Borrow $5,000 payback $42,000
The figures above sound totally ridiculous but this form of borrowing is again legal. Cadet Bone Spurs administration has started dismantling the Consumer Financial Protection Board, agency founded by now Senator Warren from Massachusetts, whose main purpose was to protect ordinary citizens from loan sharks and payday predators. With the handwriting on the wall, most of these predators are at it again with a vengeance. Charging customers 115% interest on payday loans while increasing term limits which raises their chance of getting a larger payday. Most of these borrowers are in no position to resist borrowing at these juice loan rates. At the door of bankruptcy, they feel compelled to save their meager holding in hope of a rescue that comes as a wolf, dressed in sheep’s clothing.
Walk through any urban poverty areas and those payday lender establishments are like neighborhood grocery stores. On every block looking to fleece those least of these. The CFPB was set up during Obama administration years to protect those who use these forms of loans for emergency situations. Obama never stopped them from doing business but regulated how they did business. Restricting payback terms, lowering maximum interest rates, and making mandatory time for refusal. Cadet Bone Spurs has taken charge of that agency and started dismantling immediately by refusing any budget request for funds to run the agency. A pretty exotic move, no funds to pay the employee, no agency!! The signature legislation of Senator Elizabeth Warren just withers on the vine dying a slow agonizing death.
There are plenty of examples like above where Cadet Bone Spurs has created small fire all over the nation’s landscape and we find ourselves running around fighting these fires which sap our strength. You are never able to fight a strong battle because Cadet BS is fighting guerilla warfare killing off those who fight and we never become successful. Most of us cannot hold on because these are life-threatening circumstances leaving destruction in its path. Look around:
- Puerto Rico devastation
- Immigration warfare
- Deportation tragedies
- DACA ending permanently in March
- CHIP not being funded, our children without healthcare
- Tax cut for wealthy individuals and corporations with pennies going to middle class and poor.
- Social Safety net under constant attack
- Minimum wage at starvation levels
The list goes on and on, with no end in sight. Our above list is only a small part, climate change, safe drinking water continues the list.
This fight for survival can be won. I’m praying that those who stayed at home or cast their precious votes for Cadet Bone Spurs understand now the error of being fooled. Now the alternative, I still believe was not the best, but she would have been far better than what we have now. So gather all your willpower, organizational skills and power of persuasion because November 2018 is just around the corner. Let’s get these fools out of office and the country back on solid footing. Your vote is money in the bank.
E. Bishop III, The Money Connection.Com
“Following Money Issues For Our Community”