Borrowers through their next payday facing a financial emergency. it can seem like a quick fix. they market it as a quick fix. what we have learned is that it is anything but that. the average annualized interest rate for a payday loan is 400 percent and very severe risk. how can that be? states have usury laws. i remember at one time it was 25 percent was the max you could charge? that is true. historically that has been true. when the declaration of independence was signed all of the signers of the declaration went back to states that had usury that had interest rate limits. but over the years, particularly since the 70s, many states, not all, many states legalized petty lenders went into the states and got legalization of 400 percent. sounds like loan sharking. well, i would say the collection tactics can be
State of affairs. is mr. cordray a good guy? is he qualified? he s a former attorney general of ohio. we never heard any complaints about him before. all of a sudden he s a no go. what s happening here? what s happening here. as you mentioned, elizabeth warren would have been my preferred leader of that agency. but she is running and i think running well for the u.s. senate. we hope she wins. everything that i ve heard about cordray is that he is strong. he is a consumer advocate. and that for them, ed, is precisely the problem. if it comes to whether or not banks can charge you 25% or 30% interest on your credit card or if you can have somebody in your corner fighting against usury, well, i guess the republicans are pretty clear which side they are on. whether you re going to have a fair deal when you have a mortgage and not get ripped off as so many millions of american people have. yeah. or you protect the banks. they have made it clear which side they re on. is he just th
What s happening here? what s happening here. as you mentioned, elizabeth warren would have been my preferred leader of that agency. but she is running and i think running well for the u.s. senate. we hope she wins. everything that i ve heard about cordray is that he is strong. he is a consumer advocate. and that for them, ed, is precisely the problem. if it comes to whether or not banks can charge you 25% or 30% interest on your credit card or if you can have somebody in your corner fighting against usury, well, i guess the republicans are pretty clear which side they are on. whether you re going to have a fair deal when you have a mortgage and not get ripped off as so many millions of american people have. yeah. or you protect the banks. they have made it clear which side they re on. is he just the man in the bullseye right now? they would say no to anybody. absolutely. they don t want this agency whatsoever. absolutely. this is look, they opposed the agency, if you c
he says it will make a huge difference for americans who are suffering and will cut tacks, but he s warning lawmakers who oppose it they ll answer to him and the voters. the question then is will congress do something? if congress does something, i can t run against a do nothing congress. if congress does nothing, then it s not a matter of me running against them. i think the american people will run them out of town. let s go to brianna keilar. the president acknowledged that americans are very frustrated right now. he did, but he also deflected any suggestion that they are frustrated with him, instead pointing the finger at congress and specifically house republicans. he s been going out on the road trying to chang that frustration and he was pressed a lot by reporters who sort of questioned this campaign style method that he s been taking rather than negotiating on areas of agreement with house republicans and wolf, he said that all he can do is make the best argumen
End soon. that s what president obama said when asked last night about his exit strategy. the exit strategy will be executed this week in the sense we will be pulling back from our much more active efforts to shape the environment. this week says president obama. mr. obama s secretary of state, hillary clinton, reading from the same page. it will be one week on saturd. ll it happen by sury? wl,t ll b y whether by saturday or not depends upon the evaluation made by our military commanders, along with our allies and partners. this repeated insistence that the u.s. is not going to lead this thing, it doesn t just have an international audience, it is not just about telling the muslim world, for example, that america isn t leading this charge, it is not just about telling american allies in this intervention they better step up, that u.s. forces aren t going to lead it forever. this repeated assertion that the u.s. is going to pull back also has a domestic audience, and frankly a l