Just saw a story that resonates at the local level as compared to the national disgrace encompassed by Citibank, AIG and the other loathesome toads.
Payday lending! I refer to the article here.http://socialistworker.org/... Here in GA, we've seen a resurgence in car title loan sharks since lending laws were loosened at the turn of the century.
Like flies attracted to manure, payday lenders and car title loans are proliferating, coming to a suburban corner near you. Of course, in our state, a lot of our reps in the General Assembly have had ownership stakes, or given an "interest" in allowing them to flourish.
Just like the "too big to fail" banks need to have the TARP funds vacuumed out of them and allowed to fall if fall they must, predatory lenders in all quarters need to be put out of business.
It's time for usury laws that no longer allow Americans to be victimized in the name of greed. Let's stop the online lending gambits before they get rolling.
Barney Frank, are you with me?