[…] U.S. Senate Candidate Linda McMahon says publicly that she opposes a Consumer Financial Protection Agency which prompted Working Families and friends to organize a demonstration outside her office yesterday. […]
Do these folks even understand what they are protesting. According to their statement they are against “predatory” practices like payday loans. These are short term loans of one or two weeks under which a person can borrow against his or her next pay check. Because each loan comes with a fee, the cost of the loan is high. But for someone who lives from pay check to pay check, these loans are the only way to get money in an emergency — other than going to a loan shark. If these “predatory” practices are stopped, then the poor will just have to go back to borrowing from the mob. How stupid is that?
[…] U.S. Senate Candidate Linda McMahon says publicly that she opposes a Consumer Financial Protection Agency which prompted Working Families and friends to organize a demonstration outside her office yesterday. […]
I think the question Linda McMahon needs to be asked is: if she were a Senator right now, would she be joining her Republican colleagues in the fillibuster. My guess is that the answer is yes. And that’s a little hard to reconcile with “absolutely supports financial reform.” Anyway, it looks like the fillibuster will continue for a few days so you still have time to ask Linda this question.
Thanks for covering this. It’s an important issue.
[…] U.S. Senate Candidate Linda McMahon says publicly that she opposes a Consumer Financial Protection Agency which prompted Working Families and friends to organize a demonstration outside her office yesterday. […]
Do these folks even understand what they are protesting. According to their statement they are against “predatory” practices like payday loans. These are short term loans of one or two weeks under which a person can borrow against his or her next pay check. Because each loan comes with a fee, the cost of the loan is high. But for someone who lives from pay check to pay check, these loans are the only way to get money in an emergency — other than going to a loan shark. If these “predatory” practices are stopped, then the poor will just have to go back to borrowing from the mob. How stupid is that?
[…] U.S. Senate Candidate Linda McMahon says publicly that she opposes a Consumer Financial Protection Agency which prompted Working Families and friends to organize a demonstration outside her office yesterday. […]
Neil –
The part of the story that didn’t make it into your post here is that while Ed Patru was claiming support for financial reform, the GOP in Washington was filibustering it. See: http://www.nytimes.com/2010/04/27/business/27regulate.html?hpw
I think the question Linda McMahon needs to be asked is: if she were a Senator right now, would she be joining her Republican colleagues in the fillibuster. My guess is that the answer is yes. And that’s a little hard to reconcile with “absolutely supports financial reform.” Anyway, it looks like the fillibuster will continue for a few days so you still have time to ask Linda this question.
Thanks for covering this. It’s an important issue.