, and didn’t put forward his own amendment clarifying whatever language he found objectionable.
Why wouldn’t Obama have voted to create the first federal ceiling on predatory credit card interest rates, particularly as he calls himself a champion of the poor and middle classes? Perhaps he was signaling to the corporate establishment that they need not fear him. For all of his dynamic rhetoric about lifting up the masses, it seems Obama has little intention of doing anything concrete to reverse the cycle of poverty many struggle to overcome.
Hey we match — Make a wish!
(I wish Hillary wins PA in double digits
July 4th, 2010 at 9:25 amits because obama is an idiot.
July 4th, 2010 at 9:25 amYou are looking at the wrong side of this.
It is the fed putting ‘free’ money to wall street to ’stimulate’ the market. Wall street as money managers have to find places to invest it. With sane investments being filled, they look to ever riskier investments, and so long as new free money from fake lower interest flows, it is a pyramid game that makes it seem almost like a decent investment until the fake interest leads to printing of so much money to fund it that the dollar begins sinking to the point where inflation necessitates sudden more stringent interest measures, causing the bubbles to burst.
Without the fed meddling in our markets to begin with, bankers would have stayed away from ‘predetory loans’ simply because they are a bad risk. They are giving money to people who really can’t afford to pay it back. As an investment policy, in an unmeddled with market, that is insanity.
So what Bush is doing is to put ALL markets under the Fed, thinking, I guess, that they haven’t done enough to help us, causing the Great Depression and the dot com bubble and the housing bubble.
Vote for Ron Paul.
http://www.youtube.com/watch?v=XaxdUPNYj2s
July 4th, 2010 at 9:25 amAt this point I my doubt’s if the man even knows what the Predatory tax is . remember the last debate when they had to explain taxes to him. LOL and this is who you want for president.? I don’t think so. wake up Americans..we can’t take 4 years of this man.
July 4th, 2010 at 9:25 am