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The contributors to the Consumer Law & Policy blog are lawyers and law professors who practice, teach, or write about consumer law and policy. The blog is hosted by Public Citizen Litigation Group, but the views expressed here are solely those of the individual contributors (and don't necessarily reflect the views of institutions with which they are affiliated). To view the blog's policies, please click here.

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Monday, July 20, 2020

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Buck Liptak

The truth is that Usury was crime even before Christ, long before states included prohibitions, not merely by latter day statutes but by their Constitutions, which Republicans have caused to be amended routinely under their big lies of frivolous lawsuits and freedom of choice to be preyed upon by loan sharks, so long as they are 'bank[st]ers'. They simultaneously coerce savers to become obsessive speculators in worthless stocks, rather than require banks to pay fair interest on our deposits, which are foreclosed by their cartel called the Fed, which is as federal as Fed Ex.. This is Plutocracy worse than a family dynasty, since in those days, the people knew where the king lived. Today, we are beset with a million new kings, who cannot make an honest living as a lawyer [oxymoron] so they become politicians, known as Republicans and beer drinking and hell raising judges, who promised a whirlwind. It is here now, worse than the stone age of survival of the biggest. Now, it is the biggest campaign contributions, unlimited by corporate bosses, with the dividends that should have gone to shareholders. At bottom, the platitudes of personal responsibility was always a big lie, and as for choice, that only applies when deciding to murder with a badge. What is most outrageous is when they hold a bible none of them every read, but for old testament promises of whirlwinds.

Edwin Bell

American consumers are already being preyed upon with the current laws. This would open the floodgates for unconscionable behavior by payday lenders and banks that lack morals or ethics. The Federal lending rate has been reasonably stable and low for a significant amount of time and will be in the foreseeable future. This new OCC proposal should be opposed by attorneys who are experts in consumer lending and all Americans who want our nation want to stop agressive predatory lenders and open up access to reasonable credit for goods and services. This kind of proposal doesn't make America a better or less hostile nation to do business or raise a family, instead it leaves the door open for unsavory lenders to harm consumers unnecessarily.

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