4/05/2005

"So you support usury, Senator?"

From David Sirota's blog on the Loan Shark Prevention Act:
As the House gets ready to debate the disgusting credit-card/banking-industry-backed bankrutpcy bill, Rep. Bernie Sanders (I-VT) is introducing "The Loan Shark Prevention Act" - a legislative package designed to prevent the worst abuses by credit card companies and commerical banks. The bill has three very simple provisions, including a ban on the credit card interest rate bait and switch...Sanders makes a good point: "Loan-sharking is an odious practice whether it is performed by street corner thugs or the CEOs of large banks. Charging economically vulnerable Americans outrageous interest rates and fees is simply not acceptable and, amid all of the recent political discussion over 'values,' this certainly does not constitute 'moral' behavior." Here's the deal with this bill - people who oppose this legislation literally support usury. And that's fine - but they should have the guts to admit that, rather than pretend that their vote in support of the upcoming bankruptcy bill is about anything other than paying back an industry that regularly engages in consumer abuse.

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