Posted on 01/18/2008 9:34:54 PM PST by 2ndDivisionVet
LOS ANGELES, Jan. 17 (Xinhua) -- Senator Barack Obama, vying for the Democratic presidential candidacy, vowed to change bankruptcy laws and cap interest rates during his campaign tour in Southern California, the Los Angeles Times reported Thursday.
During what his campaign dubbed a "Roundtable on Economic Opportunity" there, Obama called for an exemption in the 2005 bankruptcy bill for people who can persuade a bankruptcy court that they filed for bankruptcy because of debts caused by medical expenses.
His proposal also includes extending the 36-percent limit on payday loans to military members to all Americans; encouraging banks, credit unions and community development financial institutions to provide affordable short-term and small-dollar loans; establishing a credit card bill of rights and significantly increasing emergency pre-foreclosure counseling resources, the paper said
"California has the highest number of foreclosures in the nation, and the economic impact on this state is expected to be over 23 billion U.S. dollars," Obama said, who kicked off his California tour Wednesday.
Obama blamed the federal government for not regulating lenders.
"It's an example of how when the federal government falls down on the job and is listening more to the special interests than it is to ordinary working families that we end up getting into these kinds of crises," he was quoted as saying.
Obama has proposed to create a 10-billion-dollar fund to help prevent foreclosures, eliminate some taxes and fees for families who must sell their houses, and offer counseling to homeowners.
He also proposed changes in the consumer credit card industry. "People are getting caught in a credit card system that is unfair," he said, faulting "teaser rates" that skyrocket, interest charged on late fees and hidden fees.
With Obama winning Iowa and Hillary Rodham Clinton taking New Hampshire, California, one of the biggest prizes on the Feb. 5 "Super Tuesday" that features 22 nominating contests, becomes a crucial battleground in the Democratic race to choose a candidate for the November presidential election.
Let me guess, the bankruptcy laws are racist. Anyone who says they aren’t is a racist. Anyone who even *thinks* they aren’t is a racist. Anyone who even reads someone else saying that the laws aren’t racist, is a racist.
And Bill thought Johnny Huang had that cash cow all sowed up.
yitbos
"He also proposed changes in the consumer credit card industry. "People are getting caught in a credit card system that is unfair," he said, faulting "teaser rates" that skyrocket, interest charged on late fees and hidden fees."
A credit card system that is unfair? Damned stupid people who get a credit card who shouldn't have it in the first place, then they treat it like a money grant?
Unbelievable.
Awesome. So people with health problems will have a harder time getting loans. And if he caps interest rates, they could get shut out entirely.
36%???
That’s obscene.
What fool would do that?
Oh, lets see: Should I feel bad for Credit Card companies that charge usurious rates? Hmm, NO.
Should I feel bad for Credit Card companies who extend credit to credit risks, and then have those credit risks seek bankruptcy protection? Hmm, NO.
Just creating problems in the Free Market, so the State can bail out the mess later...
Well right now they’re about 300% on “payday loans.” But it’s a two-week loan so it’s not exactly a fair comparison.
I've never heard of unsecured loans having such conditions. Besides the old bankruptcy laws pretty much allowed chapter 7 for any reason.
You mean profit?
Oh, and you should add the word BIG in front of Credit Card companies. Just call ‘em Big Credit...democrats will understand.
Wow. All of the candidates are really pulling out their little candy bags now.
They all make me hurl.
Cool, this means I can make moronic financial decisions, go badly in debt, and Obama will bail me out! Where do I sign up?
This is one of the most blatant examples of vote buying I’ve seen.
Deadbeat protection to get the votes of Jackass Party members.
Suppose you find yourself urgently in need of $100 for a week, until your next paycheck.
Now suppose I have an extra $100 and am willing to loan it to you, but need to charge you just $5 to cover the cost of making out the forms, keeping track of the transaction, etc.
Now, to me, $5 seems like a very low charge for a loan like this, but it really amounts to 260% per year.
36% will drive most payday lenders out of business. Maybe good, maybe bad, but I can guarantee you people go to payday lenders because they need the service. Drive them out of business and the poor will be worse off than they are today.
Well, then the way around the 36% rule is to charge 36% on the loan...PLUS a 30 dollar processing fee.
Problem solved. Barak is a dumba$$. Anyone that votes for the dumba$$ because of his 36% platform is a dumba$$.
(I think)
Why, who would've thought Dems would behave that way? I'm shocked!
It's a real race to the bottom over on the D side, isn't it?
“He also proposed changes in the consumer credit card industry. “People are getting caught in a credit card system that is unfair,” he said, faulting “teaser rates” that skyrocket, interest charged on late fees and hidden fees.”
Can you imagine the outrage if the CC companies took the logical position in response to this tripe and disqualified people w/ substandard IQs (e.g. most of the Dem constituents) from obtaining credit cards?
"Your honor, I plead before the bankruptcy court to understand that my 50" plasma TV was a medical necessity. You see, I gots a problem with my eyes! I just can't see myself watchin' TV on anything smaller."
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