Obama wants to bail out his constituents.

[Dave007inVegas]

Americans who willingly walk into payday loan stores each week and stupidly sign up for absurdly high-interest credit loans are now being promised rescue by President Obama.

In his weekly address, the president spoke of the new rules recently set forth by the Consumer Financial Protection Bureau that targets the millions of Americans who are "trapped in a cycle of debt" by using payday loan services.

"The idea is pretty common sense," said Obama. "If you’re a payday lender preparing to give a loan, you should make sure that the borrower can afford to pay it back first."

During his trip to Alabama last week, Obama noted that the number of payday loan stores outnumber McDonald's restaurants four-to-one in the state. And that must change, according to the president.

"As Americans, we believe there’s nothing wrong with making a profit," Obama said, "but there is something wrong with making that profit by trapping hard-working men and women in a vicious cycle of debt."

Now you may ask how I know those Americans are his constituents?

Anyone dumb enough to use payday loan services had to vote for him.

 

[SmallDaddy]

I am not exactly sure what can be done because there will always be a need for it by people who are broke and obviously the interest rates cant be that low because the borrowers are dead broke for the most part so most certainly the default rate has to be quite high.

Pawn shops are probably a better option as a source for loans for those who something of value

 

[ScottL]

I'm not sure how I feel about this until I hear from Montel Williams.

 

[vitterd]

I'm not sure how I feel about this until I hear from Montel Williams.

Ha! Pretty easy call by Obama. I know the righties don't mind when companies run wild with no regulations but these payday groups have been a legal loanshark long enough.

 

[SheriffJoe]

Americans who willingly walk into payday loan stores each week and stupidly sign up for absurdly high-interest credit loans are now being promised rescue by President Obama.

In his weekly address, the president spoke of the new rules recently set forth by the Consumer Financial Protection Bureau that targets the millions of Americans who are "trapped in a cycle of debt" by using payday loan services.

"The idea is pretty common sense," said Obama. "If you’re a payday lender preparing to give a loan, you should make sure that the borrower can afford to pay it back first."

During his trip to Alabama last week, Obama noted that the number of payday loan stores outnumber McDonald's restaurants four-to-one in the state. And that must change, according to the president.

"As Americans, we believe there’s nothing wrong with making a profit," Obama said, "but there is something wrong with making that profit by trapping hard-working men and women in a vicious cycle of debt."

Now you may ask how I know those Americans are his constituents?

Anyone dumb enough to use payday loan services had to vote for him.

Whenever you hear a 'progressive' say "its just common sense" grab a shovel.

"Trapping hard-working men and women in a vicious cycle of debt"

And who's fault is that?

Do payday loan stores force people to buy their product like...oh, I dunno, Obamacare?

Loser!@#0

 

[Dave007inVegas]

Ha! Pretty easy call by Obama. I know the righties don't mind when companies run wild with no regulations but these payday groups have been a legal loanshark long enough.

Said like a true Obama constituent.

 

[vitterd]

Said like a true Obama constituent.

Maybe if you guys would start paying attention to criminals like Bernie madoff, Enron and countless other scams.....we wouldn't have economic collapses like we had in the bush years. You let greedy old white dudes take a dollar they will want two

 

[Dave007inVegas]

Whenever you hear a 'progressive' say "its just common sense" grab a shovel.

"Trapping hard-working men and women in a vicious cycle of debt"

And who's fault is that?

Do payday loan stores force people to buy their product like...oh, I dunno, Obamacare?

Loser!@#0

The dreaded Republicans! :Carcajada:

What progressives don’t want to admit is they are ones who created dependency. Without them there would be no need for the payday loan services industry.

 

[Dave007inVegas]

Maybe if you guys would start paying attention to criminals like Barack Obama and countless other scams of his.....we wouldn't have economic collapses like we had in the bush years. You let greedy old white dudes take a dollar they will want two

Fixed it.

 

[vitterd]

The dreaded Republicans! :Carcajada:

What progressives don’t want to admit is they are ones who created dependency. Without them there would be no need for the payday loan services industry.

yes because payday loans are brand new. Do you ever think? Seriously are you categorized as slow down in your state

 

[Dave007inVegas]

yes because payday loans are brand new. Do you ever think? Seriously are you categorized as slow down in your state

I’ll bet they started the day after LBJ’s "Great Society" took affect. How long has it been now, 50 years?
But dependency is a thing of the past thanks to Liberals.

 

[vitterd]

I’ll bet they started the day after LBJ’s "Great Society" took affect. How long has it been now, 50 years?
But dependency is a thing of the past thanks to Liberals.

You keep going to that far right wing playbook. And you're too old and dumb to see outside the bubble.

 

[Dave007inVegas]

You keep going to that far right wing playbook. And you're too old and dumb to see outside the bubble.

The term is outside the box, you doofus.

 

[vitterd]

The term is outside the box, you doofus.

Lmao. You are beyond stupid. Im talking about your fox news republican bubble. Be honest you didn't graduate high school

 

[Coldweather]

Obama is a racist and he hurt America big time. He should be put in jail or something!