Oh, the Irony
Thursday, October 9th, 2008 By Marc KilmerI’m skeptical of bipartisanship. It usually means that Republicans and Democrats are coming together to screw you over. The press conference with the Democrat and Republican Attorney General candidates yesterday only adds evidence to support this view. Richard Cordray and Mike Crites put aside their partisan differences to support something both believe in — government needs to tell you how to run your life.
Both these candidates (and two former Attorneys General) came out in favor of Issue 5, the ballot issue that would ban payday lending. Interestingly, most of the talk seems to be centered on their assertion that the campaign opposing Issue 5 is “exaggerated, misleading and downright false.” In fact, the Godfather of the anti-payday lending movement in Ohio, Bill Faith, said that he was considering filing a false statement complaint against those seeking to keep payday lending legal.
When I read those words I thought I was in some sort of alternative universe. If anyone deserves to be sanctioned by the government for making statements that are “exaggerated, misleading and downright false,” it’s those who oppose payday lending. I’ve demonstrated numerous times here on this blog how those who are campaigning to end payday lending in the state make statements that have no basis in reality. The first, of course, is the idea that this ban is merely “reform.” Make no mistake about it, limiting payday lenders to 28% APR will kill the industry. I’m unsure why those opposing these loans aren’t honest about this, but they like to obfuscate their real goal and claim that payday lenders will be able to stay in business. And then they have the gall to accuse their opponents of being liars.
I’m currently helping put together a policy brief that exposes the downright falsehoods being perpetrated in this campaign. I’m taking the actual words of payday lending opponents and showing how these opponents are either being dishonest or completely ignorant. Perhaps I’ll steal Mr. Faith’s idea and send it to the state election commission and seek to have Mr. Faith and his allies sanctioned for making false statements.
Tags: payday lending, Regulation
October 28th, 2008 at 1:44 am
While Ohio Governor Ted Strickland confirmed no sign of fallback on his opposition to the payday loan and cash advance industries, he has found a new friend that he’s fighting on behalf of: the state’s community of gamblers. In effect, as of August 1, 2008, but being contested by the people on the November 4 state ballot, Strickland says this is a valiant effort to raise money for their public schools. Although he has been taking deep criticism from all walks of life, including members of his own parish, Strickland has defended his views on several occasions, claiming that, despite his opposition to the expansion of gaming, this one is best for the common good of our children. Modification of the state constitution to authorize the construction of a $600 million casino near Dayton is part of his proposal. Really think about this idea for just a second. If I’m not mistaken, Governor Strickland is instructing his citizens to take a chance and gamble away whatever’s left in their pockets if they are experiencing an unexpected financial sting. Along with that, it is being toted as a good cause for children’s future. When they are short on funds to purchase their children’s clothes and school supplies, Strickland says it is NOT okay to get temporary funds from a payday cash lender to make ends meet. Strickland designed to highlight their opposition to a November ballot push from payday lenders hoping to repeal a new law capping at 28 percent what they can charge their customers for the short-term, high-interest loans. Strickland said the payday loans that amount to 391 annual percent interest rates are “outrageous and unacceptable” and said the legislation limiting the rates to 28 percent was a “reform” not a “ban.
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