Joshua Caplan – Is the real reason behind Senator Elizabeth Warren’s outrage over Mick Mulvaney’s appointment as director of the Consumer Financial Protection Bureau (CFPB) about her own political survival?
Conservative Treehouse’s Sundance believes Mulvaney is in a rare position to drain one of Washington’s deepest swamps — and the 2020 hopeful may be collateral damage.
Bill Moyers, Michael Winship – Return with us now to the saga of Debbie Wasserman Schultz and the soul of the Democratic Party.
First, a quick recap: Rep. Wasserman Schultz (D-FL), chair of the Democratic National Committee, also has been an advocate for the payday loan industry. The website Think Progress even described her as the “top Democratic ally” of “predatory payday lenders.” You know — the bottom-feeding bloodsuckers of the working poor. Yes, them.
Low-income workers living from paycheck to paycheck, especially women and minorities, are the payday lenders’ prime targets — easy pickings because they’re often desperate. Twelve million Americans reportedly borrow nearly $50 billion a year through payday loans, at rates that can soar above 300 percent, sometimes even beyond 500 percent. Bethany McLean at The Atlantic recently reported that the government’s Consumer Financial Protection Bureau (CFPB) studied millions of payday loans and found that “67 percent went to borrowers with seven or more transactions a year and that a majority of those borrowers paid more in fees than the amount of their initial loan.”
Yet when the CFPB was drawing up new rules to make it harder for payday predators to feast on the poor, Rep. Wasserman Schultz co-sponsored a bill to delay those new rules by two years. How, you ask, could the head of the party’s national committee embrace such an appalling exploitation of working people?