speaking of traps…….


by problembear

don’t step into one of these unless you want to lose an arm and a leg. ed kemmis at the Billings Gazette does a pretty good job of reporting on the payday loan issue in montana. the stars are aligning for some action by the legislature to protect montanans from the scourge of 650% interest.

  1. goof houlihan

    We used to have usury laws and we should have them again. It’s not coincidence, though, that the gambling and instant loan industry have grown up together in Montana.

  2. What’s the difference in this and an economic draft?

  3. klemz

    I’m especially opposed to them keeping sorcerors at the door to mesmerize people into handing over their money. After all, its the sorcerors guild that keeps the aura of foolish spending conjured over most of America.

  4. klemz- i read and liked your libby story. if you ever delved into the pain caused by these pay day loan places in the lives of very vulnerable people you wouldn’t have such a flippant attitude about this. a large percentage of the clients of non profit charities and public assistance have been driven from marginal independent living to complete poverty by these outfits. they prey on the poorest of our citizens. i invite you to look into it. interview some folks and find out what these places can do to destroy families and abolish hope. the stories of unquenchable greed and predatory lending will curl your hair.

  5. klemz

    Thanks, bear. It’s not genuine flippancy; just my way.

    The muckraker role comes with psychological coping skills all its own.

  6. understood. back to my nice warm cave.

  7. DriveFastTakeChances

    I agree–the 650% interest is outrageous.

    I would only recommend using one of these despicable establishments in Missoula, and only if you are having a hard time paying your co-payment for your mental health meds.

    You could go to the ER and risk an encounter with local law enforcement, or you could visit the payday loan sharks.

    Poverty + Mental Illness + Missoula = high risk.

  8. Big Swede

    Money always returns to its rightful owner.

  9. and the evil scum who do this to the poor will get their rightful reward someday swede- and money will not help them much…
    meanwhile, montanans are fair minded enough to at least agree that this predatory lending must come under regulation.
    at least let us hope there is enough good will among us to accomplish some protection for the most vulnerable among us.

  10. JC

    Money always returns to its rightful owner.

    The government by way of taxation? The Chinese by way of trade imbalance? The pan handler by way of tin cup?

    What a crock of BS, BS. Nobody owns money. This country gave up the gold standard many years ago. It’s all a bunch of worthless paper.

    The Wall Street/Brooks Street loan shark myth of the perpetual return will be the downfall of our country.

  11. klemz

    “Money always returns to its rightful owner.”

    Who’s that, white people?

  12. Big Swede

    Where was this outrage from you guys when poker machines were approved and increased?

    What kind of yield does a Keno machine give ya? Lottery tickets? Las Vegas junket?

    Payday loans may be predatory, but last time I looked, no ones forcing them thru the door at gunpoint.

  13. Lizard

    the blackhole of monetary derivatives?

    yeah, that’s some rich bait, Swede. I’m sure Bernie’s affluent victims are wondering who that “rightful owner” could be.

    anyway, maybe the SEC will finally start trying to do their f’ing job now that a slew of wealthy people have lost billions.

    the contraction of this long period of unrealistic, often criminal “wealth creation” will be painful for everyone but the very top.

  14. what are you going to “win” at a pay day loan place swede? gambling is a vice and should be and is regulated. predatory lending has no such controls. in fact, at 25% of the loan amount per two week pay period, montana is second to neveda in the nation for the highest usury allowed by law. (nevada is unlimited)

    ohio just passed a 36% cap also oregon and arizona. trains a comin’ swede – better get that evil lobby cranked up to fight it because there is a sentiment in the legislature to start controlling runaway predatory lending among both demo and republican legislators. in fact one of the strongest bills will be introduced by a republican legislator.

    there is enough concensus to pass this among good decent people on both sides of the aisle. ohio just defeated a payday loan attempt to stop this by a 70 to 30 per cent vote. there is little patience anymore for the bush-cheney mean spirited type of deregulation that protects the wealthy at the expense of average and poor citizens anymore swede. better pucker up and learn to like it, cause we’re firing up this bulldozer and dropping the blade and shifting it into overload low…..

  15. Hey Klemz, that’s a pretty liberal statement about money. Rumor has it that you refused to write about the impact of the banking bailout on Montanans for the Indy because your brother is an executive with Lehman Brothers.

    Talk about white money.

    Selling out begets begets selling out does it not?

  16. Big Swede

    Well, I guess I should have brushed up on some bear attack videos.

  17. black bears rarely attack swede – but can be fierce when cinnamon rolls are at stake. funny vid though. it got some good laughs around the den. thanks, and happy holidays to you and yours.

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