Thursday, May 14, 2009

Voting Against Truth In Lending Means You Favor Untruth In Lending? Loan Sharking? You Hate Jesus?


GOP is the party of usury-- Why do they hate Jesus?

Last night the Senate continued debating H.R. 627, Carolyn Maloney's Truth In Lending Act, which already overwhelmingly passed the House and is being stalled in the Senate by a gaggle of corrupt senators who have been bought-off by the heavy spending banksters. First up today was an idiotic amendment the banking industry wrote for David Diapers Vitter (R-LA) to present which only managed to draw 28 votes, all of them from corrupt banking industry shills like Mitch McConnell (R-KY- $5,013,778), Dick Shelby (R-AL- $4,384,492), John Cornyn (R-TX- $4,314,592), John McCain (R-AZ- $32,423,813), Richard Burr (R-NC- $2,447,672), Jon Kyl (R-AZ- $3,708,608), Chuck Grassley (R-IA- $2,223,630), Jim DeMint (R-SC- $2,073,034), and Johnny Isakson (R-GA- $3,341,524).

That was followed by an amendment offered by Bernie Sanders (I-VT)-- with the backing of co-sponsors Tom Harkin (D-IA), Patrick Leahy (D-VT), Sheldon Whitehouse (D-RI), Dick Durbin (D-IL), Carl Levin (D-MI) and Jesus Christ-- opposing usury. The banksters have way too much power in the Senate, as Durbin pointed out last week when he actually said they "own this place," and the amendment failed 60-33, every single Republican (except Grassley) voting for usury and against God. They were joined by loathsome Jesus-hating/bankster loving Democrats like Max Baucus (D-MT- $4,633,243), Evan Bayh (D-IN- $3,987,896), Arlen Specter (D-PA- $5,753,310), Tom Carper (D-DE- $2,160,628), Kay Hagan (D-NC- $537,145), Mark Warner (D-VA- $2,431,066), Mary Landrieu (D-LA- $2,399,134), Blanche Lincoln (D-AR- $1,671,292), Ben Nelson (D-NE- $2,667,406), and Mark Pryor (D-AR- $1,321,948), who only got as far as the talking snake part of the Bible. Needless to say, the corrupt Democrats were joined by the corrupt independent, Joe Lieberman (CT- $9,981,924) who is completely owned by the banksters.

Carl Hulse put it another way in the NY Times, pointing out that consumers are increasingly pissed off how the credit card companies are gouging customers with impunity. Sanders bill sought to cap rates at 15% and even that modest reform failed.
Sanders said the card companies and banks were engaged in conduct that could get others hauled into court. He said one-third of all credit card holders are paying interest above 20 percent and as high as 41 percent.

“When banks are charging 30 percent interest rates, they are not making credit available,” said Mr. Sanders, who noted credit unions are limited to 15 percent. “They are engaged in loan-sharking.”

After the effort failed, Senator Christopher J. Dodd of Connecticut, the Democratic chairman of the banking committee, proposed that the Federal Reserve be asked to provide an analysis of how Congress could rein in interest rates.

Senators said they hoped to finish up the credit card bill as early as Thursday, coinciding with a town hall meeting by President Obama on credit card issues in New Mexico.

UPDATE: Which Senators Got The Gold Stars Yesterday?

With banksters getting billions and billions of dollars in taxpayer bailouts and using significant portions of that to bribe and lobby members of Congress to allow them to continue their policies of usury these were the 33 members of the Senate willing to vote against them. If your senator isn't on this list, you should demand to know why.

Mark Begich (D-AK)
Michael Bennet (D-CO)
Barbara Boxer (D-CA)
Sherrod Brown (D-OH)
Roland Burris (D-IL)
Ben Cardin (D-MD)
Bob Casey (D-PA)
Kent Conrad (D-ND)
Chris Dodd (D-CT)
Byron Dorgan (D-ND)
Dick Durbin (D-IL)
Russ Feingold (D-WI)
Dianne Feinstein (D-CA)
Kirsten Gillibrand (D-NY)
Chuck Grassley (R-IA)
Tom Harkin (D-IA)
Daniel Inouye (D-HI)
John Kerry (D-MA)
Amy Klobuchar (D-MN)
Herb Kohl (D-WI)
Frank Lautenberg (D-NJ)
Carl Levin (D-MI)
Claire McCaskill (D-MO)
Bob Menendez (D-NJ)
Jeff Merkley (D-OR)
Jack Reed (D-RI)
Harry Reid (D-NV)
Bernie Sanders (I-VT)
Chuck Schumer (D-NY)
Mark Udall (D-CO)
Tom Udall (D-NM)
Jim Webb (D-VA)
Ron Wyden (D-OR)

Labels: , , , ,


At 12:08 PM, Blogger Daro said...

Even in laissez faire Japan, to avoid the Yakuza bankrupting people with usurous rates they passed a criminal law setting the legal limit at 39.9%. If anyone in the USA is actually paying 41% then Dog help them.

At 6:09 PM, Blogger A F "Bob" Blair Jr said...

Daro, The Truth in Lending Act of 1968 currently has not changed the original mathematically-UNTRUE, Simple-Interest, method of calculating an Annual Percentage Rate as stated in at Appendix J(b)(1)... the Nominal, Simple-Interest Method ... the "rate for a unit-period MULTIPlIED by the number of unit-periods in a year." Since Jesus's words are reference ... he also said "Know you the Truth and the Truth will set you free." So your original quote should include the whole truth. It is very simple to change the words "multiplied by" to "compounded for." A classic example of the difference in methods is a commonly quoted payday loan for borrowing $100 which must be repaid in 14 days with $15 in interest, The Simple-Interest APR on that loan is 391.07% calculated as (15/100)*(365/14)*100. The mathematically-true, Compound (symbol ^) APR is 3,723.66%, calculated as (1+(15/100))^(365/14)-1)*100. Want to see more ... Google my name, a f bob blair jr.


Post a Comment

<< Home