Calling attention to the virtually unregulated industry capable of charging up to 1700 percent interest on short term loans which fall disproportionately on the poor, Silverman advised doing anything else rather than “dealing with these payday loan motherf*ckers.” Pointing out that the payday loan businesses — which grants short term loans at exorbitant interest rates– is a $9 billion industry, Oliver noted that there are more payday loan stores in America than Starbucks and McDonalds. ~ Legislators own payday loan businesses themselves — disregarding the obvious conflict on interest — and governors such as Texas Governor Rick Perry appointing payday loan industry executives to head the very state boards overseeing their business.
Posted on: Tue, 12 Aug 2014 03:32:32 +0000
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