What do payday loans, asbestos and lead have in common?
June 26, 2008 | industry | Comments (0)According to Ralph Nader, these are “ghetto” issues. We discussed Nader’s crazy rant yesterday, but now that it’s been picked up by about 1000 media outlets, we thought we post the follow-up with Obama’s response. From the piece:
“Ralph Nader hadn’t been paying attention to my speeches, because all the issues that he talked about — whether it be predatory lending, the housing foreclosure crisis . . . I’ve devoted multiple speeches,” Obama said. “Ralph Nader is trying to get attention. I think it’s a shame because if you look at his legacy in terms of consumer protections, its an extraordinary one.”
Obama’s call for a national 36 percent annual rate cap is a threat to the payday lending industry’s survival. However, Nader’s attempt to make it a racial issue is nuts.
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