Immigration policy that actively interferes with federal law. that latter reference obviously to arizona. jason lewis is a syndicated talk show host and my guest now. i want to ask you as a pole see standpoint for the department of just fist for the administration to be coming out on paper now, defending sanctuary cities, and bashing arizona, how does that play when the majority of this country supports arizona? it can t play too well, because really the arizona law was an attempt to do away with the sanctuary city. i believe phoenix was one of them. this he s what they were trying to do is get those cities and municipalities, 50 i think in total now to enforce federal law. you know, if the supremacy clause means anything, megyn these idea of these cities not enforcing federal law is a greater violation than anything arizona is doing. they are not just declining to usury sources the sanctuary cities are saying we are not going to enforce federal law. that is much more of a
Are seeing it again. but there is a more shameless and insidious element to the industry designed astroturf campaign under way to oppose financial reform. this corporate lobbying tactic was devised and carried out by the payday lending industry. we talked about the cartoon villainy of the payday industry on this show. what payday lenders actually do is known as loan shashing. they offer mostly to low income customers what look like short term loans but they re designed to roll over and over every couple of weeks collecting giant new fees each time until their customers are buried in debt and ultimately have to pay the equivalent of up to 400% annual interest. payday lenders are allowed to do that to engage essentially in usury because they re not at all regulated by the federal government. some states regulate them but some states don t. it looks like congress might be
Reconciliation? i mean, here we go again. i mean, the righties are in the way. they don t want to move on wall street now. can we go reconciliation? can the senate go reconciliation on this kind of legislation? well, we will see. if i m not mistaken, in the coming days you re going to find some republicans looking over their shoulders and saying, you know what, people back home want me to do something. speaking go ahead. speaking of people back home, 59% of the american people according to the washington post /abc poll want more government oversight on consumer loans and credit cards. and also they were asked, do you trust the regulation to wall street? who do you trust? president obama, 52%, republicans 35%. let me say something on this credit card business. because we re going to offer an amendment. it s a pretty simple amendment. yep. it says that we have to end usury and outrageous interest rates on credit cards in the united states. 15% max which is what credit
Into, for instance, merrill lynch, ubs or deutsche bank, who were or excuse me, bear stearns, nar matter, who were among the most active in structuring the type of bets goldman sachs now taking heat for making? well, let s give the s.e.c. credit for finally waking up and being prepared to take on one of the most powerful institutions in the world, but they ve got a lot more to do. remember under the bush administration, these guys were comatosed. so we re making some progress but we ve got a long way to go. the other issue that i want to mention to your viewers that we re going to be focusing on hard on is that after we bailout our friends on wall street they re now charging millions of people this, this country 25% or 30% interest rates on credit cards. that is usury. that is immoral, that s got end and we re going to be putting forward legislation, supported by a number of people including dick durbin which will put a cap on interest rate from the financial institutions. if wh
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