Five minutes is all it takes to help cap Missouri payday loans at 36%

As I indicated here, Missouri is considering a 36% rate cap for payday loans. Currently, payday lenders often charge 400% and 500% interest on such loans that are financially devastating to the poor and the working poor (Missouri’s 9% “usury” cap does not apply to payday loans). Bill 2116 is now pending before The House Committee on Financial Institutions, which is chaired by Republican State Representative Mike Cunningham. This important bill will not get a hearing unless Mr. Cunningham decides to grant a hearing, at his discretion. This single bill, HB 2116, “combines two bills filed by Representative Mary Still in January into one bill dealing with both annual percentage rates (APR) caps and restrictions of nursing homes offering payday services to employees.” Here’s how you can help. Please consider writing to Mr. Cunningham today, requesting him to hold a hearing regarding Bill 2116, to consider capping Missouri payday loans at 36% interest. Your letter can be two sentences, or you can spell out your reasons in more detail. Mr. Cunningham can be reached at mike.cunningham@house.mo.gov . His snail mail address is:

Representative Mike Cunningham 201 West Capitol Avenue, Room 411-2 Jefferson City MO 65101 Office Phone: 573-751-3819 Fax: 573-526-1888 Even a small number of emails, faxes or letters will make a big difference. If you want to be part of a citizens’ movement cap interest rates of payday loans at 36%, please take a moment to write to Mr. Cunningham. I can’t emphasize enough that your single email, fax or letter could be the difference between this bill getting a hearing, or nothing being done. As for the detailed reasons for imposing a rate cap, see my earlier post on the proposed legislation. I have also inserted (below) a letter written by John Campbell (an attorney with whom I work). Thank you so very much for considering this. Please do consider sending me a copy of any emails you send to Mr. Cunningham. [Letter from John Campbell to Mr. Cunningham]

Representative Cunningham:

I am writing to request that the House Committee on Financial Institutions grant a hearing on Bill 2116, a bill to limit the interest rate on payday loans to 36%.

I have extensive personal experience with payday loans. I am an attorney, and I spend much of my time representing consumers. In the course of my practice, I have talked with dozens of payday loan borrowers. Their stories are remarkably similar. Payday loan borrowers are generally low wage earners with high school degrees or less, and they are typically in desperate situations when they go to a payday lender. In my experience, payday loans lead to create a debt cycle that is difficult for most borrowers to escape.

[more . . . ]

Continue ReadingFive minutes is all it takes to help cap Missouri payday loans at 36%

The immense strength of the Israel lobby in the U.S.

How much sway does Israel and its AIPAC lobbyists have over Congress? More than you'd ever believe:

Aipac has persuaded more than three-quarters of the members of the US House of Representatives to sign a letter calling for an end to public criticism of Israel and urging the US to "reinforce" its relationship with the Jewish state.

Continue ReadingThe immense strength of the Israel lobby in the U.S.

Dylan Ratigan’s three strikes against the pending financial services legislation

Dylan Ratigan put on a "Family Fued Show" to illustrate the three major failures of the pending financial services legislation. Seems like this bill is not for any meaningful reform. It's only a dog and pony show.

Visit msnbc.com for breaking news, world news, and news about the economy

Continue ReadingDylan Ratigan’s three strikes against the pending financial services legislation

Ada Lovelace Has A Day

I just discovered that there is a day for this brilliant woman. Ada Lovelace was the daughter of Lord Byron, a scholar, and wrote what is arguably the very first computer program in an essay about Charles Babbage. Of course, since she was a woman at a time when women were considered not to have either brains or rights, she would have been seen as an anomaly at best, a monster at worst. Since she had some position, however, she has not been forgotten or dismissed. Warning: personal opinion follows. Women who denigrate the idea of Feminism and fail to understand how tenuous their position is vis-a-vis history cause me heartburn. If they think about it at all, they seem to believe Woman As Property happens in the Third World and nothing like that can happen here (wherever the particular Here happens to be). But then you run into something like this. One paragraph from this report says it all: Females do not have voting privileges, but are generally allowed to speak at meetings, according to Klaetsch. Sunday’s meeting was the first time in recent history that St. John’s Council President Don Finseth exercised his authority to prevent females from speaking, church members say. This is in Wisconsin. Recently. I grant you, this is not a state practice, but in these times when so many people seem to feel that religion trumps civic law, it’s a disturbing thing to behold. The question in my mind is, why don’t all the women there pick up their marbles and leave? Because they either buy into the second class status accorded them or they like something about the condition they inhabit. Western women have it easy in such matters—no one will stone them if they get a little uppity. For them, this is a “lifestyle” choice, at least functionally. In parts of the Middle East and Africa it’s life or death. Back when I was in high school, in the supposedly enlightened United States of America, in 1971, I took an architectural drawing class. The room was filled with boys. All boys. One girl was taking the class. Where was she? The teacher put her in a separate room, the supply room at the back, with her own drafting table and tools. Why? Because the morons inhabiting the rest of the class wouldn’t leave her alone, wouldn’t let her do her work, teased her, ridiculed her, abused her, told her she was weird, unnatural, a lesbian, that she wanted to be a man, that all she needed was a good screwing and she’d get this crazy notion of being an architect right out her system. I heard this, witnessed some of it. It made me profoundly uncomfortable at the time, but I didn’t understand it other than as the same run-of-the-mill bullying that I myself had been subjected to all through grade school. But it went beyond that, I now see, because what she did ran counter to some idea of what the relative roles of men and women are “supposed” to be. Did the boys indulging the abuse understand that? No, of course not. They were parroting what they’d grown up seeing at home and elsewhere, with no more reflection or self-awareness than the hardwired belief that Real Americans all love baseball that Communism was automatically evil and John Wayne was just shy of the second coming. Analysis would be the natural enemy to a traditional view that maintained an absurd status quo and should therefore be resisted, hence anyone among their peers that preferred reading to sports was also an enemy. So celebrate Ada Lovelace Day. No one, male or female, should accept restrictions imposed by cant and tradition and national dogma. But until it is entirely recognized that we are all of us People first, male and female next, and that equal rights accrue to people, not types, none of us are safe in our predilections and ambitions.

Continue ReadingAda Lovelace Has A Day