Earlier this year Representative Louis Gutierrez (D-IL) reversed his longstanding opposition to payday lending by sponsoring a bill that would authorize payday loans under federal law for the first time. Represntative Gutierrez is touting the bill as a crack down on payday lending, but a broad coalition of consumer advocacy organizations oppose the legislation because it would legitimize and entrench loans with interest rates of between 390 and 780 percent. The legislation also would reverse President Obama's promise of a national interest rate limit of 36 percent.
Stephen Colbert weighed in on the issue on his Comedy Central program yesterday. Colbert's perspective on the effects of payday lending industry campaign contributions may come as no surprise to CL&P Blog readers. But, fair warning: his remarks may leave you with a whole new perspective on pineapples.
|The Colbert Report||Mon - Thurs 11:30pm / 10:30c|
|The Word - Have Your Cake And Eat It, Too|